Magnetar Financial LLC Makes New Investment in The AZEK Company Inc. (NYSE:AZEK)

Magnetar Financial LLC acquired a new position in The AZEK Company Inc. (NYSE:AZEK) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 18,975 shares of the company’s stock, valued at approximately $799,000.

Several other institutional investors have also added to or reduced their stakes in AZEK. ORG Partners LLC purchased a new stake in shares of AZEK in the 1st quarter worth about $35,000. Quadrant Capital Group LLC grew its position in shares of AZEK by 45.9% in the 4th quarter. Quadrant Capital Group LLC now owns 728 shares of the company’s stock worth $28,000 after buying an additional 229 shares during the period. Whittier Trust Co. purchased a new stake in shares of AZEK in the 1st quarter worth about $37,000. Versant Capital Management Inc grew its position in shares of AZEK by 5,452.2% in the 2nd quarter. Versant Capital Management Inc now owns 1,277 shares of the company’s stock worth $54,000 after buying an additional 1,254 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of AZEK in the 1st quarter worth about $103,000. 97.44% of the stock is currently owned by institutional investors.

Insider Transactions at AZEK

In other news, CEO Jesse G. Singh sold 13,000 shares of the stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $41.75, for a total value of $542,750.00. Following the transaction, the chief executive officer now owns 1,024,444 shares in the company, valued at approximately $42,770,537. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other AZEK news, Director Pamela J. Edwards acquired 600 shares of the stock in a transaction dated Thursday, August 15th. The shares were purchased at an average price of $41.70 per share, for a total transaction of $25,020.00. Following the purchase, the director now directly owns 8,708 shares of the company’s stock, valued at $363,123.60. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, CEO Jesse G. Singh sold 13,000 shares of the stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $41.75, for a total transaction of $542,750.00. Following the completion of the transaction, the chief executive officer now owns 1,024,444 shares in the company, valued at approximately $42,770,537. The disclosure for this sale can be found here. Company insiders own 3.10% of the company’s stock.

Wall Street Analyst Weigh In

AZEK has been the topic of a number of recent research reports. Loop Capital reduced their target price on shares of AZEK from $58.00 to $52.00 and set a “buy” rating on the stock in a research report on Thursday, July 11th. The Goldman Sachs Group reduced their target price on shares of AZEK from $56.00 to $50.00 and set a “buy” rating on the stock in a research report on Wednesday, July 10th. 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 research report on Thursday, July 11th. BMO Capital Markets cut their price objective on shares of AZEK from $50.00 to $46.00 and set a “market perform” rating on the stock in a research report on Friday, August 9th. Finally, UBS Group cut their price objective on shares of AZEK from $47.00 to $43.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.24.

AZEK Price Performance

AZEK opened at $46.75 on Wednesday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.11 and a current ratio of 3.07. The stock has a market capitalization of $6.80 billion, a P/E ratio of 45.83, a P/E/G ratio of 1.29 and a beta of 1.87. The company’s 50-day simple moving average is $42.70 and its two-hundred day simple moving average is $44.96. The AZEK Company Inc. has a 52-week low of $25.03 and a 52-week high of $50.78.

AZEK (NYSE:AZEK) last posted its earnings results on Wednesday, August 7th. The company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.06. The business had revenue of $434.40 million for the quarter, compared to analysts’ expectations of $396.89 million. AZEK had a net margin of 11.35% and a return on equity of 13.38%. The business’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.29 EPS. As a group, analysts predict that The AZEK Company Inc. will post 1.05 EPS for the current year.

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

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.