Paladin Wealth LLC acquired a new stake in The AZEK Company Inc. (NYSE:AZEK – Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 838 shares of the company’s stock, valued at approximately $39,000.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in AZEK. Congress Asset Management Co. MA boosted its stake in shares of AZEK by 31.6% in the 4th quarter. Congress Asset Management Co. MA now owns 187,866 shares of the company’s stock valued at $7,186,000 after purchasing an additional 45,144 shares during the last quarter. Wellington Management Group LLP boosted its stake in AZEK by 0.3% during the 4th quarter. Wellington Management Group LLP now owns 12,152,986 shares of the company’s stock worth $464,852,000 after acquiring an additional 42,132 shares during the last quarter. Vanguard Group Inc. boosted its stake in AZEK by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 13,069,026 shares of the company’s stock worth $499,890,000 after acquiring an additional 56,612 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in AZEK by 10.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 25,456 shares of the company’s stock worth $974,000 after buying an additional 2,432 shares during the period. Finally, Quadrature Capital Ltd acquired a new stake in AZEK during the 4th quarter worth approximately $406,000. Institutional investors and hedge funds own 97.44% of the company’s stock.
AZEK Trading Up 2.4 %
Shares of AZEK stock opened at $45.56 on Tuesday. The firm has a 50-day moving average of $43.06 and a 200-day moving average of $44.61. The stock has a market cap of $6.63 billion, a PE ratio of 44.67, a PEG ratio of 1.10 and a beta of 1.88. The AZEK Company Inc. has a 52-week low of $25.03 and a 52-week high of $50.78. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.11 and a current ratio of 3.07.
AZEK declared that its Board of Directors has approved a stock buyback 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 shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.
Wall Street Analysts Forecast Growth
Several analysts have commented on the stock. Truist Financial dropped 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. Royal Bank of Canada lowered their price objective on shares of AZEK from $49.00 to $46.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. UBS Group lowered their price objective on shares of AZEK from $47.00 to $43.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. The Goldman Sachs Group lowered their price objective on shares of AZEK from $56.00 to $50.00 and set a “buy” rating on the stock in a report on Wednesday, July 10th. Finally, Benchmark reiterated a “buy” rating and issued a $55.00 price objective on shares of AZEK in a report on Friday, August 9th. Six equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $47.94.
View Our Latest Stock Report on AZEK
Insider Activity
In related news, CEO Jesse G. Singh sold 20,000 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $41.47, for a total transaction of $829,400.00. Following the completion of the sale, the chief executive officer now owns 186,705 shares of the company’s stock, valued at $7,742,656.35. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other AZEK news, Director Pamela J. Edwards bought 600 shares of the stock in a transaction on Thursday, August 15th. The stock was purchased at an average price of $41.70 per share, with a total value of $25,020.00. Following the completion of the purchase, the director now owns 8,708 shares in the company, valued at $363,123.60. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 value of $829,400.00. Following 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 position. The disclosure for this sale can be found here. 3.10% of the stock is currently owned by company insiders.
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.
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