State Treasurer State of Michigan trimmed its stake in A. O. Smith Corp (NYSE:AOS) by 17.4% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 33,800 shares of the industrial products company’s stock after selling 7,100 shares during the quarter. State Treasurer State of Michigan’s holdings in A. O. Smith were worth $1,594,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Bremer Bank National Association acquired a new position in shares of A. O. Smith in the 1st quarter worth $25,000. Huntington National Bank grew its holdings in shares of A. O. Smith by 82.2% in the 1st quarter. Huntington National Bank now owns 512 shares of the industrial products company’s stock worth $27,000 after acquiring an additional 231 shares during the last quarter. Penserra Capital Management LLC acquired a new position in shares of A. O. Smith in the 1st quarter worth $29,000. Signaturefd LLC grew its holdings in shares of A. O. Smith by 67.6% in the 1st quarter. Signaturefd LLC now owns 538 shares of the industrial products company’s stock worth $29,000 after acquiring an additional 217 shares during the last quarter. Finally, Quadrant Capital Group LLC grew its holdings in shares of A. O. Smith by 1,560.0% in the 1st quarter. Quadrant Capital Group LLC now owns 1,162 shares of the industrial products company’s stock worth $58,000 after acquiring an additional 1,092 shares during the last quarter. Institutional investors and hedge funds own 75.50% of the company’s stock.

A number of equities analysts recently issued reports on the company. Zacks Investment Research cut A. O. Smith from a “hold” rating to a “sell” rating and set a $48.00 target price on the stock. in a report on Wednesday, June 26th. TheStreet cut A. O. Smith from a “b-” rating to a “c+” rating in a research report on Monday, August 5th. Boenning Scattergood cut A. O. Smith from an “outperform” rating to a “neutral” rating and set a $52.98 target price for the company. in a research report on Wednesday, May 1st. Jefferies Financial Group began coverage on A. O. Smith in a research report on Wednesday, July 10th. They issued a “hold” rating for the company. Finally, Edward Jones cut A. O. Smith from a “buy” rating to a “hold” rating in a research report on Monday, May 20th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $54.25.

Shares of A. O. Smith stock traded up $0.97 during midday trading on Tuesday, hitting $46.47. The company’s stock had a trading volume of 153,404 shares, compared to its average volume of 2,494,912. The stock has a market cap of $7.61 billion, a price-to-earnings ratio of 17.80, a P/E/G ratio of 2.20 and a beta of 1.54. The company’s 50-day simple moving average is $45.26. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.19 and a quick ratio of 1.74. A. O. Smith Corp has a 1-year low of $40.34 and a 1-year high of $61.08.

A. O. Smith (NYSE:AOS) last issued its earnings results on Tuesday, July 30th. The industrial products company reported $0.61 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.64 by ($0.03). The business had revenue of $765.40 million during the quarter, compared to analyst estimates of $812.29 million. A. O. Smith had a return on equity of 24.31% and a net margin of 13.71%. The business’s quarterly revenue was down 8.1% on a year-over-year basis. During the same period last year, the business earned $0.61 EPS. On average, analysts forecast that A. O. Smith Corp will post 2.38 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Wednesday, July 31st will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, July 30th. This represents a $0.88 dividend on an annualized basis and a yield of 1.89%. A. O. Smith’s payout ratio is 33.72%.

A. O. Smith announced that its board has initiated a share repurchase plan on Monday, June 3rd that permits the company to buyback $300.00 million in shares. This buyback authorization permits the industrial products company to reacquire up to 4.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.

A. O. Smith Profile

A. O. Smith Corporation manufactures and markets residential and commercial gas 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; residential and commercial boilers for space heating applications in hospitals, schools, hotels, and other commercial buildings; and water treatment products, including on-the-go filtration bottles, point-of-use carbon and reverse osmosis products, point-of-entry water softeners, and whole-home water filtration products for residences, restaurants, hotels, and offices.

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Institutional Ownership by Quarter for A. O. Smith (NYSE:AOS)

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