Man Group plc Cuts Position in The AZEK Company Inc. (NYSE:AZEK)

Man Group plc lessened its stake in The AZEK Company Inc. (NYSE:AZEK - Free Report) by 46.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 87,314 shares of the company's stock after selling 76,577 shares during the period. Man Group plc owned 0.06% of AZEK worth $4,145,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in AZEK by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 14,430,833 shares of the company's stock valued at $685,032,000 after purchasing an additional 54,725 shares during the last quarter. FMR LLC grew its stake 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 last quarter. Alliancebernstein L.P. grew its stake in AZEK by 15.0% in the fourth 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 last quarter. Wasatch Advisors LP grew its stake in shares of AZEK by 11.6% during the fourth quarter. Wasatch Advisors LP now owns 2,084,014 shares of the company's stock worth $98,928,000 after acquiring an additional 216,849 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of AZEK during the fourth quarter worth about $94,987,000. Hedge funds and other institutional investors own 97.44% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. BMO Capital Markets boosted their price target on AZEK from $54.00 to $57.00 and gave the stock a "market perform" rating in a research note on Monday, March 24th. UBS Group dropped their price target on AZEK from $55.00 to $51.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 7th. Loop Capital dropped their price target on AZEK from $55.00 to $49.00 and set a "hold" rating on the stock in a research note on Thursday, April 17th. Wolfe Research restated a "peer perform" rating on shares of AZEK in a research note on Wednesday, March 26th. Finally, Raymond James set a $51.50 price target on AZEK in a research note on Tuesday, March 25th. Ten analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $53.93.

Insider Activity at AZEK

In related news, CEO Jesse G. Singh sold 15,000 shares of the stock in a transaction on Monday, March 10th. The shares were sold at an average price of $41.03, for a total transaction of $615,450.00. Following the sale, the chief executive officer now directly owns 868,765 shares of the company's stock, valued at approximately $35,645,427.95. This represents a 1.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 3.20% of the stock is owned by insiders.

AZEK Stock Performance

NYSE AZEK traded down $0.18 during trading hours on Tuesday, reaching $49.06. The stock had a trading volume of 3,355,600 shares, compared to its average volume of 2,259,306. The stock has a fifty day moving average of $48.54 and a 200 day moving average of $48.59. The stock has a market cap of $7.06 billion, a P/E ratio of 49.56, a price-to-earnings-growth ratio of 1.91 and a beta of 1.86. The AZEK Company Inc. has a 52-week low of $35.48 and a 52-week high of $54.91. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.19 and a current ratio of 2.56.

AZEK (NYSE:AZEK - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported $0.45 EPS for the quarter, beating analysts' consensus estimates 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 13.47% and a net margin of 9.85%. AZEK's revenue for the quarter was up 8.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.39 earnings per share. Sell-side analysts predict that The AZEK Company Inc. will post 1.34 earnings per share for the current year.

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.