The AZEK Company Inc. (NYSE:AZEK) Stock Holdings Boosted by Sea Cliff Partners Management LP

Sea Cliff Partners Management LP boosted its position in The AZEK Company Inc. (NYSE:AZEK) by 2.8% in the second quarter, Holdings Channel.com reports. The firm owned 390,172 shares of the company’s stock after acquiring an additional 10,772 shares during the quarter. AZEK makes up about 5.6% of Sea Cliff Partners Management LP’s holdings, making the stock its 10th largest position. Sea Cliff Partners Management LP’s holdings in AZEK were worth $16,438,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in AZEK. Los Angeles Capital Management LLC purchased a new stake in AZEK in the 1st quarter worth approximately $11,683,000. Vanguard Group Inc. grew its stake 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 valued at $677,082,000 after buying an additional 413,297 shares during the period. CANADA LIFE ASSURANCE Co grew its stake in shares of AZEK by 180.4% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 36,912 shares of the company’s stock valued at $1,856,000 after buying an additional 23,746 shares during the period. Congress Asset Management Co. MA grew its stake in shares of AZEK by 26.3% during the 1st quarter. Congress Asset Management Co. MA now owns 237,326 shares of the company’s stock valued at $11,919,000 after buying an additional 49,460 shares during the period. Finally, Duality Advisers LP purchased a new stake in shares of AZEK during the 1st quarter valued at $1,357,000. Institutional investors and hedge funds own 97.44% of the company’s stock.

AZEK Stock Up 0.9 %

AZEK stock opened at $46.06 on Friday. The AZEK Company Inc. has a 12 month low of $25.03 and a 12 month high of $50.78. The firm has a market cap of $6.66 billion, a PE ratio of 45.16, a P/E/G ratio of 1.43 and a beta of 1.87. The firm has a 50 day simple moving average of $42.76 and a 200 day simple moving average of $44.98. The company has a debt-to-equity ratio of 0.41, a current ratio of 3.07 and a quick ratio of 2.11.

AZEK (NYSE:AZEK) last released its earnings results on Wednesday, August 7th. The company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.36 by $0.06. AZEK had a net margin of 11.35% and a return on equity of 13.38%. The business had revenue of $434.40 million during the quarter, compared to analyst estimates of $396.89 million. During the same period in the prior year, the business earned $0.29 earnings per share. The business’s quarterly revenue was up 12.1% on a year-over-year basis. Equities research analysts forecast 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 buyback program on Monday, June 17th that allows the company to buyback $600.00 million in shares. This buyback authorization allows the company to purchase up to 9.7% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Royal Bank of Canada lowered their price objective on shares of AZEK from $49.00 to $46.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. Citigroup reduced their target price on shares of AZEK from $50.00 to $44.00 and set a “neutral” rating on the stock in a report on Thursday, July 11th. BMO Capital Markets reduced their target price on shares of AZEK from $50.00 to $46.00 and set a “market perform” rating on the stock in a report on Friday, August 9th. Truist Financial reduced their target price on shares of AZEK from $57.00 to $52.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Finally, JPMorgan Chase & Co. cut their price objective on shares of AZEK from $52.00 to $48.00 and set an “overweight” rating on the stock in a report on Tuesday, August 13th. Five equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, AZEK presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.24.

Insider Activity at AZEK

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

AZEK Company 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.