AZZ Inc. (NYSE:AZZ) Shares Bought by Franklin Resources Inc.

Franklin Resources Inc. raised its position in shares of AZZ Inc. (NYSE:AZZ - Free Report) by 86.2% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 55,541 shares of the industrial products company's stock after purchasing an additional 25,706 shares during the quarter. Franklin Resources Inc. owned 0.19% of AZZ worth $4,550,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in AZZ. Alliancebernstein L.P. lifted its position in AZZ by 5.6% during the fourth quarter. Alliancebernstein L.P. now owns 33,847 shares of the industrial products company's stock valued at $2,773,000 after purchasing an additional 1,800 shares during the period. Meeder Asset Management Inc. bought a new position in shares of AZZ during the fourth quarter worth $214,000. Wellington Management Group LLP raised its holdings in AZZ by 19.2% during the 4th quarter. Wellington Management Group LLP now owns 882,308 shares of the industrial products company's stock valued at $72,279,000 after buying an additional 142,215 shares during the period. Norges Bank bought a new position in AZZ in the 4th quarter valued at $7,002,000. Finally, JPMorgan Chase & Co. increased its stake in shares of AZZ by 35.7% during the fourth quarter. JPMorgan Chase & Co. now owns 258,912 shares of the industrial products company's stock valued at $21,210,000 after buying an additional 68,131 shares during the period. 90.93% of the stock is owned by institutional investors.

AZZ Trading Down 1.1 %

Shares of AZZ stock traded down $0.93 during trading hours on Wednesday, hitting $81.06. The company's stock had a trading volume of 13,182 shares, compared to its average volume of 249,574. The business has a fifty day moving average of $88.51 and a 200 day moving average of $86.34. The company has a market capitalization of $2.42 billion, a PE ratio of 54.76, a P/E/G ratio of 1.32 and a beta of 1.22. AZZ Inc. has a 1-year low of $69.59 and a 1-year high of $99.49. The company has a quick ratio of 1.26, a current ratio of 1.77 and a debt-to-equity ratio of 0.85.

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AZZ Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Thursday, April 24th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.84%. The ex-dividend date is Thursday, April 24th. AZZ's payout ratio is currently 45.95%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Roth Capital upgraded AZZ to a "strong-buy" rating in a research report on Tuesday, February 11th. B. Riley boosted their price target on shares of AZZ from $99.00 to $111.00 and gave the stock a "buy" rating in a research report on Tuesday, February 11th. Sidoti raised AZZ from a "neutral" rating to a "buy" rating and set a $101.00 target price for the company in a research note on Wednesday, April 9th. Roth Mkm assumed coverage on AZZ in a report on Tuesday, February 11th. They issued a "buy" rating and a $108.00 price objective on the stock. Finally, Noble Financial reiterated an "outperform" rating on shares of AZZ in a research report on Thursday, March 6th. Four research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, AZZ presently has an average rating of "Moderate Buy" and an average target price of $100.71.

AZZ 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.