Assenagon Asset Management S.A. Reduces Holdings in AZZ Inc. (NYSE:AZZ)

Assenagon Asset Management S.A. trimmed its position in AZZ Inc. (NYSE:AZZ - Free Report) by 84.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 18,400 shares of the industrial products company's stock after selling 103,741 shares during the quarter. Assenagon Asset Management S.A. owned about 0.06% of AZZ worth $1,520,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Federated Hermes Inc. boosted its holdings in AZZ by 81,999.5% in the second quarter. Federated Hermes Inc. now owns 153,526 shares of the industrial products company's stock valued at $11,860,000 after purchasing an additional 153,339 shares during the last quarter. Hennessy Advisors Inc. purchased a new stake in shares of AZZ in the second quarter worth about $8,443,000. Millennium Management LLC grew its holdings in AZZ by 1,822.5% during the second quarter. Millennium Management LLC now owns 72,650 shares of the industrial products company's stock worth $5,612,000 after acquiring an additional 68,871 shares during the period. Cubist Systematic Strategies LLC purchased a new position in AZZ during the second quarter valued at approximately $4,969,000. Finally, Dimensional Fund Advisors LP lifted its holdings in AZZ by 4.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,147,513 shares of the industrial products company's stock valued at $88,646,000 after acquiring an additional 53,188 shares during the period. Institutional investors and hedge funds own 90.93% of the company's stock.

AZZ Price Performance

Shares of AZZ stock traded up $0.98 on Friday, reaching $77.16. 97,571 shares of the company were exchanged, compared to its average volume of 231,011. The company has a market cap of $2.31 billion, a price-to-earnings ratio of 60.28, a P/E/G ratio of 1.11 and a beta of 1.25. AZZ Inc. has a 1 year low of $45.85 and a 1 year high of $88.67. The business has a 50-day moving average price of $79.24 and a 200 day moving average price of $78.78. The company has a debt-to-equity ratio of 0.91, a quick ratio of 1.32 and a current ratio of 1.85.

AZZ (NYSE:AZZ - Get Free Report) last announced its earnings results on Wednesday, October 9th. The industrial products company reported $1.37 EPS for the quarter, beating analysts' consensus estimates of $1.32 by $0.05. The business had revenue of $409.01 million during the quarter, compared to analysts' expectations of $409.50 million. AZZ had a return on equity of 16.88% and a net margin of 7.63%. The business's revenue was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.27 earnings per share. Equities research analysts forecast that AZZ Inc. will post 5.07 earnings per share for the current fiscal year.

AZZ Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Friday, October 18th were paid a dividend of $0.17 per share. The ex-dividend date of this dividend was Friday, October 18th. This represents a $0.68 annualized dividend and a yield of 0.88%. AZZ's dividend payout ratio is presently 53.13%.

Wall Street Analysts Forecast Growth

AZZ has been the topic of a number of analyst reports. B. Riley raised their price objective on shares of AZZ from $89.00 to $99.00 and gave the stock a "buy" rating in a research note on Wednesday, July 17th. Wolfe Research assumed coverage on shares of AZZ in a research report on Wednesday, July 31st. They issued a "peer perform" rating for the company. Robert W. Baird initiated coverage on AZZ in a research report on Tuesday, July 23rd. They set a "neutral" rating and a $90.00 target price on the stock. Finally, Baird R W raised AZZ to a "hold" rating in a report on Tuesday, July 23rd. Four analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $95.80.

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.