AZZ Inc. to Issue Quarterly Dividend of $0.17 (NYSE:AZZ)

AZZ Inc. (NYSE:AZZ) announced a quarterly dividend on Thursday, April 4th, Zacks reports. Stockholders of record on Wednesday, April 17th will be paid a dividend of 0.17 per share by the industrial products company on Thursday, May 2nd. This represents a $0.68 annualized dividend and a dividend yield of 0.87%. The ex-dividend date of this dividend is Tuesday, April 16th.

AZZ has a dividend payout ratio of 12.4% meaning its dividend is sufficiently covered by earnings. Analysts expect AZZ to earn $4.71 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 14.4%.

AZZ Stock Performance

Shares of AZZ stock opened at $77.98 on Monday. The company has a market cap of $1.96 billion, a PE ratio of 28.15, a price-to-earnings-growth ratio of 1.18 and a beta of 1.28. AZZ has a 52 week low of $34.59 and a 52 week high of $82.10. The business has a 50 day moving average price of $73.66 and a 200-day moving average price of $59.61. The company has a quick ratio of 1.33, a current ratio of 1.96 and a debt-to-equity ratio of 1.06.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Noble Financial downgraded AZZ from an “outperform” rating to a “market perform” rating and set a $75.00 price objective for the company. in a research note on Friday, March 22nd. StockNews.com downgraded AZZ from a “buy” rating to a “hold” rating in a research note on Friday, February 9th.

Hedge Funds Weigh In On AZZ

Several institutional investors have recently modified their holdings of AZZ. Norges Bank bought a new position in shares of AZZ in the fourth quarter valued at approximately $13,921,000. Millennium Management LLC grew its holdings in AZZ by 208.4% during the second quarter. Millennium Management LLC now owns 322,282 shares of the industrial products company’s stock valued at $13,156,000 after purchasing an additional 217,776 shares during the period. Kennedy Capital Management LLC grew its holdings in AZZ by 108.5% during the second quarter. Kennedy Capital Management LLC now owns 206,019 shares of the industrial products company’s stock valued at $8,954,000 after purchasing an additional 107,230 shares during the period. Goldman Sachs Group Inc. grew its holdings in AZZ by 104.8% during the first quarter. Goldman Sachs Group Inc. now owns 170,258 shares of the industrial products company’s stock valued at $8,214,000 after purchasing an additional 87,111 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in AZZ by 7.3% during the first quarter. Dimensional Fund Advisors LP now owns 1,243,000 shares of the industrial products company’s stock valued at $59,963,000 after purchasing an additional 85,083 shares during the period. 90.93% of the stock is owned by institutional investors.

About AZZ

AZZ Inc provides hot-dip galvanizing and coil coating solutions in the United States, Canada, Brazil, China, the Netherlands, Poland, Singapore, and India. The company operates through AZZ Metal Coatings and AZZ Precoat Metals segments. The AZZ Metal Coatings segment offers metal finishing solutions for corrosion protection, including hot-dip galvanizing, spin galvanizing, powder coating, anodizing, and plating to steel fabrication and other industries.