Envestnet Asset Management Inc. Grows Stock Holdings in A. O. Smith Co. (NYSE:AOS)

Posted by Defense World Staff on Aug 29th, 2023

Envestnet Asset Management Inc. raised its stake in A. O. Smith Co. (NYSE:AOS – Free Report) by 395.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 591,888 shares of the industrial products company’s stock after buying an additional 472,516 shares during the period. Envestnet Asset Management Inc. owned about 0.39% of A. O. Smith worth $40,929,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently added to or reduced their stakes in the company. State Street Corp raised its holdings in shares of A. O. Smith by 2.6% in the 3rd quarter. State Street Corp now owns 8,804,868 shares of the industrial products company’s stock valued at $427,740,000 after purchasing an additional 225,462 shares in the last quarter. Impax Asset Management Group plc raised its stake in shares of A. O. Smith by 1.6% during the 4th quarter. Impax Asset Management Group plc now owns 4,066,526 shares of the industrial products company’s stock worth $232,768,000 after acquiring an additional 65,166 shares in the last quarter. Premier Fund Managers Ltd bought a new position in shares of A. O. Smith during the 4th quarter worth approximately $71,955,000. Invesco Ltd. raised its stake in shares of A. O. Smith by 8.2% during the 1st quarter. Invesco Ltd. now owns 3,000,385 shares of the industrial products company’s stock worth $191,694,000 after acquiring an additional 227,825 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of A. O. Smith by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 2,929,509 shares of the industrial products company’s stock worth $167,417,000 after acquiring an additional 15,035 shares in the last quarter. 74.48% of the stock is owned by hedge funds and other institutional investors.

A. O. Smith Stock Performance

NYSE:AOS opened at $70.71 on Tuesday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.22 and a current ratio of 1.81. The company has a fifty day moving average of $72.18 and a two-hundred day moving average of $69.19. The stock has a market capitalization of $10.64 billion, a PE ratio of 39.07, a P/E/G ratio of 2.15 and a beta of 1.29. A. O. Smith Co. has a fifty-two week low of $46.58 and a fifty-two week high of $76.94.

A. O. Smith (NYSE:AOS – Get Free Report) last issued its earnings results on Thursday, July 27th. The industrial products company reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.91 by $0.10. The business had revenue of $960.80 million during the quarter, compared to analysts’ expectations of $961.17 million. A. O. Smith had a net margin of 7.32% and a return on equity of 29.73%. The company’s quarterly revenue was down .5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.82 earnings per share. As a group, research analysts forecast that A. O. Smith Co. will post 3.6 earnings per share for the current fiscal year.

A. O. Smith Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 15th. Investors of record on Tuesday, August 15th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.70%. The ex-dividend date was Monday, August 14th. A. O. Smith’s payout ratio is currently 66.30%.

Wall Street Analyst Weigh In

Several research firms have weighed in on AOS. Seaport Res Ptn reissued a “neutral” rating on shares of A. O. Smith in a research report on Monday, August 7th. Stifel Nicolaus boosted their target price on shares of A. O. Smith from $71.00 to $80.00 and gave the stock a “hold” rating in a research report on Wednesday, July 19th. StockNews.com began coverage on shares of A. O. Smith in a research report on Thursday, August 17th. They set a “buy” rating on the stock. Finally, DA Davidson boosted their target price on shares of A. O. Smith from $82.00 to $87.00 in a research report on Friday, July 28th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $70.29.

Check Out Our Latest Analysis on A. O. Smith

Insider Buying and Selling

In related news, CEO Kevin J. Wheeler sold 12,917 shares of the firm’s stock in a transaction dated Friday, August 25th. The shares were sold at an average price of $69.09, for a total transaction of $892,435.53. Following the completion of the sale, the chief executive officer now directly owns 71,463 shares in the company, valued at $4,937,378.67. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other A. O. Smith news, Director Idelle K. Wolf sold 1,142 shares of the stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $72.77, for a total transaction of $83,103.34. Following the completion of the transaction, the director now owns 50,222 shares of the company’s stock, valued at $3,654,654.94. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Kevin J. Wheeler sold 12,917 shares of the stock in a transaction dated Friday, August 25th. The stock was sold at an average price of $69.09, for a total transaction of $892,435.53. Following the transaction, the chief executive officer now directly owns 71,463 shares of the company’s stock, valued at approximately $4,937,378.67. The disclosure for this sale can be found here. 0.70% of the stock is owned by company insiders.

A. O. Smith Company Profile

(Free Report)

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, 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.