Electrical Equipment Manufacturer Registers Insider Buying after Earnings Release
AZZ Inc. (NYSE:AZZ) also registered mild insider buying this past week. Board member Wallace P. Eisman snatched up 1,000 shares on Friday at $62.27 apiece. After the recent purchase, Mr. Eisman currently owns 4,641 AZZ shares.
The insider buying comes a few weeks after the provider of galvanizing services, welding solutions, specialty electrical equipment and highly engineered services released its financial results for the first quarter of fiscal 2017 ending May 31. AZZ Inc. (NYSE:AZZ)’s revenue for its energy segment increased by less than 1% year-on-year to $138.1 million, partially driven by the acquisition of Maryland-based manufacturer and integrator of electrical enclosure systems Power Electronics Inc. in early March. The company’s revenues for the galvanizing segment climbed 13.8% year-over-year to $104.6 million, mainly due to the acquisitions of US Galvanizing LLC and Alpha Galvanizing Inc. in June of 2015 and early February of 2016, respectively. AZZ shares are 12% in the green thus far in 2016. Steven Cohen’s Point72 Asset Management acquired a new stake o 100,700 shares of AZZ Inc. (NYSE:AZZ) during the March quarter.
Aluminium Giant Sees Two Corporate Insiders Purchase Shares
Alcoa Inc. (NYSE:AA) had two corporate insiders pile up shares this past week, so one may anticipate more companies to register insider buying post-earnings as Alcoa officially kicked off the second-quarter earnings season. Sir Martin S. Sorrell, a member of the company’s boardroom, bought 1,990 shares on Wednesday at a weighted average cost of $10.74, lifting his ownership to 36,146 shares. Ratan N. Tata, Alcoa’s Director since 2007, snapped up 2,045 shares on the very same day at an average price of $10.73. Following the recent purchase, Mr. Tata currently owns 62,546 shares.
Japanese aluminium products makers are increasing output capacity in the United States in an attempt to gain market share as automakers are turning to auluminium over steel to meet stricter environmental rules. The boost in capacity will intensify competition with aluminium giant Alcoa, which is currently in the process of separating into two independent companies. Alcoa shares are up 10% so far in 2016. Beech Hill Partners, overseen by its President and CEO Paul Cantor, upped its stake in Alcoa Inc. (NYSE:AA) by 19% during the June quarter to 72,690 shares.
The final page of this article will reveal fresh insider selling registered at two other companies.