Envestnet Asset Management Inc. Reduces Stock Position in The AZEK Company Inc. (NYSE:AZEK)

Envestnet Asset Management Inc. lowered its holdings in shares of The AZEK Company Inc. (NYSE:AZEK - Free Report) by 3.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 189,763 shares of the company's stock after selling 6,588 shares during the quarter. Envestnet Asset Management Inc. owned about 0.13% of AZEK worth $9,008,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of AZEK. Norges Bank acquired a new position in shares of AZEK during the 4th quarter worth about $94,987,000. Arrowstreet Capital Limited Partnership boosted its stake in AZEK by 72.7% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,957,094 shares of the company's stock valued at $92,903,000 after purchasing an additional 823,588 shares during the period. Alliancebernstein L.P. boosted its stake in AZEK by 15.0% during the 4th quarter. Alliancebernstein L.P. now owns 3,294,619 shares of the company's stock valued at $156,396,000 after purchasing an additional 429,574 shares during the period. Raymond James Financial Inc. bought a new stake in shares of AZEK in the 4th quarter worth approximately $19,436,000. Finally, Gradient Investments LLC lifted its position in shares of AZEK by 834.9% in the 4th quarter. Gradient Investments LLC now owns 410,233 shares of the company's stock worth $19,474,000 after acquiring an additional 366,352 shares during the period. Institutional investors own 97.44% of the company's stock.

Insider Transactions at AZEK

In related news, CEO Jesse G. Singh sold 15,000 shares of the company's stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $41.03, for a total value of $615,450.00. Following the transaction, the chief executive officer now owns 868,765 shares in the company, valued at approximately $35,645,427.95. This represents a 1.70 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 3.20% of the company's stock.

Analysts Set New Price Targets

AZEK has been the subject of a number of recent research reports. Robert W. Baird reissued 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. Barclays lowered their target price on AZEK from $64.00 to $53.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. William Blair reissued a "market perform" rating on shares of AZEK in a research note on Monday, March 24th. Loop Capital lowered their target price on AZEK from $55.00 to $49.00 and set a "hold" rating for the company in a research note on Thursday, April 17th. Finally, Stephens cut AZEK from an "overweight" rating to a "mixed" rating in a research note on Monday, March 24th. Nine analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $53.53.

AZEK Stock Up 0.7 %

NYSE:AZEK traded up $0.36 on Thursday, hitting $48.76. The stock had a trading volume of 377,434 shares, compared to its average volume of 2,190,874. The company has a market cap of $7.01 billion, a PE ratio of 49.30, a P/E/G ratio of 1.91 and a beta of 1.86. The business's fifty day moving average is $45.88 and its 200 day moving average is $47.58. 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 52 week low of $35.48 and a 52 week high of $54.91.

AZEK (NYSE:AZEK - Get Free Report) last announced its quarterly earnings results 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 net margin of 9.85% and a return on equity of 13.47%. On average, equities research analysts expect that The AZEK Company Inc. will post 1.34 EPS for the current fiscal year.

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.