Zacks Investment Research Downgrades AZZ (AZZ) to Sell

Zacks Investment Research cut shares of AZZ (NYSE:AZZ) from a hold rating to a sell rating in a research report released on Wednesday.

According to Zacks, “AZZ Inc. is a global provider of metal coating services, welding solutions, specialty electrical equipment and highly engineered services to the markets of power generation, transmission, distribution and industrial in protecting metal and electrical systems used to build and enhance the world’s infrastructure. AZZ Metal Coatings is a leading provider of metal finishing solutions for corrosion protection, including hot dip galvanizing to the North American steel fabrication industry. AZZ Energy is dedicated to delivering safe and reliable transmission of power from generation sources to end customers, and automated weld overlay solutions for corrosion and erosion mitigation to critical infrastructure in the energy markets worldwide. “

A number of other brokerages have also recently weighed in on AZZ. ValuEngine upgraded AZZ from a hold rating to a buy rating in a research note on Tuesday, November 6th. Sidoti upgraded AZZ from a neutral rating to a buy rating and set a $54.00 price objective for the company in a research note on Monday, October 29th. TheStreet cut AZZ from a b- rating to a c+ rating in a research note on Monday, October 8th. Finally, Stifel Nicolaus restated a hold rating and set a $52.00 price objective on shares of AZZ in a research note on Tuesday, December 11th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company. AZZ presently has an average rating of Hold and an average target price of $56.00.

Shares of NYSE AZZ opened at $42.49 on Wednesday. The company has a debt-to-equity ratio of 0.50, a current ratio of 3.14 and a quick ratio of 2.13. The firm has a market cap of $1.11 billion, a P/E ratio of 31.47 and a beta of 1.40. AZZ has a 1-year low of $39.50 and a 1-year high of $56.05.

AZZ (NYSE:AZZ) last issued its quarterly earnings data on Tuesday, October 9th. The industrial products company reported $0.43 earnings per share for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.04). The company had revenue of $222.80 million for the quarter, compared to analysts’ expectations of $224.50 million. AZZ had a return on equity of 5.43% and a net margin of 5.63%. The company’s revenue for the quarter was up 13.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.32 earnings per share. As a group, equities analysts forecast that AZZ will post 2.15 EPS for the current fiscal year.

In other AZZ news, insider Thomas E. Ferguson purchased 5,000 shares of the firm’s stock in a transaction on Monday, October 22nd. The stock was bought at an average cost of $45.77 per share, for a total transaction of $228,850.00. Following the completion of the purchase, the insider now owns 62,099 shares in the company, valued at approximately $2,842,271.23. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Paul Wesley Fehlman purchased 1,000 shares of the firm’s stock in a transaction on Monday, October 22nd. The stock was acquired at an average price of $45.48 per share, with a total value of $45,480.00. Following the completion of the purchase, the chief financial officer now owns 12,755 shares of the company’s stock, valued at approximately $580,097.40. The disclosure for this purchase can be found here. Corporate insiders own 0.01% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc raised its stake in AZZ by 2.1% in the third quarter. Vanguard Group Inc now owns 2,547,625 shares of the industrial products company’s stock valued at $128,655,000 after buying an additional 51,830 shares during the last quarter. Vanguard Group Inc. raised its stake in AZZ by 2.1% in the third quarter. Vanguard Group Inc. now owns 2,547,625 shares of the industrial products company’s stock valued at $128,655,000 after buying an additional 51,830 shares during the last quarter. Morgan Stanley raised its stake in AZZ by 261.8% in the third quarter. Morgan Stanley now owns 217,264 shares of the industrial products company’s stock valued at $10,971,000 after buying an additional 157,205 shares during the last quarter. Legal & General Group Plc raised its stake in AZZ by 12.3% in the third quarter. Legal & General Group Plc now owns 61,566 shares of the industrial products company’s stock valued at $3,104,000 after buying an additional 6,740 shares during the last quarter. Finally, TIAA CREF Investment Management LLC raised its stake in AZZ by 92.4% in the third quarter. TIAA CREF Investment Management LLC now owns 111,552 shares of the industrial products company’s stock valued at $5,633,000 after buying an additional 53,578 shares during the last quarter. Institutional investors own 89.73% of the company’s stock.

AZZ Company Profile

AZZ Inc provides galvanizing and metal coating services, welding solutions, specialty electrical equipment, and highly engineered services to the power generation, transmission, distribution, refining, and industrial markets. The company operates through two segments, Energy Segment and Metal Coatings.

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