Handelsbanken Fonder AB Decreases Stock Position in The AZEK Company Inc. (NYSE:AZEK)

Handelsbanken Fonder AB trimmed its position in shares of The AZEK Company Inc. (NYSE:AZEK) by 7.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 39,900 shares of the company’s stock after selling 3,400 shares during the quarter. Handelsbanken Fonder AB’s holdings in AZEK were worth $1,867,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. ORG Partners LLC acquired a new stake in shares of AZEK in the first quarter valued at about $35,000. Whittier Trust Co. acquired a new stake in AZEK in the 1st quarter valued at about $37,000. Versant Capital Management Inc lifted its stake in AZEK by 5,452.2% in the 2nd quarter. Versant Capital Management Inc now owns 1,277 shares of the company’s stock worth $54,000 after purchasing an additional 1,254 shares in the last quarter. 1620 Investment Advisors Inc. acquired a new position in shares of AZEK during the 2nd quarter worth approximately $90,000. Finally, Signaturefd LLC grew its position in shares of AZEK by 32.7% in the second quarter. Signaturefd LLC now owns 2,157 shares of the company’s stock valued at $91,000 after purchasing an additional 532 shares in the last quarter. Hedge funds and other institutional investors own 97.44% of the company’s stock.

AZEK Stock Down 0.4 %

Shares of NYSE:AZEK opened at $43.66 on Friday. The firm has a market capitalization of $6.35 billion, a PE ratio of 42.80, a price-to-earnings-growth ratio of 1.43 and a beta of 1.88. The AZEK Company Inc. has a 1 year low of $25.03 and a 1 year high of $50.78. 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 firm’s 50-day moving average is $42.92 and its two-hundred day moving average is $44.74.

AZEK (NYSE:AZEK) last released its earnings results on Wednesday, August 7th. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.06. The company had revenue of $434.40 million for the quarter, compared to analyst estimates of $396.89 million. AZEK had a net margin of 11.35% and a return on equity of 13.38%. The firm’s quarterly revenue was up 12.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.29 EPS. Analysts predict that The AZEK Company Inc. will post 1.05 EPS for the current year.

AZEK announced that its board has authorized a stock repurchase program on Monday, June 17th that allows the company to buyback $600.00 million in shares. This buyback authorization allows the company to reacquire up to 9.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

AZEK has been the topic of a number of recent research reports. Barclays lowered their price objective on AZEK from $58.00 to $52.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. Citigroup lowered their price target on shares of AZEK from $50.00 to $44.00 and set a “neutral” rating on the stock in a research report on Thursday, July 11th. JPMorgan Chase & Co. cut their price objective on shares of AZEK from $52.00 to $48.00 and set an “overweight” rating for the company in a research report on Tuesday, August 13th. Stifel Nicolaus decreased their target price on shares of AZEK from $52.00 to $50.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Finally, Benchmark reissued a “buy” rating and issued a $55.00 price target on shares of AZEK in a research note on Friday, August 9th. Six research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $47.94.

Insiders Place Their Bets

In other news, CEO Jesse G. Singh sold 20,000 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $41.47, for a total transaction of $829,400.00. Following the completion of the transaction, the chief executive officer now directly owns 186,705 shares of the company’s stock, valued at approximately $7,742,656.35. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other AZEK news, Director Pamela J. Edwards bought 600 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were purchased at an average price of $41.70 per share, with a total value of $25,020.00. Following the completion of the acquisition, the director now directly owns 8,708 shares of the company’s stock, valued at $363,123.60. This represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jesse G. Singh sold 20,000 shares of AZEK stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $41.47, for a total value of $829,400.00. Following the sale, the chief executive officer now directly owns 186,705 shares of the company’s stock, valued at $7,742,656.35. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.10% of the stock is owned by company insiders.

About AZEK

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.