Wright Investors Service Inc. Reduces Position in Smith (A.O.) Corporation (AOS)

Wright Investors Service Inc. decreased its stake in Smith (A.O.) Corporation (NYSE:AOS) by 8.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,055 shares of the industrial products company’s stock after selling 985 shares during the period. Wright Investors Service Inc.’s holdings in Smith (A.O.) Corporation were worth $566,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Atria Investments LLC purchased a new position in Smith (A.O.) Corporation during the first quarter valued at approximately $215,000. Bank of Montreal Can raised its position in Smith (A.O.) Corporation by 22.5% in the first quarter. Bank of Montreal Can now owns 64,835 shares of the industrial products company’s stock valued at $3,316,000 after buying an additional 11,895 shares during the period. Gulf International Bank UK Ltd raised its position in Smith (A.O.) Corporation by 1.8% in the first quarter. Gulf International Bank UK Ltd now owns 44,800 shares of the industrial products company’s stock valued at $2,291,000 after buying an additional 800 shares during the period. Creative Planning raised its position in Smith (A.O.) Corporation by 130.9% in the first quarter. Creative Planning now owns 2,949 shares of the industrial products company’s stock valued at $151,000 after buying an additional 1,672 shares during the period. Finally, Peregrine Capital Management LLC raised its position in Smith (A.O.) Corporation by 7.4% in the first quarter. Peregrine Capital Management LLC now owns 604,850 shares of the industrial products company’s stock valued at $30,726,000 after buying an additional 41,424 shares during the period. 74.89% of the stock is currently owned by institutional investors.

Shares of Smith (NYSE:AOS) traded down 0.17% on Friday, reaching $53.93. The company had a trading volume of 966,018 shares. The stock has a 50 day moving average price of $55.45 and a 200-day moving average price of $53.20. Smith has a 12 month low of $43.66 and a 12 month high of $57.97. The company has a market capitalization of $9.30 billion, a price-to-earnings ratio of 27.38 and a beta of 1.51.

Smith (A.O.) Corporation (NYSE:AOS) last issued its quarterly earnings results on Wednesday, July 26th. The industrial products company reported $0.53 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.53. Smith (A.O.) Corporation had a return on equity of 22.25% and a net margin of 12.10%. The company had revenue of $738.20 million for the quarter, compared to analysts’ expectations of $729.33 million. During the same period last year, the firm earned $0.49 EPS. The firm’s revenue for the quarter was up 10.7% on a year-over-year basis. Analysts forecast that Smith will post $2.11 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 15th. Investors of record on Monday, July 31st were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.04%. The ex-dividend date was Thursday, July 27th. Smith (A.O.) Corporation’s payout ratio is 28.43%.

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A number of research firms have recently issued reports on AOS. Zacks Investment Research lowered Smith (A.O.) Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, May 2nd. BidaskClub lowered Smith (A.O.) Corporation from a “strong-buy” rating to a “buy” rating in a report on Monday, July 24th. BMO Capital Markets reissued a “buy” rating and issued a $60.00 target price on shares of Smith (A.O.) Corporation in a report on Friday, July 28th. Jefferies Group LLC set a $60.00 target price on Smith (A.O.) Corporation and gave the company a “buy” rating in a report on Thursday, June 1st. Finally, Boenning Scattergood reaffirmed a “buy” rating on shares of Smith (A.O.) Corporation in a report on Wednesday, July 26th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Smith (A.O.) Corporation currently has a consensus rating of “Buy” and a consensus price target of $68.00.

In other news, Director Paul W. Jones sold 60,000 shares of the firm’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $54.02, for a total value of $3,241,200.00. Following the completion of the sale, the director now owns 277,465 shares of the company’s stock, valued at $14,988,659.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Ronald D. Brown sold 8,000 shares of the firm’s stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $54.25, for a total value of $434,000.00. Following the completion of the sale, the director now directly owns 43,896 shares of the company’s stock, valued at approximately $2,381,358. The disclosure for this sale can be found here. Insiders sold a total of 105,400 shares of company stock worth $5,734,444 over the last 90 days. Insiders own 1.27% of the company’s stock.

About Smith (A.O.) Corporation

A. O. Smith Corporation operates through two segments: North America and Rest of World. The Company’s Rest of World segment primarily consists of China, Europe and India. Both segments manufacture and market comprehensive lines of residential and commercial gas, gas tankless and electric water heaters, as well as water treatment products.

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

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