Artemis Investment Management LLP Trims Stock Holdings in The AZEK Company Inc. (NYSE:AZEK)

Artemis Investment Management LLP cut its holdings in shares of The AZEK Company Inc. (NYSE:AZEK - Free Report) by 47.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 349,368 shares of the company's stock after selling 311,689 shares during the period. Artemis Investment Management LLP owned 0.24% of AZEK worth $17,081,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of AZEK. Vanguard Group Inc. boosted its stake in shares of AZEK by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 14,430,833 shares of the company's stock worth $685,032,000 after buying an additional 54,725 shares during the period. FMR LLC lifted its position in AZEK by 80.7% in the fourth quarter. FMR LLC now owns 12,311,577 shares of the company's stock valued at $584,431,000 after purchasing an additional 5,499,986 shares during the period. Alliancebernstein L.P. increased its position in AZEK by 15.0% during the 4th quarter. Alliancebernstein L.P. now owns 3,294,619 shares of the company's stock worth $156,396,000 after purchasing an additional 429,574 shares during the period. Wasatch Advisors LP boosted its stake in shares of 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 buying an additional 216,849 shares in the last quarter. Finally, Norges Bank acquired a new position in AZEK during the fourth quarter worth $94,987,000. Hedge funds and other institutional investors own 97.44% of the company's stock.

AZEK Price Performance

AZEK stock opened at $52.96 on Friday. The company has a market capitalization of $7.62 billion, a PE ratio of 51.92 and a beta of 1.82. The stock's 50 day moving average is $50.75 and its two-hundred day moving average is $48.84. The company has a quick ratio of 1.47, a current ratio of 2.45 and a debt-to-equity ratio of 0.29. 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 posted its earnings results on Tuesday, May 6th. The company reported $0.45 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.44 by $0.01. AZEK had a return on equity of 13.87% and a net margin of 9.92%. The company had revenue of $452.23 million for the quarter, compared to analysts' expectations of $444.75 million. During the same period last year, the business posted $0.39 earnings per share. The firm's quarterly revenue was up 8.1% compared to the same quarter last year. Analysts predict that The AZEK Company Inc. will post 1.34 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Jesse G. Singh sold 20,000 shares of the firm's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $51.40, for a total transaction of $1,028,000.00. Following the completion of the sale, the chief executive officer now directly owns 852,765 shares of the company's stock, valued at $43,832,121. This trade represents a 2.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 3.20% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

AZEK has been the subject of several research analyst reports. Stephens dropped their price objective on AZEK from $58.00 to $53.00 and set an "equal weight" rating for the company in a research note on Thursday, May 8th. Raymond James Financial set a $51.50 price target on shares of AZEK in a report on Tuesday, March 25th. Barclays raised their price objective on shares of AZEK from $53.00 to $57.00 and gave the stock an "overweight" rating in a research note on Thursday, May 8th. Citigroup reaffirmed a "neutral" rating and issued a $51.50 target price (down previously from $61.00) on shares of AZEK in a research note on Tuesday, March 25th. Finally, Loop Capital dropped their price target on AZEK from $55.00 to $49.00 and set a "hold" rating for the company in a research report on Thursday, April 17th. Ten research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $53.93.

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.

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