King Luther Capital Management Corp Sells 52,600 Shares of AZZ Inc. (NYSE:AZZ)

King Luther Capital Management Corp lowered its stake in shares of AZZ Inc. (NYSE:AZZ) by 22.1% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 185,040 shares of the industrial products company’s stock after selling 52,600 shares during the quarter. King Luther Capital Management Corp’s holdings in AZZ were worth $15,286,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Quest Partners LLC acquired a new position in AZZ in the 3rd quarter valued at $611,000. Chesapeake Capital Corp IL grew its position in shares of AZZ by 27.9% in the third quarter. Chesapeake Capital Corp IL now owns 16,540 shares of the industrial products company’s stock valued at $1,361,000 after purchasing an additional 3,609 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of AZZ by 54.6% in the third quarter. Victory Capital Management Inc. now owns 35,240 shares of the industrial products company’s stock worth $2,911,000 after purchasing an additional 12,451 shares during the period. State of New Jersey Common Pension Fund D lifted its position in shares of AZZ by 9.7% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 23,997 shares of the industrial products company’s stock worth $1,982,000 after purchasing an additional 2,114 shares during the last quarter. Finally, Summit Global Investments acquired a new position in shares of AZZ during the 3rd quarter worth about $272,000. Institutional investors and hedge funds own 90.93% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Wolfe Research began coverage on AZZ in a research report on Wednesday, July 31st. They issued a “peer perform” rating on the stock. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $95.80.

AZZ Price Performance

Shares of AZZ stock opened at $95.34 on Friday. The company has a market capitalization of $2.85 billion, a P/E ratio of 74.48, a P/E/G ratio of 1.22 and a beta of 1.25. The company has a current ratio of 1.85, a quick ratio of 1.32 and a debt-to-equity ratio of 0.91. AZZ Inc. has a 12 month low of $48.03 and a 12 month high of $95.66. The stock has a 50 day moving average of $81.09 and a two-hundred day moving average of $79.69.

AZZ (NYSE:AZZ) last posted its quarterly earnings results on Wednesday, October 9th. The industrial products company reported $1.37 earnings per share for the quarter, topping analysts’ consensus estimates of $1.32 by $0.05. AZZ had a net margin of 7.63% and a return on equity of 16.88%. The firm had revenue of $409.01 million for the quarter, compared to the consensus estimate of $409.50 million. During the same quarter in the previous year, the company earned $1.27 earnings per share. The business’s revenue was up 2.6% compared to the same quarter last year. As a group, equities analysts expect that AZZ Inc. will post 5.11 EPS for the current year.

AZZ Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Friday, October 18th were paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 0.71%. The ex-dividend date of this dividend was Friday, October 18th. AZZ’s dividend payout ratio is 53.13%.

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.