Cannon Global Investment Management LLC Purchases New Holdings in The AZEK Company Inc. (NYSE:AZEK)

Cannon Global Investment Management LLC bought a new stake in The AZEK Company Inc. (NYSE:AZEK - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 9,500 shares of the company's stock, valued at approximately $451,000.

Other hedge funds also recently modified their holdings of the company. Wellington Management Group LLP raised its position 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 buying an additional 3,595,863 shares during the last quarter. FMR LLC grew its stake in AZEK by 57.9% in the 3rd quarter. FMR LLC now owns 6,811,591 shares of the company's stock worth $318,782,000 after acquiring an additional 2,497,074 shares during the period. Jacobs Levy Equity Management Inc. raised its holdings in AZEK by 73.3% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,006,253 shares of the company's stock valued at $47,093,000 after acquiring an additional 425,609 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of AZEK during the 4th quarter worth $19,436,000. Finally, Gradient Investments LLC boosted its holdings in shares of AZEK by 834.9% during the fourth quarter. Gradient Investments LLC now owns 410,233 shares of the company's stock worth $19,474,000 after purchasing an additional 366,352 shares during the last quarter. 97.44% of the stock is owned by institutional investors and hedge funds.

AZEK Stock Down 0.3 %

NYSE AZEK traded down $0.14 during trading hours on Friday, hitting $49.65. The company had a trading volume of 6,009,594 shares, compared to its average volume of 1,920,716. The firm's 50 day moving average is $47.40 and its 200 day moving average is $47.37. The company has a market capitalization of $7.13 billion, a price-to-earnings ratio of 50.15, a P/E/G ratio of 1.91 and a beta of 1.95. The AZEK Company Inc. has a fifty-two week low of $35.48 and a fifty-two week high of $54.91. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.56 and a quick ratio of 1.19.

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AZEK (NYSE:AZEK - Get Free Report) last posted 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 return on equity of 13.47% and a net margin of 9.85%. Sell-side analysts anticipate that The AZEK Company Inc. will post 1.34 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. BMO Capital Markets upped their target price on AZEK from $54.00 to $57.00 and gave the company a "market perform" rating in a research note on Monday. Stephens downgraded shares of AZEK from an "overweight" rating to a "mixed" rating in a research note on Monday. Baird R W lowered shares of AZEK from a "strong-buy" rating to a "hold" rating in a report on Monday. William Blair restated a "market perform" rating on shares of AZEK in a report on Monday. Finally, Royal Bank of Canada increased their price target on shares of AZEK from $50.00 to $58.00 and gave the stock an "outperform" rating in a research note on Friday, December 13th. Nine research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, AZEK currently has a consensus rating of "Hold" and an average price target of $54.32.

Insider Activity

In related news, CEO Jesse G. Singh sold 20,387 shares of the firm's stock in a transaction on Monday, February 10th. The shares were sold at an average price of $50.08, for a total transaction of $1,020,980.96. Following the completion of the sale, the chief executive officer now directly owns 883,765 shares of the company's stock, valued at approximately $44,258,951.20. This trade represents a 2.25 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 55,000 shares of company stock worth $2,518,624 over the last 90 days. Company insiders own 3.20% of the company's stock.

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.