CIBC Private Wealth Group LLC raised its holdings in shares of A. O. Smith Corp (NYSE:AOS) by 11.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 30,080 shares of the industrial products company’s stock after acquiring an additional 3,095 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in A. O. Smith were worth $1,604,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also modified their holdings of AOS. Bremer Bank National Association bought a new position in A. O. Smith in the 1st quarter worth about $25,000. Bremer Trust National Association bought a new position in A. O. Smith in the 4th quarter worth about $26,000. Huntington National Bank grew its stake in 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 in the last quarter. Penserra Capital Management LLC bought a new position in A. O. Smith in the 1st quarter worth about $29,000. Finally, Signaturefd LLC grew its stake in 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 in the last quarter. Institutional investors and hedge funds own 75.08% of the company’s stock.
A. O. Smith stock traded up $1.08 during mid-day trading on Friday, reaching $47.16. 1,581,057 shares of the company traded hands, compared to its average volume of 1,779,069. The firm has a market capitalization of $7.72 billion, a P/E ratio of 18.07, a price-to-earnings-growth ratio of 1.97 and a beta of 1.50. A. O. Smith Corp has a fifty-two week low of $40.34 and a fifty-two week high of $61.44. The company has a fifty day moving average price of $44.77. The company has a quick ratio of 1.82, a current ratio of 2.25 and a debt-to-equity ratio of 0.18.
A. O. Smith declared that its board has initiated a stock buyback plan on Monday, June 3rd that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the industrial products company to purchase up to 4.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
Several brokerages have recently weighed in on AOS. ValuEngine raised shares of A. O. Smith from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Zacks Investment Research raised shares of A. O. Smith from a “sell” rating to a “hold” rating and set a $43.00 price target for the company in a research report on Thursday, May 30th. Boenning Scattergood cut shares of A. O. Smith from an “outperform” rating to a “neutral” rating and set a $52.98 price target for the company. in a research report on Wednesday, May 1st. Finally, Edward Jones cut shares of A. O. Smith from a “buy” rating to a “hold” rating in a research report on Monday, May 20th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $56.11.
In related news, Director Ronald D. Brown sold 8,000 shares of the firm’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $52.45, for a total transaction of $419,600.00. Following the sale, the director now owns 35,896 shares in the company, valued at $1,882,745.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Paul R. Dana sold 9,010 shares of the firm’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $52.76, for a total transaction of $475,367.60. Following the sale, the vice president now owns 14,912 shares in the company, valued at approximately $786,757.12. The disclosure for this sale can be found here. Insiders sold 18,010 shares of company stock worth $944,468 in the last quarter. Company insiders own 1.03% of the company’s stock.
About A. O. Smith
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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