Tidal Investments LLC Grows Stock Position in AZZ Inc. (NYSE:AZZ)

Tidal Investments LLC raised its holdings in AZZ Inc. (NYSE:AZZ) by 22.4% in the third quarter, HoldingsChannel reports. The institutional investor owned 20,073 shares of the industrial products company’s stock after acquiring an additional 3,673 shares during the quarter. Tidal Investments LLC’s holdings in AZZ were worth $1,658,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC raised its stake in AZZ by 3,790.0% in the third quarter. Farther Finance Advisors LLC now owns 389 shares of the industrial products company’s stock valued at $32,000 after buying an additional 379 shares during the last quarter. CWM LLC raised its stake in shares of AZZ by 69.4% in the second quarter. CWM LLC now owns 459 shares of the industrial products company’s stock worth $35,000 after purchasing an additional 188 shares during the last quarter. Point72 DIFC Ltd purchased a new position in shares of AZZ in the second quarter worth about $52,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of AZZ in the second quarter worth about $67,000. Finally, 1620 Investment Advisors Inc. purchased a new position in shares of AZZ in the second quarter worth about $72,000. 90.93% of the stock is currently owned by hedge funds and other institutional investors.

AZZ Trading Down 4.8 %

Shares of NYSE:AZZ opened at $89.95 on Wednesday. The business has a 50-day moving average price of $85.65 and a 200-day moving average price of $81.37. The company has a quick ratio of 1.32, a current ratio of 1.85 and a debt-to-equity ratio of 0.91. The stock has a market cap of $2.69 billion, a price-to-earnings ratio of 70.27, a PEG ratio of 1.33 and a beta of 1.30. AZZ Inc. has a 52-week low of $53.12 and a 52-week high of $97.98.

AZZ (NYSE:AZZ) last announced its quarterly earnings results on Wednesday, October 9th. The industrial products company reported $1.37 earnings per share for the quarter, beating the consensus estimate of $1.32 by $0.05. The company 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%. AZZ’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period last year, the business earned $1.27 earnings per share. Equities analysts predict that AZZ Inc. will post 5.08 EPS for the current year.

AZZ Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Friday, October 18th were given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 0.76%. The ex-dividend date of this dividend was Friday, October 18th. AZZ’s dividend payout ratio is currently 53.13%.

Analyst Ratings Changes

Separately, Jefferies Financial Group raised their price objective on AZZ from $105.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $96.80.

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.