67,600 Shares in The AZEK Company Inc. (NYSE:AZEK) Purchased by Appian Way Asset Management LP

Appian Way Asset Management LP bought a new stake in shares of The AZEK Company Inc. (NYSE:AZEK) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 67,600 shares of the company’s stock, valued at approximately $2,848,000. AZEK comprises approximately 0.7% of Appian Way Asset Management LP’s investment portfolio, making the stock its 26th biggest holding.

Other institutional investors and hedge funds have also made changes to their positions in the company. Quadrant Capital Group LLC increased its position in AZEK by 45.9% in the fourth 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. ORG Partners LLC bought a new position in shares of AZEK during the first quarter worth about $35,000. Whittier Trust Co. acquired a new stake in shares of AZEK in the 1st quarter worth about $37,000. Versant Capital Management Inc lifted its position in AZEK by 5,452.2% in the 2nd 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 last quarter. Finally, 1620 Investment Advisors Inc. acquired a new position in AZEK during the 2nd quarter valued at about $90,000. 97.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other AZEK news, Director Pamela J. Edwards purchased 600 shares of the stock in a transaction dated Thursday, August 15th. The shares were acquired at an average price of $41.70 per share, for a total transaction of $25,020.00. Following the completion of the acquisition, the director now owns 8,708 shares of the company’s stock, valued at approximately $363,123.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other AZEK news, 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 transaction of $829,400.00. Following the completion of the sale, the chief executive officer now owns 186,705 shares of the company’s stock, valued at approximately $7,742,656.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Pamela J. Edwards purchased 600 shares of the company’s stock in a transaction dated Thursday, August 15th. The stock was bought at an average cost of $41.70 per share, for a total transaction 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. Corporate insiders own 3.10% of the company’s stock.

AZEK Trading Down 0.4 %

NYSE:AZEK opened at $46.34 on Tuesday. The stock has a fifty day simple moving average of $42.67 and a 200 day simple moving average of $44.98. 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 has a market capitalization of $6.74 billion, a price-to-earnings 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 1-year low of $25.03 and a 1-year high of $50.78.

AZEK (NYSE:AZEK) last released its earnings results on Wednesday, August 7th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.06. The business had revenue of $434.40 million for the quarter, compared to the consensus estimate of $396.89 million. AZEK had a net margin of 11.35% and a return on equity of 13.38%. The firm’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same period last year, the firm posted $0.29 earnings per share. Sell-side analysts forecast that The AZEK Company Inc. will post 1.05 earnings per share for the current year.

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

Analyst Upgrades and Downgrades

AZEK has been the topic of a number of recent analyst reports. UBS Group cut their price target on AZEK from $47.00 to $43.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. Benchmark reiterated a “buy” rating and set a $55.00 price target on shares of AZEK in a research report on Friday, August 9th. Truist Financial lowered their price target on AZEK from $57.00 to $52.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Barclays cut their price objective 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. Finally, Loop Capital lowered their target price on shares of AZEK from $58.00 to $52.00 and set a “buy” rating on the stock in a research note on Thursday, July 11th. Five equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target 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.