AZZ (NYSE:AZZ) Share Price Passes Above 50 Day Moving Average of $44.53

AZZ Inc (NYSE:AZZ) crossed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $44.53 and traded as high as $46.41. AZZ shares last traded at $46.14, with a volume of 529 shares traded.

Separately, Zacks Investment Research raised shares of Global Ship Lease from a “hold” rating to a “strong-buy” rating and set a $7.75 price objective for the company in a report on Monday, June 3rd. Two analysts have rated the stock with a hold rating and two have given a buy rating to the company. AZZ has a consensus rating of “Buy” and an average target price of $50.33.

The company has a quick ratio of 2.01, a current ratio of 2.86 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $1.21 billion, a P/E ratio of 23.62 and a beta of 1.44. The company has a fifty day simple moving average of $44.53.

AZZ (NYSE:AZZ) last posted its quarterly earnings results on Monday, July 8th. The industrial products company reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.10. The business had revenue of $289.10 million during the quarter, compared to the consensus estimate of $277.20 million. AZZ had a net margin of 5.95% and a return on equity of 9.44%. The firm’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.60 earnings per share. On average, research analysts forecast that AZZ Inc will post 2.59 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 5th. Shareholders of record on Monday, July 22nd will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 1.47%. The ex-dividend date of this dividend is Friday, July 19th. AZZ’s dividend payout ratio is presently 34.69%.

A number of institutional investors have recently bought and sold shares of the business. First Trust Advisors LP lifted its position in AZZ by 37.6% during the first quarter. First Trust Advisors LP now owns 29,858 shares of the industrial products company’s stock valued at $1,222,000 after purchasing an additional 8,163 shares during the period. FMR LLC raised its position in AZZ by 6.2% in the first quarter. FMR LLC now owns 716,433 shares of the industrial products company’s stock worth $29,324,000 after acquiring an additional 41,567 shares during the period. Marshall Wace LLP bought a new position in AZZ in the first quarter worth approximately $1,649,000. Cooper Creek Partners Management LLC bought a new position in AZZ in the first quarter worth approximately $4,193,000. Finally, Dynamic Technology Lab Private Ltd bought a new position in AZZ in the first quarter worth approximately $538,000. 86.58% of the stock is owned by institutional investors and hedge funds.

About AZZ (NYSE:AZZ)

AZZ Inc provides galvanizing and metal coating services, welding solutions, specialty electrical equipment, and highly engineered services to the power generation, transmission, distribution, refining, and industrial markets. The company operates through two segments, Energy Segment and Metal Coatings.

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