Canada Pension Plan Investment Board Sells 59,800 Shares of The AZEK Company Inc. (NYSE:AZEK)

Canada Pension Plan Investment Board lowered its position in shares of The AZEK Company Inc. (NYSE:AZEK - Free Report) by 45.5% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 71,700 shares of the company's stock after selling 59,800 shares during the quarter. Canada Pension Plan Investment Board owned 0.05% of AZEK worth $3,404,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the company. Marshall Wace LLP bought a new stake in AZEK in the fourth quarter worth about $627,000. Zacks Investment Management boosted its stake in AZEK by 25.7% in the fourth quarter. Zacks Investment Management now owns 45,063 shares of the company's stock valued at $2,139,000 after acquiring an additional 9,207 shares during the last quarter. Wasatch Advisors LP boosted its stake in AZEK by 11.6% in the fourth quarter. Wasatch Advisors LP now owns 2,084,014 shares of the company's stock valued at $98,928,000 after acquiring an additional 216,849 shares during the last quarter. Mariner LLC boosted its stake in AZEK by 13.8% in the fourth quarter. Mariner LLC now owns 19,234 shares of the company's stock valued at $913,000 after acquiring an additional 2,338 shares during the last quarter. Finally, Barclays PLC boosted its stake in AZEK by 53.1% in the fourth quarter. Barclays PLC now owns 293,284 shares of the company's stock valued at $13,921,000 after acquiring an additional 101,696 shares during the last quarter. Institutional investors own 97.44% of the company's stock.

AZEK Price Performance

Shares of AZEK traded down $0.16 during midday trading on Monday, reaching $49.20. The stock had a trading volume of 3,094,984 shares, compared to its average volume of 2,212,886. The company's 50-day moving average is $45.82 and its 200 day moving average is $47.75. The AZEK Company Inc. has a 12-month low of $35.48 and a 12-month high of $54.91. The company has a current ratio of 2.56, a quick ratio of 1.19 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $7.07 billion, a price-to-earnings ratio of 49.70, a price-to-earnings-growth ratio of 1.91 and a beta of 1.86.

AZEK (NYSE:AZEK - Get Free Report) last posted its quarterly earnings data 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%. On average, equities analysts predict that The AZEK Company Inc. will post 1.34 EPS for the current fiscal year.

Insider Activity

In related news, CEO Jesse G. Singh sold 20,387 shares of AZEK stock in a transaction on Monday, February 10th. The shares were sold at an average price of $50.08, for a total value of $1,020,980.96. Following the sale, the chief executive officer now owns 883,765 shares in the company, valued at $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 SEC, which is available at this link. Insiders own 3.20% of the company's stock.

Analyst Ratings Changes

A number of research firms have weighed in on AZEK. Stephens cut shares of AZEK from an "overweight" rating to a "mixed" rating in a research note on Monday, March 24th. Barclays dropped their price target on shares of AZEK from $64.00 to $53.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. William Blair restated a "market perform" rating on shares of AZEK in a research note on Monday, March 24th. Loop Capital dropped their price target on shares of AZEK from $55.00 to $49.00 and set a "hold" rating on the stock in a research note on Thursday, April 17th. Finally, Raymond James set a $51.50 price target on shares of AZEK in a research note on Tuesday, March 25th. Nine research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $53.53.

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.