Wellington Management Group LLP Acquires 142,215 Shares of AZZ Inc. (NYSE:AZZ)

Wellington Management Group LLP increased its position in shares of AZZ Inc. (NYSE:AZZ - Free Report) by 19.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 882,308 shares of the industrial products company's stock after acquiring an additional 142,215 shares during the period. Wellington Management Group LLP owned about 2.95% of AZZ worth $72,279,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in AZZ. Nordea Investment Management AB acquired a new stake in AZZ in the fourth quarter worth $7,798,000. Oliver Luxxe Assets LLC purchased a new position in AZZ during the fourth quarter valued at approximately $1,421,000. Assenagon Asset Management S.A. grew its stake in AZZ by 23.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 22,715 shares of the industrial products company's stock worth $1,861,000 after buying an additional 4,315 shares in the last quarter. Hennessy Advisors Inc. boosted its stake in shares of AZZ by 6.8% in the 4th quarter. Hennessy Advisors Inc. now owns 131,500 shares of the industrial products company's stock valued at $10,772,000 after purchasing an additional 8,400 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in AZZ by 1.5% during the 3rd quarter. Geode Capital Management LLC now owns 675,603 shares of the industrial products company's stock valued at $55,823,000 after buying an additional 10,072 shares during the last quarter. Institutional investors and hedge funds own 90.93% of the company's stock.

Wall Street Analysts Forecast Growth

AZZ has been the subject of a number of analyst reports. B. Riley raised their price objective on shares of AZZ from $99.00 to $111.00 and gave the company a "buy" rating in a research note on Tuesday, February 11th. Roth Capital upgraded shares of AZZ to a "strong-buy" rating in a report on Tuesday, February 11th. Sidoti raised shares of AZZ from a "neutral" rating to a "buy" rating and set a $101.00 price objective for the company in a research report on Wednesday. Noble Financial reissued an "outperform" rating on shares of AZZ in a research note on Thursday, March 6th. Finally, Roth Mkm began coverage on AZZ in a report on Tuesday, February 11th. They set a "buy" rating and a $108.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, AZZ has an average rating of "Moderate Buy" and a consensus target price of $100.71.

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AZZ Stock Performance

NYSE AZZ traded down $3.16 during trading on Thursday, hitting $81.03. The company's stock had a trading volume of 25,923 shares, compared to its average volume of 249,613. AZZ Inc. has a 52 week low of $69.59 and a 52 week high of $99.49. The firm has a market cap of $2.42 billion, a P/E ratio of 54.97, a price-to-earnings-growth ratio of 1.32 and a beta of 1.22. The firm has a 50 day moving average price of $89.19 and a 200 day moving average price of $86.34. The company has a quick ratio of 1.26, a current ratio of 1.77 and a debt-to-equity ratio of 0.85.

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

AZZ Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 20th. Shareholders of record on Thursday, January 30th were paid a dividend of $0.17 per share. The ex-dividend date was Thursday, January 30th. This represents a $0.68 dividend on an annualized basis and a yield of 0.84%. AZZ's dividend payout ratio (DPR) is presently 45.95%.

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.