AZZ Inc. (AZZ) to Issue $0.17 Quarterly Dividend
AZZ Inc. (NYSE:AZZ) declared a quarterly dividend on Tuesday, October 3rd, Wall Street Journal reports. Shareholders of record on Wednesday, October 18th will be given a dividend of 0.17 per share by the industrial products company on Wednesday, November 1st. This represents a $0.68 annualized dividend and a dividend yield of 1.42%. The ex-dividend date of this dividend is Tuesday, October 17th.
AZZ has increased its dividend payment by an average of 3.5% per year over the last three years and has raised its dividend annually for the last 3 consecutive years. AZZ has a dividend payout ratio of 33.2% indicating that its dividend is sufficiently covered by earnings. Analysts expect AZZ to earn $2.80 per share next year, which means the company should continue to be able to cover its $0.68 annual dividend with an expected future payout ratio of 24.3%.
Shares of AZZ (NYSE AZZ) opened at 48.05 on Wednesday. The stock’s 50 day moving average price is $48.77 and its 200-day moving average price is $53.52. AZZ has a 12 month low of $44.80 and a 12 month high of $67.70. The firm has a market cap of $1.25 billion, a P/E ratio of 23.66 and a beta of 1.52.
AZZ (NYSE:AZZ) last announced its quarterly earnings data on Tuesday, October 3rd. The industrial products company reported $0.32 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.44 by ($0.12). The firm had revenue of $190.40 million for the quarter, compared to the consensus estimate of $193.70 million. AZZ had a return on equity of 10.98% and a net margin of 6.44%. The business’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.55 earnings per share. Equities research analysts anticipate that AZZ will post $2.20 earnings per share for the current fiscal year.
In related news, insider Thomas E. Ferguson acquired 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 11th. The stock was acquired at an average cost of $49.59 per share, with a total value of $247,950.00. Following the completion of the purchase, the insider now directly owns 49,037 shares in the company, valued at $2,431,744.83. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Paul Wesley Fehlman acquired 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, July 11th. The shares were bought at an average cost of $49.31 per share, with a total value of $73,965.00. Following the completion of the purchase, the chief financial officer now owns 9,287 shares of the company’s stock, valued at $457,941.97. The disclosure for this purchase can be found here. 0.01% of the stock is owned by company insiders.
AZZ has been the subject of several analyst reports. Zacks Investment Research upgraded shares of AZZ from a “strong sell” rating to a “hold” rating in a research report on Wednesday, June 21st. Stifel Nicolaus cut their price objective on shares of AZZ from $58.00 to $56.00 and set a “hold” rating on the stock in a report on Friday, July 7th. TheStreet lowered shares of AZZ from a “b” rating to a “c+” rating in a report on Friday, July 7th. Finally, BidaskClub cut shares of AZZ from a “hold” rating to a “sell” rating in a research note on Friday, July 28th.
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AZZ Company Profile
AZZ Inc is a provider of galvanizing services, welding solutions, specialty electrical equipment and engineered services to the power generation, transmission, distribution, refining and industrial markets. The Company operates through two segments: Energy segment and Galvanizing segment. Its Energy segment provides products and services designed to support industrial, nuclear and electrical applications.
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