Truist Financial Corp lowered its stake in A. O. Smith Co. (NYSE:AOS – Get Rating) by 17.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,366 shares of the industrial products company’s stock after selling 2,834 shares during the period. Truist Financial Corp’s holdings in A. O. Smith were worth $650,000 at the end of the most recent reporting period.
A number of other institutional investors have also modified their holdings of the stock. State Street Corp lifted its holdings in A. O. Smith by 10.0% in the second quarter. State Street Corp now owns 8,579,406 shares of the industrial products company’s stock valued at $469,122,000 after acquiring an additional 782,112 shares during the period. Pictet Asset Management SA lifted its stake in shares of A. O. Smith by 3.2% in the second quarter. Pictet Asset Management SA now owns 4,332,544 shares of the industrial products company’s stock valued at $236,931,000 after purchasing an additional 136,285 shares during the period. Brown Brothers Harriman & Co. lifted its stake in shares of A. O. Smith by 1.3% in the second quarter. Brown Brothers Harriman & Co. now owns 3,426,157 shares of the industrial products company’s stock valued at $187,342,000 after purchasing an additional 45,229 shares during the period. Invesco Ltd. lifted its stake in shares of A. O. Smith by 8.2% in the first quarter. Invesco Ltd. now owns 3,000,385 shares of the industrial products company’s stock valued at $191,694,000 after purchasing an additional 227,825 shares during the period. Finally, ProShare Advisors LLC lifted its stake in shares of A. O. Smith by 29.5% in the second quarter. ProShare Advisors LLC now owns 2,585,199 shares of the industrial products company’s stock valued at $141,356,000 after purchasing an additional 589,340 shares during the period. Institutional investors and hedge funds own 77.01% of the company’s stock.
Analysts Set New Price Targets
Several analysts recently commented on the stock. Stifel Nicolaus raised their price objective on shares of A. O. Smith from $58.00 to $59.00 and gave the company a “hold” rating in a research note on Friday. DA Davidson reduced their price objective on shares of A. O. Smith from $75.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, October 19th. UBS Group cut shares of A. O. Smith from a “neutral” rating to a “sell” rating and reduced their price objective for the company from $65.00 to $58.00 in a research note on Tuesday, January 10th. Loop Capital cut shares of A. O. Smith from a “buy” rating to a “hold” rating and reduced their price objective for the company from $67.00 to $65.00 in a research note on Tuesday, January 17th. Finally, Citigroup raised their price objective on shares of A. O. Smith from $50.00 to $61.00 and gave the company a “neutral” rating in a research note on Friday, December 9th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $61.75.
A. O. Smith Stock Performance
A. O. Smith (NYSE:AOS – Get Rating) last issued its quarterly earnings results on Thursday, October 27th. The industrial products company reported $0.69 EPS for the quarter, hitting analysts’ consensus estimates of $0.69. The business had revenue of $874.20 million during the quarter, compared to the consensus estimate of $874.04 million. A. O. Smith had a net margin of 12.99% and a return on equity of 27.67%. The company’s quarterly revenue was down 4.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.82 earnings per share. As a group, research analysts predict that A. O. Smith Co. will post 3.08 EPS for the current fiscal year.
A. O. Smith Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Wednesday, February 15th. Stockholders of record on Tuesday, January 31st will be issued a dividend of $0.30 per share. The ex-dividend date is Monday, January 30th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.03%. A. O. Smith’s dividend payout ratio (DPR) is presently 38.10%.
A. O. Smith Profile
A. O. Smith Corporation manufactures and markets residential and commercial gas, heat pump and electric water heaters, boilers, tanks, and water treatment products in North America, China, Europe, and India. It operates through two segments, North America and Rest of World. The company offers water heaters for residences, restaurants, hotels and motels, office buildings, laundries, car washes, and small businesses; commercial boilers for hospitals, schools, hotels, and other large commercial buildings, as well as residential boilers for homes, apartments, and condominiums; and water treatment products comprising point-of-entry water softeners, well water solutions, and whole-home water filtration products, on-the-go filtration bottles, point-of-use carbon, and reverse osmosis products for residences, restaurants, hotels, and offices.
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