State of New Jersey Common Pension Fund D Lowers Position in The AZEK Company Inc. (NYSE:AZEK)

State of New Jersey Common Pension Fund D decreased its stake in The AZEK Company Inc. (NYSE:AZEK) by 37.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 47,826 shares of the company’s stock after selling 28,896 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in AZEK were worth $2,015,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Quadrant Capital Group LLC grew its stake in shares of AZEK by 45.9% during the 4th quarter. Quadrant Capital Group LLC now owns 728 shares of the company’s stock valued at $28,000 after acquiring an additional 229 shares during the period. Tidal Investments LLC boosted its position in shares of AZEK by 3.7% in the first quarter. Tidal Investments LLC now owns 7,060 shares of the company’s stock worth $355,000 after purchasing an additional 251 shares during the period. Signaturefd LLC increased its stake in shares of AZEK by 32.7% in the second quarter. Signaturefd LLC now owns 2,157 shares of the company’s stock worth $91,000 after purchasing an additional 532 shares in the last quarter. Treasurer of the State of North Carolina boosted its holdings in AZEK by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 58,496 shares of the company’s stock worth $2,237,000 after buying an additional 570 shares during the period. Finally, ORG Partners LLC purchased a new stake in AZEK in the 1st quarter worth $35,000. Institutional investors own 97.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on AZEK. Royal Bank of Canada lowered their price objective on AZEK from $49.00 to $46.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. Truist Financial cut their price objective on shares of AZEK from $57.00 to $52.00 and set a “buy” rating for the company in a report on Thursday, August 8th. JPMorgan Chase & Co. lowered their target price on shares of AZEK from $52.00 to $48.00 and set an “overweight” rating on the stock in a report on Tuesday, August 13th. The Goldman Sachs Group cut their target price on shares of AZEK from $56.00 to $50.00 and set a “buy” rating for the company in a research note on Wednesday, July 10th. Finally, Barclays decreased their price target on shares of AZEK from $58.00 to $52.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. Five equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $48.24.

AZEK Trading Down 0.8 %

Shares of AZEK stock opened at $46.51 on Friday. The company has a market cap of $6.77 billion, a PE ratio of 45.60, a price-to-earnings-growth ratio of 1.29 and a beta of 1.87. The AZEK Company Inc. has a 1 year low of $25.03 and a 1 year high of $50.78. The stock’s 50 day simple moving average is $42.56 and its two-hundred day simple moving average is $45.07. The company has a debt-to-equity ratio of 0.41, a current ratio of 3.07 and a quick ratio of 2.11.

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 the consensus estimate of $0.36 by $0.06. The company had revenue of $434.40 million for the quarter, compared to analyst estimates of $396.89 million. AZEK had a return on equity of 13.38% and a net margin of 11.35%. AZEK’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.29 EPS. Research analysts predict that The AZEK Company Inc. will post 1.05 earnings per share for the current year.

AZEK announced that its board has initiated a stock repurchase plan on Monday, June 17th that authorizes the company to repurchase $600.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 9.7% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Transactions at AZEK

In other news, Director Pamela J. Edwards purchased 600 shares of the business’s stock in a transaction that occurred 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 acquisition, the director now owns 8,708 shares of the company’s stock, valued at approximately $363,123.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other AZEK news, CEO Jesse G. Singh sold 20,000 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $41.47, for a total value of $829,400.00. Following the sale, the chief executive officer now owns 186,705 shares in the company, valued at $7,742,656.35. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Pamela J. Edwards bought 600 shares of the stock in a transaction dated Thursday, August 15th. The shares were bought at an average cost of $41.70 per share, with a total value of $25,020.00. Following the completion of the purchase, the director now directly owns 8,708 shares of the company’s stock, valued at approximately $363,123.60. The disclosure for this purchase can be found here. Company insiders own 3.10% of the company’s stock.

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.