AZZ (NYSE:AZZ) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of AZZ (NYSE:AZZ) from a hold rating to a buy rating in a research note published on Wednesday, Zacks.com reports. Zacks Investment Research currently has $58.00 price target on the industrial products company’s stock.

According to Zacks, “AZZ Inc. is a global provider of metal coating services, welding solutions, specialty electrical equipment and highly engineered services to the markets of power generation, transmission, distribution and industrial in protecting metal and electrical systems used to build and enhance the world’s infrastructure. AZZ Metal Coatings is a leading provider of metal finishing solutions for corrosion protection, including hot dip galvanizing to the North American steel fabrication industry. AZZ Energy is dedicated to delivering safe and reliable transmission of power from generation sources to end customers, and automated weld overlay solutions for corrosion and erosion mitigation to critical infrastructure in the energy markets worldwide. “

Shares of NYSE:AZZ opened at $51.38 on Wednesday. The company has a quick ratio of 1.89, a current ratio of 2.95 and a debt-to-equity ratio of 0.30. AZZ has a 52-week low of $46.55 and a 52-week high of $58.59. The company has a 50 day moving average of $54.38 and a two-hundred day moving average of $53.45. The company has a market capitalization of $1.27 billion, a price-to-earnings ratio of 16.47 and a beta of 1.38.

AZZ (NYSE:AZZ) last issued its quarterly earnings data on Monday, January 10th. The industrial products company reported $0.85 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.82 by $0.03. AZZ had a net margin of 8.99% and a return on equity of 12.30%. The company had revenue of $231.70 million during the quarter, compared to the consensus estimate of $245.30 million. During the same quarter last year, the company earned $0.80 earnings per share. AZZ’s revenue for the quarter was up 2.5% on a year-over-year basis. On average, equities analysts anticipate that AZZ will post 3.17 earnings per share for the current year.

Several hedge funds have recently added to or reduced their stakes in the company. Diversified Trust Co grew its position in shares of AZZ by 7.7% during the fourth quarter. Diversified Trust Co now owns 5,111 shares of the industrial products company’s stock worth $283,000 after buying an additional 365 shares in the last quarter. Segall Bryant & Hamill LLC grew its position in shares of AZZ by 9.0% during the third quarter. Segall Bryant & Hamill LLC now owns 830,370 shares of the industrial products company’s stock worth $44,179,000 after buying an additional 68,454 shares in the last quarter. UBS Asset Management Americas Inc. grew its position in shares of AZZ by 12.3% during the third quarter. UBS Asset Management Americas Inc. now owns 38,461 shares of the industrial products company’s stock worth $2,046,000 after buying an additional 4,220 shares in the last quarter. BNP Paribas Arbitrage SA grew its position in shares of AZZ by 133.5% during the third quarter. BNP Paribas Arbitrage SA now owns 26,713 shares of the industrial products company’s stock worth $1,421,000 after buying an additional 15,274 shares in the last quarter. Finally, Squarepoint Ops LLC grew its position in shares of AZZ by 6.9% during the third quarter. Squarepoint Ops LLC now owns 18,601 shares of the industrial products company’s stock worth $990,000 after buying an additional 1,204 shares in the last quarter. 86.62% of the stock is owned by institutional investors and hedge funds.

AZZ Company Profile

AZZ Inc engages in the provision of galvanizing and metal coating solutions, welding solutions, specialty electrical equipment, and highly engineered services to the power generation, transmission, distribution, refining, and industrial markets. It operates through the Metal Coatings and Infrastructure Solutions segments.

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