Point72 Hong Kong Ltd Reduces Stake in The AZEK Company Inc. (NYSE:AZEK)

Point72 Hong Kong Ltd lowered its holdings in The AZEK Company Inc. (NYSE:AZEK) by 61.6% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 21,686 shares of the company’s stock after selling 34,744 shares during the quarter. Point72 Hong Kong Ltd’s holdings in AZEK were worth $914,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Los Angeles Capital Management LLC purchased a new position in shares of AZEK in the 1st quarter valued at about $11,683,000. Vanguard Group Inc. boosted its position in shares of AZEK by 3.2% in the 1st quarter. Vanguard Group Inc. now owns 13,482,323 shares of the company’s stock valued at $677,082,000 after purchasing an additional 413,297 shares during the period. CANADA LIFE ASSURANCE Co boosted its position in shares of AZEK by 180.4% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 36,912 shares of the company’s stock valued at $1,856,000 after purchasing an additional 23,746 shares during the period. Congress Asset Management Co. MA boosted its position in shares of AZEK by 26.3% in the 1st quarter. Congress Asset Management Co. MA now owns 237,326 shares of the company’s stock valued at $11,919,000 after purchasing an additional 49,460 shares during the period. Finally, Duality Advisers LP acquired a new stake in shares of AZEK in the 1st quarter valued at about $1,357,000. Hedge funds and other institutional investors own 97.44% of the company’s stock.

Insiders Place Their Bets

In related news, Director Pamela J. Edwards purchased 600 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was bought at an average price of $41.70 per share, with a total value of $25,020.00. Following the completion of the transaction, the director now owns 8,708 shares of the company’s stock, valued at approximately $363,123.60. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Jesse G. Singh sold 20,000 shares of AZEK stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $41.47, for a total value of $829,400.00. Following the transaction, the chief executive officer now owns 186,705 shares in the company, valued at $7,742,656.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Pamela J. Edwards bought 600 shares of AZEK stock in a transaction that occurred on Thursday, August 15th. The stock was purchased at an average price of $41.70 per share, for a total transaction of $25,020.00. Following the acquisition, the director now directly owns 8,708 shares of the company’s stock, valued at approximately $363,123.60. The disclosure for this purchase can be found here. 3.10% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on AZEK shares. BMO Capital Markets decreased their target price on AZEK from $50.00 to $46.00 and set a “market perform” rating for the company in a research report on Friday, August 9th. DA Davidson cut AZEK from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $57.00 to $44.00 in a research report on Wednesday, July 3rd. Truist Financial decreased their price objective on AZEK from $57.00 to $52.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Benchmark reaffirmed a “buy” rating and set a $55.00 price objective on shares of AZEK in a research report on Friday, August 9th. Finally, The Goldman Sachs Group decreased their price objective on AZEK from $56.00 to $50.00 and set a “buy” rating for the company in a research report on Wednesday, July 10th. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, AZEK has an average rating of “Moderate Buy” and a consensus price target of $48.24.

AZEK Stock Performance

NYSE AZEK opened at $45.67 on Thursday. The company has a debt-to-equity ratio of 0.41, a current ratio of 3.07 and a quick ratio of 2.11. The business has a 50 day moving average price of $42.73 and a 200 day moving average price of $44.97. The company has a market capitalization of $6.61 billion, a P/E ratio of 44.77, a PEG ratio of 1.43 and a beta of 1.87. The AZEK Company Inc. has a 1-year low of $25.03 and a 1-year high of $50.78.

AZEK (NYSE:AZEK) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.06. The company had revenue of $434.40 million during the quarter, compared to the consensus estimate of $396.89 million. AZEK had a return on equity of 13.38% and a net margin of 11.35%. AZEK’s revenue was up 12.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.29 earnings per share. Sell-side analysts expect that The AZEK Company Inc. will post 1.05 EPS for the current fiscal year.

AZEK declared that its Board of Directors has authorized a share buyback plan on Monday, June 17th that permits the company to repurchase $600.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 9.7% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

AZEK Profile

The AZEK Company Inc engages in the design, manufacturing, and selling of building products for residential, commercial, and industrial markets in the United States and Canada. It operates through two segments: Residential and Commercial. The Residential segment designs and manufactures engineered outdoor living products, such as decking, railing, trim and molding, siding and cladding, pergolas and cabanas, and accessories under the TimberTech, AZEK Exteriors, VERSATEX, ULTRALOX, StruXure, and INTEX brands.