Point72 Asia Singapore Pte. Ltd. Acquires New Position in AZZ Inc. (NYSE:AZZ)

Point72 Asia Singapore Pte. Ltd. purchased a new stake in AZZ Inc. (NYSE:AZZ) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 871 shares of the industrial products company’s stock, valued at approximately $67,000.

Several other hedge funds have also added to or reduced their stakes in AZZ. Vanguard Group Inc. lifted its position in AZZ by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 2,726,037 shares of the industrial products company’s stock worth $210,750,000 after buying an additional 28,609 shares in the last quarter. Intrinsic Edge Capital Management LLC acquired a new position in AZZ during the fourth quarter valued at approximately $1,162,000. Assenagon Asset Management S.A. grew its stake in AZZ by 325.3% in the second quarter. Assenagon Asset Management S.A. now owns 122,141 shares of the industrial products company’s stock valued at $9,435,000 after purchasing an additional 93,420 shares in the last quarter. BNP Paribas Financial Markets increased its position in shares of AZZ by 176.7% during the 1st 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 last quarter. Finally, Rhumbline Advisers raised its stake in shares of AZZ by 8.7% during the 2nd 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 in the last quarter. Institutional investors and hedge funds own 90.93% of the company’s stock.

AZZ Stock Up 0.3 %

Shares of NYSE:AZZ opened at $82.29 on Monday. AZZ Inc. has a 1 year low of $43.48 and a 1 year high of $88.67. The company has a debt-to-equity ratio of 1.36, a current ratio of 1.89 and a quick ratio of 1.28. The business’s 50-day moving average is $78.82 and its 200-day moving average is $78.47. The company has a market capitalization of $2.45 billion, a price-to-earnings ratio of 76.91, a P/E/G ratio of 1.18 and a beta of 1.24.

AZZ (NYSE:AZZ) last posted its quarterly earnings results on Wednesday, July 10th. The industrial products company reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.30 by $0.16. The firm 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%. The company’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same period in the prior year, the business earned $1.14 EPS. Equities research analysts predict that AZZ Inc. will post 4.93 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on AZZ. Evercore ISI assumed coverage on shares of AZZ in a report on Friday, June 14th. They set an “outperform” rating and a $90.00 target price on the stock. B. Riley upped their target price on shares of AZZ from $89.00 to $99.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. Wolfe Research began coverage on shares of AZZ in a research note on Wednesday, July 31st. They issued a “peer perform” rating for the company. Noble Financial raised AZZ from a “market perform” rating to an “outperform” rating and set a $95.00 price target on the stock in a research report on Tuesday, June 11th. Finally, Robert W. Baird started coverage on AZZ in a report on Tuesday, July 23rd. They set a “neutral” rating and a $90.00 price target for the company. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, AZZ presently has an average rating of “Moderate Buy” and an average price target of $95.80.

Insider Buying and Selling at AZZ

In other news, insider Tara D. Mackey sold 331 shares of the stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $83.50, for a total transaction of $27,638.50. Following the transaction, the insider now owns 34,229 shares of the company’s stock, valued at approximately $2,858,121.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Tara D. Mackey sold 331 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the insider now owns 34,229 shares in the company, valued at $2,858,121.50. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Bryan Lee Stovall sold 14,545 shares of the 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 completion of the transaction, 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 own 2.10% of the company’s stock.

About AZZ

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.