Stock Markets
Azz Inc’s chief legal officer buys shares worth $16,025
AZZ (NYSE:) Inc’s Chief Legal Officer, Tara D. Mackey, has recently invested in the company by purchasing shares valued at a total of $16,025. This transaction, which took place on June 30, 2024, involved the acquisition of 469 shares of AZZ Inc ‘s common stock at a price of $34.17 each.
Investors often keep a close eye on insider transactions as they can provide insights into how the company’s executives view the stock’s value and prospects. Mackey’s purchase, conducted under the company’s 2018 Employee Stock Purchase Plan (ESPP), reflects a vote of confidence in the firm’s future.
Following this transaction, Mackey’s total holdings in AZZ Inc (NYSE:AZZ) have increased to 34,560 shares. The ESPP allows employees to buy stock at a discounted rate, which in this case was set at 85% of the closing stock price on the enrollment date, as per the plan’s guidelines.
AZZ Inc, headquartered in Fort Worth, Texas, specializes in coating, engraving, and allied services. The company’s commitment to its employees, including offering stock purchase plans, demonstrates its dedication to fostering a culture of ownership and aligning the interests of its staff with those of its shareholders.
Investors in AZZ Inc will likely monitor further insider transactions, as they can serve as a barometer for the company’s health and the sentiment of its leadership team.
In other recent news, AZZ Inc. reported a robust first quarter, with earnings and revenue surpassing analyst expectations. The company announced an adjusted EPS of $1.46, outperforming the analyst estimate of $1.30, and revenue of $413.2 million, exceeding the consensus estimate of $402.42 million. However, the company’s guidance for fiscal year 2025 fell short of analyst consensus, projecting an adjusted EPS range of $4.50 to $5.00 and revenue between $1.525 billion and $1.625 billion.
The company’s Metal Coatings and Precoat Metals segments reported organic sales growth of 4.7% and 6.5% respectively, contributing to a consolidated EBITDA margin of 22.8%. This growth was attributed to increased volume and zinc productivity improvements, with the Metal Coatings segment benefiting from demand in construction and renewables.
AZZ also strengthened its balance sheet, with operating cash flow of $71.9 million enabling a reduction of debt by $25 million. The company completed a secondary public offering of common stock and fully redeemed its Series A Preferred Stock. Capital expenditures for the quarter were approximately $27.4 million, with full fiscal year capital expenditures expected to be in the range of $100 to $120 million. These are the recent developments concerning AZZ Inc.
InvestingPro Insights
Following the recent insider purchase by AZZ Inc’s Chief Legal Officer, Tara D. Mackey, market participants might be interested in some key financial metrics and professional analysis provided by InvestingPro. AZZ Inc, with a robust market capitalization of $2.34 billion, has been trading at a P/E ratio of 77.6, which adjusts to a more attractive 25.74 when considering the last twelve months as of Q4 2024. This valuation metric is particularly interesting when paired with the company’s PEG ratio of 0.11 during the same period, suggesting potential for growth relative to earnings expectations.
InvestingPro Tips indicate that AZZ has been a consistent performer, maintaining dividend payments for 15 consecutive years, which is a testament to its financial health and commitment to shareholder value. Additionally, the company has experienced a significant price uptick over the last six months, with a 34.05% return, reinforcing the positive sentiment around the stock. Analysts contributing to InvestingPro also predict the company will be profitable this year, which is corroborated by its profitability over the last twelve months.
For those seeking more in-depth analysis and additional tips on AZZ Inc, InvestingPro offers a comprehensive suite of tools and insights. There are currently 7 additional InvestingPro Tips available, which can be accessed at: https://www.investing.com/pro/AZZ. For a limited time, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, which can provide investors with an edge in their investment decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
(Reuters) -Private equity firm Insight Partners is on the brink of closing a new $10 billion-plus fund, roughly half the amount originally targeted, the Financial Times reported on Sunday, citing five people with knowledge of its plans.
Insight will not formally close its 13th fund until early next year, the report said, adding that the final figure may be closer to $12 billion.
Insight Partners declined to comment on the report.
The report said Insight is using a private equity-style structure to sell more than $1 billion worth of stakes in start-ups and to free up cash to return to investors.
One of the start-ups is Israeli cybersecurity firm Wiz, which had called off a $23 billion deal with Google parent Alphabet (NASDAQ:) in July, the report said.
New York-based Insight raised $20 billion for its 12th flagship fund in 2022, aiming to ramp up investments in software and technology companies.
JERUSALEM (Reuters) -Prime Minister Benjamin Netanyahu said Israel would inflict a “heavy price” on the Iran-aligned Houthis who control northern Yemen, after they reached central Israel with a missile on Sunday for the first time.
Houthi military spokesman Yahya Sarea said the group struck with a new hypersonic ballistic missile that travelled 2,040 km (1270 miles) in just 11 1/2 minutes.
After initially saying the missile had fallen in an open area, Israel’s military later said it had probably fragmented in the air, and that pieces of interceptors had landed in fields and near a railway station. Nobody was reported hurt.
Air raid sirens had sounded in Tel Aviv and across central Israel moments before the impact at around 6:35 a.m. local time (0335 GMT), sending residents running for shelter. Loud booms were heard.
Reuters saw smoke billowing in an open field in central Israel.
At a weekly cabinet meeting, Netanyahu said the Houthis should have known that Israel would exact a “heavy price” for attacks on Israel.
“Whoever needs a reminder of that is invited to visit the Hodeida port,” Netanyahu said, referring to an Israeli retaliatory air strike against Yemen in July for a Houthi drone that hit Tel Aviv.
The Houthis have fired missiles and drones at Israel repeatedly in what they say is solidarity with the Palestinians, since the Gaza war began with a Hamas attack on Israel in October.
The drone that hit Tel Aviv for the first time in July killed a man and wounded four people. Israeli air strikes in response on Houthi military targets near the port of Hodeidah killed six and wounded 80.
Previously, Houthi missiles have not penetrated deep into Israeli air space, with the only one reported to have hit Israeli territory falling in an open area near the Red Sea port of Eilat in March.
Israel should expect more strikes in the future “as we approach the first anniversary of the Oct. 7 operation, including responding to its aggression on the city of Hodeidah,” Sarea said.
The deputy head of the Houthi’s media office, Nasruddin Amer, said in a post on X on Sunday that the missile had reached Israel after “20 missiles failed to intercept” it, describing it as the “beginning”.
The Israeli military also said that 40 projectiles were fired towards Israel from Lebanon on Sunday and were either intercepted or landed in open areas.
“No injuries were reported,” the military said.
PARIS (Reuters) – Eight people have died trying to cross the Channel from France to England, French authorities said on Sunday, confirming earlier media reports.
This latest incident follows the deaths of 12 people earlier this month when their boat capsized in the Channel on its way to Britain and highlights the pressure on the British and French governments to find ways to tackle the boat crossings.
Jacques Billant, the Prefect of the Pas-de-Calais region, said that rescue crews were alerted that a boat with 59 people onboard was in difficulty in waters off the coast of Ambleteuse in the Pas-de-Calais area.
“A new drama took place around one in the morning and we deplore the death of eight people,” he told a news conference, adding that the other 51 onboard were now in the care of rescue and medical crews.
The dead were men from Eritrea, Sudan, Syria, Egypt, Iran and Afghanistan, he added.
The Channel is one of the world’s busiest shipping lanes and currents are strong, which makes crossing on small boats dangerous.
The latest incident brings to 46 the number of people who have died trying to cross the Channel from France since the start of the year, Billant said.
On September 14 alone there were eight attempts to cross the Channel from France and some 200 migrants were rescued, he said.
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