Norges Bank Acquires Shares of 2,000,990 The AZEK Company Inc. (NYSE:AZEK)

Norges Bank acquired a new position in shares of The AZEK Company Inc. (NYSE:AZEK - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 2,000,990 shares of the company's stock, valued at approximately $94,987,000. Norges Bank owned about 1.40% of AZEK as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Empowered Funds LLC purchased a new position in AZEK during the fourth quarter worth about $27,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of 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 in the last quarter. Avalon Trust Co acquired a new stake in shares of AZEK in the 4th quarter valued at approximately $38,000. GAMMA Investing LLC boosted its stake in shares of AZEK by 39.1% in the fourth quarter. GAMMA Investing LLC now owns 851 shares of the company's stock valued at $40,000 after buying an additional 239 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in AZEK during the third quarter worth $59,000. Institutional investors and hedge funds own 97.44% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on AZEK. Barclays raised their target price on AZEK from $58.00 to $64.00 and gave the company an "overweight" rating in a report on Wednesday, December 11th. Royal Bank of Canada boosted their price objective on shares of AZEK from $50.00 to $58.00 and gave the stock an "outperform" rating in a report on Friday, December 13th. Robert W. Baird reaffirmed a "neutral" rating and issued a $53.00 target price (down from $58.00) on shares of AZEK in a report on Monday, March 24th. Stephens lowered AZEK from an "overweight" rating to a "mixed" rating in a research note on Monday, March 24th. Finally, The Goldman Sachs Group raised their price objective on AZEK from $52.00 to $59.00 and gave the company a "buy" rating in a research note on Thursday, December 12th. Nine research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $54.32.

Remove Ads

Insider Transactions at AZEK

In other AZEK news, CEO Jesse G. Singh sold 20,387 shares of the business's stock in a transaction dated Monday, February 10th. The stock was 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 owns 883,765 shares of the company's stock, valued at approximately $44,258,951.20. The trade was 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 accessible through this hyperlink. Insiders have sold a total of 55,000 shares of company stock worth $2,518,624 in the last three months. Company insiders own 3.20% of the company's stock.

AZEK Trading Down 4.0 %

Shares of AZEK traded down $1.95 on Friday, hitting $46.25. 5,512,872 shares of the stock traded hands, compared to its average volume of 2,017,435. The firm has a market capitalization of $6.65 billion, a P/E ratio of 46.72, a P/E/G ratio of 1.91 and a beta of 1.86. The company has a quick ratio of 1.19, 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's 50 day moving average is $47.18 and its two-hundred day moving average is $47.59.

AZEK (NYSE:AZEK - Get Free Report) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $0.17 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%. As a group, sell-side analysts predict that The AZEK Company Inc. will post 1.34 earnings per share for the current 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.