Allspring Global Investments Holdings LLC Reduces Stock Position in The AZEK Company Inc. (NYSE:AZEK)

Allspring Global Investments Holdings LLC cut its stake in shares of The AZEK Company Inc. (NYSE:AZEK - Free Report) by 3.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 746,854 shares of the company's stock after selling 24,145 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.52% of AZEK worth $35,169,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Wellington Management Group LLP lifted its holdings in shares of AZEK by 33.8% in the third quarter. Wellington Management Group LLP now owns 14,224,410 shares of the company's stock valued at $665,702,000 after purchasing an additional 3,595,863 shares in the last quarter. FMR LLC grew its position in shares of AZEK by 57.9% in the third quarter. FMR LLC now owns 6,811,591 shares of the company's stock valued at $318,782,000 after purchasing an additional 2,497,074 shares during the last quarter. State Street Corp grew its position in shares of AZEK by 1.9% in the third quarter. State Street Corp now owns 2,451,483 shares of the company's stock valued at $114,729,000 after purchasing an additional 45,774 shares during the last quarter. Geode Capital Management LLC grew its position in AZEK by 0.5% during the third quarter. Geode Capital Management LLC now owns 2,330,636 shares of the company's stock worth $109,105,000 after buying an additional 12,644 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its position in AZEK by 4.7% during the third quarter. JPMorgan Chase & Co. now owns 1,999,232 shares of the company's stock worth $93,564,000 after buying an additional 90,206 shares in the last quarter. 97.44% of the stock is owned by institutional investors and hedge funds.

AZEK Stock Performance

AZEK stock traded up $0.68 during trading on Tuesday, hitting $50.81. The stock had a trading volume of 580,337 shares, compared to its average volume of 1,530,325. The stock's 50 day moving average is $49.77 and its two-hundred day moving average is $46.67. The company has a quick ratio of 1.14, a current ratio of 2.56 and a debt-to-equity ratio of 0.31. The AZEK Company Inc. has a 1 year low of $35.48 and a 1 year high of $54.91. The stock has a market cap of $7.27 billion, a price-to-earnings ratio of 51.28, a price-to-earnings-growth ratio of 2.19 and a beta of 1.94.

AZEK (NYSE:AZEK - Get Free Report) last issued its earnings results on Tuesday, February 4th. The company reported $0.17 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.14 by $0.03. AZEK had a net margin of 9.85% and a return on equity of 13.47%. As a group, analysts predict that The AZEK Company Inc. will post 1.29 EPS for the current year.

Insider Transactions at AZEK

In related news, CEO Jesse G. Singh sold 20,387 shares of the stock in a transaction on Monday, February 10th. The stock was sold at an average price of $50.08, for a total value of $1,020,980.96. Following the transaction, the chief executive officer now owns 883,765 shares of the company's stock, valued at $44,258,951.20. This represents a 2.25 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CMO Samara Toole sold 1,709 shares of the stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $53.00, for a total value of $90,577.00. Following the completion of the transaction, the chief marketing officer now directly owns 16,632 shares in the company, valued at approximately $881,496. This represents a 9.32 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 61,709 shares of company stock valued at $3,060,151. 3.20% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on AZEK shares. Benchmark restated a "buy" rating and set a $55.00 target price on shares of AZEK in a research note on Thursday, November 21st. The Goldman Sachs Group increased their price objective on AZEK from $52.00 to $59.00 and gave the company a "buy" rating in a report on Thursday, December 12th. BMO Capital Markets increased their price objective on AZEK from $52.00 to $54.00 and gave the company a "market perform" rating in a report on Thursday, February 6th. Barclays increased their price target on AZEK from $58.00 to $64.00 and gave the stock an "overweight" rating in a report on Wednesday, December 11th. Finally, DA Davidson increased their price target on AZEK from $44.00 to $50.00 and gave the stock a "neutral" rating in a report on Wednesday, November 20th. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $54.85.

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.