The AZEK Company Inc. (NYSE:AZEK) Shares Bought by Hsbc Holdings PLC

Hsbc Holdings PLC lifted its position in shares of The AZEK Company Inc. (NYSE:AZEK) by 203.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 142,142 shares of the company’s stock after buying an additional 95,332 shares during the quarter. Hsbc Holdings PLC owned approximately 0.10% of AZEK worth $5,960,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Mercer Global Advisors Inc. ADV purchased a new stake in AZEK in the 2nd quarter worth approximately $86,719,000. Norges Bank acquired a new position in AZEK in the fourth quarter valued at $44,418,000. Price T Rowe Associates Inc. MD lifted its position in AZEK by 66.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,466,145 shares of the company’s stock worth $73,631,000 after buying an additional 587,107 shares during the period. Lord Abbett & CO. LLC acquired a new stake in AZEK in the 1st quarter worth about $26,360,000. Finally, Sea Cliff Partners Management LP purchased a new stake in AZEK in the 4th quarter valued at about $16,174,000. Institutional investors and hedge funds own 97.44% of the company’s stock.

Insider Transactions at AZEK

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

AZEK Stock Down 0.4 %

AZEK stock opened at $46.34 on Tuesday. The company has a quick ratio of 2.11, a current ratio of 3.07 and a debt-to-equity ratio of 0.41. The firm’s 50-day simple moving average is $42.67 and its 200 day simple moving average is $44.98. The stock has a market cap of $6.74 billion, a PE ratio of 45.43, a price-to-earnings-growth ratio of 1.29 and a beta of 1.87. The AZEK Company Inc. has a fifty-two week low of $25.03 and a fifty-two week high of $50.78.

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. AZEK had a return on equity of 13.38% and a net margin of 11.35%. The company had revenue of $434.40 million for the quarter, compared to analysts’ expectations of $396.89 million. During the same quarter in the previous year, the company posted $0.29 earnings per share. The business’s revenue for the quarter was up 12.1% compared to the same quarter last year. As a group, sell-side analysts predict that The AZEK Company Inc. will post 1.05 EPS for the current year.

AZEK announced that its Board of Directors has authorized a share buyback plan on Monday, June 17th that allows the company to repurchase $600.00 million in shares. This repurchase authorization allows the company to repurchase up to 9.7% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research firms have recently commented on AZEK. JPMorgan Chase & Co. cut their price objective on AZEK from $52.00 to $48.00 and set an “overweight” rating on the stock in a report on Tuesday, August 13th. Royal Bank of Canada lowered their target price on 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 price target 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 lowered their price objective on shares of AZEK from $57.00 to $52.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Finally, Stifel Nicolaus reduced their target price on shares of AZEK from $52.00 to $50.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, AZEK currently 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.