Invesco Ltd. Reduces Position in The AZEK Company Inc. (NYSE:AZEK)

Invesco Ltd. decreased its position in The AZEK Company Inc. (NYSE:AZEK - Free Report) by 19.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,818,346 shares of the company's stock after selling 438,229 shares during the quarter. Invesco Ltd. owned 1.27% of AZEK worth $86,317,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Empowered Funds LLC purchased a new position in AZEK during the 4th quarter valued at about $27,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in AZEK by 623.2% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 687 shares of the company's stock worth $33,000 after buying an additional 592 shares during the period. Avalon Trust Co acquired a new stake in AZEK during the 4th quarter worth approximately $38,000. GAMMA Investing LLC boosted its position in AZEK by 39.1% in the 4th quarter. GAMMA Investing LLC now owns 851 shares of the company's stock valued at $40,000 after buying an additional 239 shares during the period. Finally, Blue Trust Inc. grew its stake in shares of AZEK by 94.2% in the fourth quarter. Blue Trust Inc. now owns 1,808 shares of the company's stock worth $85,000 after acquiring an additional 877 shares in the last quarter. 97.44% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Baird R W cut AZEK from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 24th. Robert W. Baird reaffirmed a "neutral" rating and issued a $53.00 target price (down previously from $58.00) on shares of AZEK in a report on Monday, March 24th. Barclays lowered their price target on shares of AZEK from $64.00 to $53.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. William Blair restated a "market perform" rating on shares of AZEK in a report on Monday, March 24th. Finally, Stephens downgraded AZEK from an "overweight" rating to a "mixed" rating in a report on Monday, March 24th. Nine equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, AZEK currently has a consensus rating of "Hold" and an average price target of $53.40.

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Insiders Place Their Bets

In related news, CEO Jesse G. Singh sold 15,000 shares of the stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $41.03, for a total value of $615,450.00. Following the sale, the chief executive officer now directly owns 868,765 shares of the company's stock, valued at approximately $35,645,427.95. This represents a 1.70 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.20% of the stock is currently owned by company insiders.

AZEK Stock Performance

Shares of AZEK stock traded down $0.59 on Tuesday, reaching $46.66. 2,283,747 shares of the stock were exchanged, compared to its average volume of 2,156,429. The firm has a market capitalization of $6.70 billion, a PE ratio of 47.14, a PEG ratio of 1.91 and a beta of 1.86. The AZEK Company Inc. has a 1-year low of $35.48 and a 1-year high of $54.91. The business has a fifty day moving average price of $46.23 and a two-hundred day moving average price of $47.55. The company has a current ratio of 2.56, a quick ratio of 1.19 and a debt-to-equity ratio of 0.31.

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, topping 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%. As a group, research analysts anticipate that The AZEK Company Inc. will post 1.34 earnings per share for the current fiscal year.

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.