Jennison Associates LLC Purchases 762,793 Shares of The AZEK Company Inc. (NYSE:AZEK)

Jennison Associates LLC raised its position in The AZEK Company Inc. (NYSE:AZEK) by 2,948.2% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 788,666 shares of the company’s stock after acquiring an additional 762,793 shares during the period. Jennison Associates LLC’s holdings in AZEK were worth $30,166,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. BluePath Capital Management LLC bought a new stake in shares of AZEK in the third quarter valued at $31,000. CWM LLC raised its stake in shares of AZEK by 81.3% during the 4th quarter. CWM LLC now owns 2,022 shares of the company’s stock valued at $77,000 after purchasing an additional 907 shares during the period. CI Investments Inc. bought a new stake in shares of AZEK during the 3rd quarter valued at $153,000. Federated Hermes Inc. raised its stake in shares of AZEK by 80.4% during the 4th quarter. Federated Hermes Inc. now owns 4,353 shares of the company’s stock valued at $167,000 after purchasing an additional 1,940 shares during the period. Finally, DekaBank Deutsche Girozentrale bought a new stake in shares of AZEK during the 3rd quarter valued at $200,000. 97.44% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on AZEK shares. BMO Capital Markets boosted their price objective on AZEK from $39.00 to $46.00 and gave the company an “outperform” rating in a research note on Thursday, February 8th. Benchmark initiated coverage on AZEK in a research note on Friday, April 19th. They set a “buy” rating and a $55.00 price objective on the stock. Robert W. Baird boosted their target price on AZEK from $52.00 to $60.00 and gave the stock an “outperform” rating in a research report on Monday, April 8th. B. Riley upped their target price on AZEK from $40.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, February 7th. Finally, TheStreet upgraded AZEK from a “c+” rating to a “b-” rating in a research note on Wednesday, January 31st. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, AZEK has a consensus rating of “Moderate Buy” and an average target price of $44.11.

AZEK Price Performance

AZEK opened at $45.36 on Thursday. The stock’s 50 day simple moving average is $47.81 and its 200 day simple moving average is $38.97. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.99 and a quick ratio of 1.67. The AZEK Company Inc. has a 1 year low of $23.08 and a 1 year high of $50.78. The firm has a market cap of $6.70 billion, a price-to-earnings ratio of 57.42, a PEG ratio of 1.45 and a beta of 1.92.

AZEK (NYSE:AZEK) last posted its quarterly earnings results on Tuesday, February 6th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.05. AZEK had a return on equity of 9.61% and a net margin of 8.57%. The business had revenue of $240.44 million for the quarter, compared to analyst estimates of $234.12 million. As a group, analysts predict that The AZEK Company Inc. will post 1.03 earnings per share for the current year.

Insiders Place Their Bets

In other AZEK news, insider Michelle A. Kasson sold 94,431 shares of the stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $49.47, for a total value of $4,671,501.57. Following the completion of the sale, the insider now owns 23,544 shares in the company, valued at approximately $1,164,721.68. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, CEO Jesse G. Singh sold 13,000 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $45.34, for a total value of $589,420.00. Following the completion of the transaction, the chief executive officer now owns 1,184,444 shares in the company, valued at approximately $53,702,690.96. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Michelle A. Kasson sold 94,431 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $49.47, for a total value of $4,671,501.57. Following the completion of the transaction, the insider now owns 23,544 shares of the company’s stock, valued at approximately $1,164,721.68. The disclosure for this sale can be found here. In the last 90 days, insiders sold 130,431 shares of company stock worth $6,356,622. 3.10% of the stock is currently owned by company insiders.

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.