First Eagle Investment Management LLC Sells 8,200 Shares of The AZEK Company Inc. (NYSE:AZEK)

First Eagle Investment Management LLC decreased its position in shares of The AZEK Company Inc. (NYSE:AZEK) by 5.8% in the second quarter, Holdings Channel reports. The fund owned 133,125 shares of the company’s stock after selling 8,200 shares during the period. First Eagle Investment Management LLC’s holdings in AZEK were worth $5,609,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of AZEK. Vanguard Group Inc. lifted its position in shares of AZEK by 3.2% during the 1st quarter. Vanguard Group Inc. now owns 13,482,323 shares of the company’s stock worth $677,082,000 after purchasing an additional 413,297 shares during the last quarter. Wellington Management Group LLP increased its position in AZEK by 0.3% in the 4th quarter. Wellington Management Group LLP now owns 12,152,986 shares of the company’s stock worth $464,852,000 after buying an additional 42,132 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of AZEK by 5.3% during the second quarter. Dimensional Fund Advisors LP now owns 2,354,096 shares of the company’s stock worth $99,175,000 after buying an additional 118,351 shares during the last quarter. Wasatch Advisors LP boosted its position in shares of AZEK by 1.5% in the fourth quarter. Wasatch Advisors LP now owns 2,216,800 shares of the company’s stock valued at $84,793,000 after acquiring an additional 31,752 shares during the period. Finally, Mercer Global Advisors Inc. ADV acquired a new stake in shares of AZEK in the second quarter worth $86,719,000. 97.44% of the stock is currently owned by institutional investors.

AZEK Price Performance

Shares of AZEK stock opened at $46.51 on Friday. The AZEK Company Inc. has a 1-year low of $25.03 and a 1-year high of $50.78. The firm’s 50-day moving average price is $42.56 and its two-hundred day moving average price is $45.07. The company has a current ratio of 3.07, a quick ratio of 2.11 and a debt-to-equity ratio of 0.41. The stock has a market capitalization of $6.77 billion, a price-to-earnings ratio of 45.60, a P/E/G ratio of 1.29 and a beta of 1.87.

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

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

Insider Activity

In other AZEK news, CEO Jesse G. Singh sold 13,000 shares of the stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $41.75, for a total transaction of $542,750.00. Following the sale, the chief executive officer now owns 1,024,444 shares of the company’s stock, valued at approximately $42,770,537. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Jesse G. Singh sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $41.47, for a total value of $829,400.00. Following the completion of the transaction, the chief executive officer now owns 186,705 shares in the company, valued at approximately $7,742,656.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jesse G. Singh sold 13,000 shares of the company’s stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $41.75, for a total value of $542,750.00. Following the transaction, the chief executive officer now directly owns 1,024,444 shares in the company, valued at approximately $42,770,537. The disclosure for this sale can be found here. 3.10% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts recently commented on AZEK shares. Benchmark reiterated a “buy” rating and set a $55.00 target price on shares of AZEK in a research note on Friday, August 9th. Citigroup decreased their target price on AZEK from $50.00 to $44.00 and set a “neutral” rating on the stock in a research report on Thursday, July 11th. Truist Financial cut their price target on AZEK from $57.00 to $52.00 and set a “buy” rating for the company in a report on Thursday, August 8th. The Goldman Sachs Group decreased their price objective on AZEK from $56.00 to $50.00 and set a “buy” rating on the stock in a report on Wednesday, July 10th. Finally, DA Davidson lowered AZEK from a “buy” rating to a “neutral” rating and cut their target price for the company from $57.00 to $44.00 in a research note on Wednesday, July 3rd. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $48.24.

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.