Short Interest in AZZ Inc. (NYSE:AZZ) Drops By 31.3%

28 Oct 2024, 02:32 by Kim Johansen · The Markets Daily

AZZ Inc. (NYSE:AZZ – Get Free Report) saw a large decrease in short interest in October. As of October 15th, there was short interest totalling 530,800 shares, a decrease of 31.3% from the September 30th total of 772,200 shares. Based on an average trading volume of 171,300 shares, the short-interest ratio is currently 3.1 days.

AZZ Stock Performance

Shares of NYSE AZZ traded up $0.35 during midday trading on Friday, reaching $76.52. The company had a trading volume of 65,564 shares, compared to its average volume of 233,621. AZZ has a 1 year low of $45.62 and a 1 year high of $88.67. The business’s 50-day simple moving average is $79.52 and its 200 day simple moving average is $78.79. The company has a current ratio of 1.89, a quick ratio of 1.28 and a debt-to-equity ratio of 1.36. The stock has a market cap of $2.28 billion, a P/E ratio of 71.51, a P/E/G ratio of 1.18 and a beta of 1.23.

AZZ (NYSE:AZZ – Get Free Report) last issued its quarterly earnings results on Wednesday, October 9th. The industrial products company reported $1.37 EPS for the quarter, topping analysts’ consensus estimates 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 18.19% and a net margin of 7.63%. The firm’s revenue was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.27 EPS. On average, analysts forecast that AZZ will post 4.95 earnings per share for the current fiscal year.

AZZ Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Friday, October 18th will be given a $0.17 dividend. The ex-dividend date of this dividend is Friday, October 18th. This represents a $0.68 dividend on an annualized basis and a yield of 0.89%. AZZ’s dividend payout ratio is currently 63.55%.

Analyst Ratings Changes

A number of research firms have weighed in on AZZ. Wolfe Research began coverage on AZZ in a research report on Wednesday, July 31st. They set a “peer perform” rating on the stock. Baird R W raised shares of AZZ to a “hold” rating in a research report on Tuesday, July 23rd. Robert W. Baird began coverage on shares of AZZ in a report on Tuesday, July 23rd. They issued a “neutral” rating and a $90.00 price target on the stock. Finally, B. Riley increased their price objective on AZZ from $89.00 to $99.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $95.80.

Get Our Latest Research Report on AZZ

Hedge Funds Weigh In On AZZ

Several hedge funds and other institutional investors have recently bought and sold shares of AZZ. CWM LLC boosted its holdings in AZZ by 69.4% in the second quarter. CWM LLC now owns 459 shares of the industrial products company’s stock valued at $35,000 after purchasing an additional 188 shares during the last quarter. Point72 DIFC Ltd purchased a new stake in shares of AZZ in the second quarter worth about $52,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in AZZ during the second quarter worth about $67,000. 1620 Investment Advisors Inc. purchased a new position in AZZ during the second quarter valued at approximately $72,000. Finally, FSC Wealth Advisors LLC lifted its holdings in AZZ by 38.6% in the second quarter. FSC Wealth Advisors LLC now owns 951 shares of the industrial products company’s stock valued at $73,000 after acquiring an additional 265 shares during the period. Institutional investors and hedge funds own 90.93% of the company’s stock.

About AZZ

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