Envestnet Asset Management Inc. Has $7.90 Million Position in The AZEK Company Inc. (NYSE:AZEK)

Envestnet Asset Management Inc. reduced its stake in shares of The AZEK Company Inc. (NYSE:AZEK) by 14.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 161,654 shares of the company’s stock after selling 28,109 shares during the quarter. Envestnet Asset Management Inc. owned about 0.11% of AZEK worth $7,903,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. FMR LLC increased its position in AZEK by 80.7% during the 4th quarter. FMR LLC now owns 12,311,577 shares of the company’s stock worth $584,431,000 after buying an additional 5,499,986 shares during the period. Norges Bank bought a new stake in AZEK in the fourth quarter worth approximately $94,987,000. Balyasny Asset Management L.P. increased its holdings in shares of AZEK by 493.6% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,681,629 shares of the company’s stock valued at $79,827,000 after acquiring an additional 1,398,340 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in shares of AZEK by 1,280.9% during the first quarter. Assenagon Asset Management S.A. now owns 1,116,458 shares of the company’s stock valued at $54,584,000 after buying an additional 1,035,610 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its position in AZEK by 72.7% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,957,094 shares of the company’s stock worth $92,903,000 after purchasing an additional 823,588 shares during the last quarter. Institutional investors own 97.44% of the company’s stock.

Insider Activity

In other news, CEO Jesse G. Singh sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $51.40, for a total transaction of $1,028,000.00. Following the completion of the transaction, the chief executive officer directly owned 852,765 shares of the company’s stock, valued at $43,832,121. This trade represents a 2.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 3.20% of the company’s stock.

AZEK Price Performance

AZEK stock opened at $54.35 on Tuesday. The AZEK Company Inc. has a twelve month low of $35.48 and a twelve month high of $54.91. The stock’s fifty day simple moving average is $52.47 and its 200-day simple moving average is $49.29. The company has a current ratio of 2.45, a quick ratio of 1.47 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $7.82 billion, a P/E ratio of 53.28 and a beta of 1.82.

AZEK (NYSE:AZEK) last posted its earnings results on Tuesday, May 6th. The company reported $0.45 EPS for the quarter, beating the consensus estimate of $0.44 by $0.01. The firm had revenue of $452.23 million for the quarter, compared to analyst estimates of $444.75 million. AZEK had a return on equity of 13.87% and a net margin of 9.92%. AZEK’s revenue for the quarter was up 8.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.39 earnings per share. As a group, equities analysts expect that The AZEK Company Inc. will post 1.34 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Baird R W lowered AZEK from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 24th. UBS Group dropped their target price on AZEK from $55.00 to $51.00 and set a “neutral” rating on the stock in a report on Wednesday, May 7th. Robert W. Baird lifted their target price on AZEK from $48.00 to $52.00 and gave the stock a “neutral” rating in a report on Wednesday, May 7th. BMO Capital Markets lifted their price objective on AZEK from $54.00 to $57.00 and gave the stock a “market perform” rating in a report on Monday, March 24th. Finally, Barclays boosted their price objective on AZEK from $53.00 to $57.00 and gave the company an “overweight” rating in a research report on Thursday, May 8th. Ten equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $53.93.

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.