AZZ (NYSE:AZZ) Shares Down 4.9% - Here's Why

Shares of AZZ Inc. (NYSE:AZZ - Get Free Report) were down 4.9% during trading on Wednesday . The stock traded as low as $86.39 and last traded at $86.00. Approximately 145,347 shares changed hands during trading, a decline of 39% from the average daily volume of 238,082 shares. The stock had previously closed at $90.48.

Wall Street Analysts Forecast Growth

Several analysts have commented on AZZ shares. Jefferies Financial Group raised their target price on shares of AZZ from $105.00 to $110.00 and gave the stock a "buy" rating in a report on Friday, December 6th. Roth Capital upgraded shares of AZZ to a "strong-buy" rating in a report on Tuesday, February 11th. Noble Financial reiterated an "outperform" rating on shares of AZZ in a report on Thursday, March 6th. B. Riley lifted their price objective on shares of AZZ from $99.00 to $111.00 and gave the company a "buy" rating in a report on Tuesday, February 11th. Finally, Roth Mkm started coverage on shares of AZZ in a report on Tuesday, February 11th. They issued a "buy" rating and a $108.00 price objective on the stock. Four equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $100.67.

AZZ Stock Up 0.5 %

The company has a debt-to-equity ratio of 0.85, a current ratio of 1.77 and a quick ratio of 1.26. The firm's 50 day moving average is $90.45 and its two-hundred day moving average is $85.79. The firm has a market capitalization of $2.59 billion, a P/E ratio of 58.53, a PEG ratio of 1.32 and a beta of 1.27.

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AZZ (NYSE:AZZ - Get Free Report) last released its earnings results on Tuesday, January 7th. The industrial products company reported $1.39 earnings per share for the quarter, beating the consensus estimate of $1.29 by $0.10. AZZ had a net margin of 7.94% and a return on equity of 16.99%. The business had revenue of $403.65 million during the quarter, compared to analysts' expectations of $394.30 million. During the same period last year, the business earned $1.19 earnings per share. The firm's revenue was up 5.8% on a year-over-year basis. Research analysts predict that AZZ Inc. will post 5.13 EPS for the current year.

AZZ Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, February 20th. Investors of record on Thursday, January 30th were paid a $0.17 dividend. The ex-dividend date was Thursday, January 30th. This represents a $0.68 annualized dividend and a dividend yield of 0.78%. AZZ's dividend payout ratio is presently 45.95%.

Hedge Funds Weigh In On AZZ

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. US Bancorp DE boosted its position in AZZ by 39.0% during the fourth quarter. US Bancorp DE now owns 463 shares of the industrial products company's stock worth $38,000 after purchasing an additional 130 shares during the period. Smartleaf Asset Management LLC boosted its position in AZZ by 202.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 475 shares of the industrial products company's stock worth $39,000 after purchasing an additional 318 shares during the period. Farther Finance Advisors LLC boosted its position in AZZ by 32.4% during the fourth quarter. Farther Finance Advisors LLC now owns 515 shares of the industrial products company's stock worth $42,000 after purchasing an additional 126 shares during the period. Quarry LP boosted its position in AZZ by 2,150.0% during the fourth quarter. Quarry LP now owns 855 shares of the industrial products company's stock worth $70,000 after purchasing an additional 817 shares during the period. Finally, KBC Group NV boosted its position in AZZ by 50.8% during the fourth quarter. KBC Group NV now owns 1,244 shares of the industrial products company's stock worth $102,000 after purchasing an additional 419 shares during the period. 90.93% of the stock is owned by institutional investors.

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.