Truist Financial Corp Reduces Stake in A. O. Smith Co. by 63.7% in 1st Quarter

Written by Amanda

Truist Financial Corp has decreased its position in A. O. Smith Co. by 63.7% during the 1st quarter, according to a recent filing with the Securities & Exchange Commission. The institutional investor now owns 5,359 shares of the industrial products company’s stock, down from 9,398 shares. Truist Financial Corp’s holdings in A. O. Smith are valued at $371,000. Other institutional investors and hedge funds have also made changes to their stakes in A. O. Smith.

In other news, CEO Kevin J. Wheeler sold 12,917 shares of A. O. Smith stock in a transaction dated August 25th. The shares were sold at an average price of $69.09, totaling $892,435.53. Following the sale, Wheeler now owns 71,463 shares in the company. Additionally, Director Idelle K. Wolf sold 1,142 shares of stock on August 4th, with an average price of $72.77.

Analysts have weighed in on A. O. Smith, with DA Davidson raising their price target on the stock from $82.00 to $87.00. Stifel Nicolaus upgraded their price objective to $80.00 and labeled the stock as a “hold.” Seaport Res Ptn reiterated a “neutral” rating on A. O. Smith shares. StockNews.com initiated coverage on the company, giving it a “buy” rating.

A. O. Smith stock opened at $69.75 on Friday and has a market cap of $10.50 billion. The company’s 52-week low is $46.58, while the 52-week high is $76.94. A. O. Smith recently reported earnings per share of $1.01 for the quarter, beating estimates of $0.91. The firm’s revenue for the quarter was $960.80 million.

The company declared a quarterly dividend of $0.30 per share, which was paid on August 15th. A. O. Smith’s dividend payout ratio currently stands at 66.30%. The corporation manufactures and markets residential and commercial gas, heat pump and electric water heaters, boilers, tanks, and water treatment products.

– Securities & Exchange Commission filing
– Company statement and financial reports

Source: claytoncountyregister.com

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