Ieq Capital LLC Increases Position in The AZEK Company Inc. (NYSE:AZEK)

Ieq Capital LLC grew its position in The AZEK Company Inc. (NYSE:AZEK) by 0.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 110,271 shares of the company’s stock after purchasing an additional 271 shares during the quarter. Ieq Capital LLC owned approximately 0.08% of AZEK worth $4,646,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Quadrant Capital Group LLC boosted its holdings in AZEK by 45.9% in the fourth quarter. Quadrant Capital Group LLC now owns 728 shares of the company’s stock valued at $28,000 after purchasing an additional 229 shares in the last quarter. ORG Partners LLC purchased a new stake in shares of AZEK during the 1st quarter worth approximately $35,000. Whittier Trust Co. acquired a new position in shares of AZEK in the 1st quarter valued at $37,000. Principal Securities Inc. purchased a new position in shares of AZEK in the 4th quarter valued at $44,000. Finally, Versant Capital Management Inc raised its stake in AZEK by 5,452.2% during the 2nd quarter. Versant Capital Management Inc now owns 1,277 shares of the company’s stock worth $54,000 after acquiring an additional 1,254 shares in the last quarter. 97.44% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

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

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Barclays decreased their price objective on shares of AZEK from $58.00 to $52.00 and set an “overweight” rating for the company in a research note on Friday, July 12th. BMO Capital Markets decreased their target price on AZEK from $50.00 to $46.00 and set a “market perform” rating for the company in a research report on Friday, August 9th. Stifel Nicolaus cut their price target on AZEK from $52.00 to $50.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. UBS Group decreased their price objective on AZEK from $47.00 to $43.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Finally, The Goldman Sachs Group cut their target price 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. Five analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, AZEK has an average rating of “Moderate Buy” and a consensus target price of $48.24.

AZEK Trading Down 0.8 %

NYSE AZEK opened at $46.51 on Friday. 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 stock has a market capitalization of $6.77 billion, a P/E ratio of 45.60, a P/E/G ratio of 1.29 and a beta of 1.87. The AZEK Company Inc. has a 52-week low of $25.03 and a 52-week high of $50.78. The firm has a 50-day moving average price of $42.56 and a 200 day moving average price of $45.07.

AZEK (NYSE:AZEK) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.36 by $0.06. AZEK had a return on equity of 13.38% and a net margin of 11.35%. The business 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 company’s quarterly revenue was up 12.1% compared to the same quarter last year. Equities research analysts expect that The AZEK Company Inc. will post 1.05 EPS for the current year.

AZEK declared that its Board of Directors has initiated a share repurchase program on Monday, June 17th that allows the company to buyback $600.00 million in shares. This buyback authorization allows the company to buy up to 9.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

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.