Truist Financial Corp Reduces Stock Position in The AZEK Company Inc. (NYSE:AZEK)

Truist Financial Corp decreased its stake in shares of The AZEK Company Inc. (NYSE:AZEK) by 18.9% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 16,819 shares of the company’s stock after selling 3,924 shares during the quarter. Truist Financial Corp’s holdings in AZEK were worth $709,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in AZEK. ORG Partners LLC acquired a new stake in shares of AZEK during the first quarter valued at about $35,000. Whittier Trust Co. purchased a new stake in AZEK in the first quarter valued at approximately $37,000. Versant Capital Management Inc raised its position in AZEK by 5,452.2% in the second quarter. Versant Capital Management Inc now owns 1,277 shares of the company’s stock valued at $54,000 after purchasing an additional 1,254 shares during the period. BI Asset Management Fondsmaeglerselskab A S acquired a new position in AZEK during the first quarter worth $103,000. Finally, 1620 Investment Advisors Inc. acquired a new stake in shares of AZEK in the second quarter valued at $90,000. Institutional investors and hedge funds own 97.44% of the company’s stock.

Insider Transactions at AZEK

In other AZEK news, Director Pamela J. Edwards acquired 600 shares of the stock in a transaction on Thursday, August 15th. The shares were bought at an average price of $41.70 per share, with a total value of $25,020.00. Following the acquisition, the director now owns 8,708 shares of the company’s stock, valued at $363,123.60. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Jesse G. Singh sold 20,000 shares of the stock in a transaction dated 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 transaction, the chief executive officer now owns 186,705 shares in the company, valued at $7,742,656.35. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Pamela J. Edwards acquired 600 shares of AZEK stock in a transaction that occurred on Thursday, August 15th. The stock was bought at an average price of $41.70 per share, with a total value of $25,020.00. Following the purchase, the director now directly owns 8,708 shares of the company’s stock, valued at approximately $363,123.60. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 3.10% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. BMO Capital Markets lowered their target price on AZEK from $50.00 to $46.00 and set a “market perform” rating for the company in a report on Friday, August 9th. JPMorgan Chase & Co. dropped their price objective on shares of AZEK from $52.00 to $48.00 and set an “overweight” rating for the company in a report on Tuesday, August 13th. 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 report on Thursday, August 8th. Truist Financial decreased their price target 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, The Goldman Sachs Group cut their price objective on AZEK from $56.00 to $50.00 and set a “buy” rating on the stock in a research report on Wednesday, July 10th. Six analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, AZEK presently has a consensus rating of “Moderate Buy” and an average target price of $47.94.

AZEK Price Performance

Shares of AZEK opened at $45.56 on Tuesday. 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 AZEK Company Inc. has a fifty-two week low of $25.03 and a fifty-two week high of $50.78. The firm has a 50-day simple moving average of $43.06 and a 200-day simple moving average of $44.61. The company has a market capitalization of $6.63 billion, a price-to-earnings ratio of 44.67, a price-to-earnings-growth ratio of 1.10 and a beta of 1.88.

AZEK (NYSE:AZEK) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.42 earnings per share for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $396.89 million. During the same period last year, the firm earned $0.29 EPS. The firm’s revenue for the quarter was up 12.1% on a year-over-year basis. On average, equities research analysts anticipate that The AZEK Company Inc. will post 1.05 earnings per share for the current year.

AZEK announced that its Board of Directors has approved a stock buyback program on Monday, June 17th that permits the company to buyback $600.00 million in outstanding shares. This buyback authorization permits the company to buy up to 9.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

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.