Bank of Montreal Can Raises Holdings in The AZEK Company Inc. (NYSE:AZEK)

Bank of Montreal Can raised its stake in The AZEK Company Inc. (NYSE:AZEK) by 262.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 159,928 shares of the company’s stock after purchasing an additional 115,775 shares during the period. Bank of Montreal Can owned about 0.11% of AZEK worth $6,738,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in AZEK. ORG Partners LLC purchased a new position in AZEK in the first quarter valued at $35,000. Whittier Trust Co. purchased a new position in shares of AZEK in the 1st quarter valued at about $37,000. Versant Capital Management Inc raised its position in shares of AZEK by 5,452.2% during the 2nd quarter. Versant Capital Management Inc now owns 1,277 shares of the company’s stock worth $54,000 after acquiring an additional 1,254 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in AZEK during the first quarter worth approximately $103,000. Finally, 1620 Investment Advisors Inc. acquired a new position in AZEK in the second quarter valued at approximately $90,000. Hedge funds and other institutional investors own 97.44% of the company’s stock.

AZEK Stock Performance

NYSE AZEK opened at $46.80 on Tuesday. The stock has a market capitalization of $6.81 billion, a price-to-earnings ratio of 45.88, a PEG ratio of 1.43 and a beta of 1.87. The business’s 50 day moving average is $42.83 and its two-hundred day moving average is $44.92. The AZEK Company Inc. has a 12-month low of $25.03 and a 12-month high of $50.78. The company has a current ratio of 3.07, a quick ratio of 2.11 and a debt-to-equity ratio of 0.41.

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

AZEK declared that its Board of Directors has initiated a stock buyback program on Monday, June 17th that authorizes the company to buyback $600.00 million in shares. This buyback authorization authorizes the company to purchase up to 9.7% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at AZEK

In related news, Director Pamela J. Edwards bought 600 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was bought at an average cost of $41.70 per share, with a total value of $25,020.00. Following the completion of the acquisition, the director now owns 8,708 shares in the company, valued at approximately $363,123.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Jesse G. Singh sold 13,000 shares of the business’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $41.75, for a total value of $542,750.00. Following the sale, the chief executive officer now directly owns 1,024,444 shares in the company, valued at approximately $42,770,537. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Pamela J. Edwards bought 600 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were acquired at an average price of $41.70 per share, with a total value of $25,020.00. Following the completion of the acquisition, the director now directly owns 8,708 shares in the company, valued at approximately $363,123.60. The disclosure for this purchase can be found here. Company insiders own 3.10% of the company’s stock.

Analysts Set New Price Targets

AZEK has been the subject of several recent analyst reports. Citigroup reduced their price objective on shares of AZEK from $50.00 to $44.00 and set a “neutral” rating for the company in a research report on Thursday, July 11th. Barclays decreased their price objective on shares of AZEK from $58.00 to $52.00 and set an “overweight” rating for the company in a research note on Friday, July 12th. Royal Bank of Canada cut their target price on AZEK from $49.00 to $46.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. The Goldman Sachs Group decreased their target price on AZEK from $56.00 to $50.00 and set a “buy” rating for the company in a research report on Wednesday, July 10th. Finally, Truist Financial cut their price target on AZEK from $57.00 to $52.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, AZEK presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.24.

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.