Woodline Partners LP Trims Holdings in The AZEK Company Inc. (NYSE:AZEK)

Woodline Partners LP reduced its stake in The AZEK Company Inc. (NYSE:AZEK - Free Report) by 70.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 241,761 shares of the company's stock after selling 565,533 shares during the period. Woodline Partners LP owned 0.17% of AZEK worth $11,476,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Empowered Funds LLC bought a new position in shares of AZEK during the fourth quarter valued at approximately $27,000. FIL Ltd purchased a new position in shares of AZEK in the fourth quarter worth $28,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of AZEK by 623.2% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 687 shares of the company's stock worth $33,000 after buying an additional 592 shares during the last quarter. Avalon Trust Co purchased a new position in shares of AZEK in the fourth quarter worth $38,000. Finally, Blue Trust Inc. raised its holdings in shares of AZEK by 94.2% in the fourth quarter. Blue Trust Inc. now owns 1,808 shares of the company's stock worth $85,000 after buying an additional 877 shares during the last quarter. 97.44% of the stock is currently owned by institutional investors.

AZEK Price Performance

Shares of NYSE AZEK traded down $0.67 during trading on Wednesday, hitting $48.34. The company had a trading volume of 893,932 shares, compared to its average volume of 2,254,102. The stock has a fifty day simple moving average of $48.54 and a two-hundred day simple moving average of $48.59. The AZEK Company Inc. has a fifty-two week low of $35.48 and a fifty-two week high of $54.91. The firm has a market capitalization of $6.95 billion, a price-to-earnings ratio of 48.78, a price-to-earnings-growth ratio of 1.91 and a beta of 1.86. The company has a quick ratio of 1.19, a current ratio of 2.56 and a debt-to-equity ratio of 0.31.

AZEK (NYSE:AZEK - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.01. AZEK had a net margin of 9.85% and a return on equity of 13.47%. The business had revenue of $452.23 million for the quarter, compared to analyst estimates of $444.75 million. During the same quarter last year, the business earned $0.39 earnings per share. The company's revenue for the quarter was up 8.1% compared to the same quarter last year. On average, research analysts expect that The AZEK Company Inc. will post 1.34 earnings per share for the current year.

Insider Buying and Selling

In other AZEK news, CEO Jesse G. Singh sold 20,000 shares of AZEK stock in a transaction dated 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 transaction, the chief executive officer now directly owns 852,765 shares of the company's stock, valued at $43,832,121. The trade was a 2.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 3.20% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on AZEK. Stephens decreased their price target on shares of AZEK from $58.00 to $53.00 and set an "equal weight" rating for the company in a report on Thursday, May 8th. Raymond James set a $51.50 target price on shares of AZEK in a report on Tuesday, March 25th. UBS Group reduced their target price on shares of AZEK from $55.00 to $51.00 and set a "neutral" rating for the company in a report on Wednesday, May 7th. Citigroup reissued a "neutral" rating and set a $51.50 target price (down previously from $61.00) on shares of AZEK in a report on Tuesday, March 25th. Finally, BMO Capital Markets raised their target price on shares of AZEK from $54.00 to $57.00 and gave the stock a "market perform" rating in a report on Monday, March 24th. Ten 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.com, the company 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.