CVI Holdings LLC Invests $3.18 Million in AZZ Inc. (NYSE:AZZ)

CVI Holdings LLC acquired a new position in shares of AZZ Inc. (NYSE:AZZ) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 41,191 shares of the industrial products company’s stock, valued at approximately $3,182,000. AZZ comprises approximately 2.9% of CVI Holdings LLC’s portfolio, making the stock its 6th biggest holding.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of AZZ by 1.1% during the first quarter. Vanguard Group Inc. now owns 2,726,037 shares of the industrial products company’s stock worth $210,750,000 after acquiring an additional 28,609 shares during the last quarter. Intrinsic Edge Capital Management LLC acquired a new stake in AZZ during the fourth quarter worth approximately $1,162,000. Assenagon Asset Management S.A. grew its stake in AZZ by 325.3% during the second quarter. Assenagon Asset Management S.A. now owns 122,141 shares of the industrial products company’s stock worth $9,435,000 after purchasing an additional 93,420 shares during the period. BNP Paribas Financial Markets grew its stake in AZZ by 176.7% during the first quarter. BNP Paribas Financial Markets now owns 19,731 shares of the industrial products company’s stock worth $1,525,000 after purchasing an additional 12,599 shares during the period. Finally, Rhumbline Advisers grew its stake in AZZ by 8.7% during the second quarter. Rhumbline Advisers now owns 85,547 shares of the industrial products company’s stock worth $6,608,000 after purchasing an additional 6,847 shares during the period. 90.93% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on AZZ. B. Riley raised their target price on AZZ from $89.00 to $99.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Baird R W raised AZZ to a “hold” rating in a research note on Tuesday, July 23rd. Evercore ISI began coverage on AZZ in a research note on Friday, June 14th. They set an “outperform” rating and a $90.00 target price for the company. Wolfe Research started coverage on AZZ in a research note on Wednesday, July 31st. They set a “peer perform” rating for the company. Finally, Robert W. Baird started coverage on AZZ in a research note on Tuesday, July 23rd. They issued a “neutral” rating and a $90.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $95.80.

Insider Activity at AZZ

In related news, insider Tara D. Mackey sold 331 shares of AZZ stock in a transaction on Monday, July 15th. The stock was sold at an average price of $83.50, for a total transaction of $27,638.50. Following the sale, the insider now directly owns 34,229 shares in the company, valued at $2,858,121.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Tara D. Mackey sold 331 shares of AZZ stock in a transaction on Monday, July 15th. The stock was sold at an average price of $83.50, for a total transaction of $27,638.50. Following the sale, the insider now directly owns 34,229 shares in the company, valued at $2,858,121.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Bryan Lee Stovall sold 14,545 shares of AZZ stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $84.79, for a total value of $1,233,270.55. Following the sale, the chief operating officer now owns 20,000 shares in the company, valued at $1,695,800. The disclosure for this sale can be found here. Insiders have purchased a total of 1,511 shares of company stock valued at $52,794 over the last 90 days. Insiders own 2.10% of the company’s stock.

AZZ Stock Up 0.3 %

Shares of NYSE:AZZ opened at $82.29 on Friday. The stock has a market cap of $2.45 billion, a price-to-earnings ratio of 76.91, a PEG ratio of 1.18 and a beta of 1.24. The company has a quick ratio of 1.28, a current ratio of 1.89 and a debt-to-equity ratio of 1.36. AZZ Inc. has a 12-month low of $43.48 and a 12-month high of $88.67. The business’s 50 day moving average is $78.82 and its 200 day moving average is $78.39.

AZZ (NYSE:AZZ) last announced its earnings results on Wednesday, July 10th. The industrial products company reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.30 by $0.16. The company had revenue of $413.21 million for the quarter, compared to analysts’ expectations of $403.25 million. AZZ had a return on equity of 17.08% and a net margin of 7.22%. AZZ’s quarterly revenue was up 5.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.14 earnings per share. On average, sell-side analysts forecast that AZZ Inc. will post 4.93 earnings per share for the current fiscal year.

AZZ Company Profile

AZZ Inc provides hot-dip galvanizing and coil coating solutions in North America. It offers metal finishing solutions for corrosion protection, including hot-dip galvanizing, spin galvanizing, powder coating, anodizing, and plating to steel fabrication and other industries, as well as to fabricators or manufacturers that provide services to the transmission and distribution, bridge and highway, petrochemical, and general industrial markets; and original equipment manufacturers.