D.A. Davidson & CO. Trims Stake in The AZEK Company Inc. (NYSE:AZEK)

Posted by Defense World Staff on Apr 28th, 2023

D.A. Davidson & CO. cut its stake in The AZEK Company Inc. (NYSE:AZEK – Get Rating) by 8.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 54,476 shares of the company’s stock after selling 4,989 shares during the period. D.A. Davidson & CO.’s holdings in AZEK were worth $1,107,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. PNC Financial Services Group Inc. lifted its stake in shares of AZEK by 35.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 11,990 shares of the company’s stock valued at $299,000 after purchasing an additional 3,124 shares during the period. Natixis Advisors L.P. purchased a new position in AZEK during the first quarter valued at $1,468,000. Bank of Montreal Can boosted its holdings in shares of AZEK by 155.0% during the 1st quarter. Bank of Montreal Can now owns 22,887 shares of the company’s stock valued at $602,000 after buying an additional 13,910 shares in the last quarter. MetLife Investment Management LLC bought a new stake in shares of AZEK during the 1st quarter valued at $124,000. Finally, Dimensional Fund Advisors LP grew its position in shares of AZEK by 113.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 724,014 shares of the company’s stock worth $17,989,000 after buying an additional 384,936 shares during the period. 99.05% of the stock is owned by institutional investors.

Insider Buying and Selling at AZEK

In related news, Director Corporate Opportunities F. Ares sold 4,770,000 shares of the business’s stock in a transaction on Wednesday, February 15th. The shares were sold at an average price of $26.06, for a total transaction of $124,306,200.00. Following the completion of the transaction, the director now directly owns 14,326,090 shares in the company, valued at $373,337,905.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Jonathan Skelly sold 20,000 shares of the business’s stock in a transaction on Thursday, March 9th. The stock was sold at an average price of $23.83, for a total value of $476,600.00. Following the sale, the insider now owns 216,569 shares in the company, valued at approximately $5,160,839.27. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Corporate Opportunities F. Ares sold 4,770,000 shares of AZEK stock in a transaction that occurred on Wednesday, February 15th. The stock was sold at an average price of $26.06, for a total transaction of $124,306,200.00. Following the completion of the transaction, the director now owns 14,326,090 shares of the company’s stock, valued at approximately $373,337,905.40. The disclosure for this sale can be found here. Insiders have sold 4,810,000 shares of company stock worth $125,231,810 over the last quarter. Insiders own 3.10% of the company’s stock.

AZEK Stock Performance

Shares of AZEK opened at $26.44 on Friday. The business has a 50-day simple moving average of $23.86 and a two-hundred day simple moving average of $21.71. The company has a quick ratio of 1.09, a current ratio of 2.91 and a debt-to-equity ratio of 0.41. The AZEK Company Inc. has a 52 week low of $15.12 and a 52 week high of $30.26. The stock has a market cap of $3.99 billion, a price-to-earnings ratio of 125.90, a PEG ratio of 8.59 and a beta of 1.60.

AZEK (NYSE:AZEK – Get Rating) last announced its quarterly earnings results on Wednesday, February 8th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.01. The company had revenue of $216.30 million for the quarter, compared to the consensus estimate of $208.14 million. AZEK had a net margin of 2.49% and a return on equity of 7.03%. During the same period in the previous year, the firm posted $0.17 EPS. AZEK’s revenue for the quarter was down 16.7% compared to the same quarter last year. On average, analysts expect that The AZEK Company Inc. will post 0.5 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft upped their price objective on shares of AZEK from $28.00 to $34.00 and gave the stock a “buy” rating in a report on Friday, February 10th. UBS Group boosted their target price on AZEK from $24.00 to $28.00 and gave the stock a “neutral” rating in a report on Thursday, February 9th. Royal Bank of Canada raised their price target on AZEK from $25.00 to $28.00 and gave the company an “outperform” rating in a report on Thursday, February 9th. TheStreet upgraded shares of AZEK from a “d+” rating to a “c” rating in a research note on Thursday, December 29th. Finally, Barclays increased their price objective on shares of AZEK from $28.00 to $33.00 and gave the company an “overweight” rating in a research report on Thursday, February 9th. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, AZEK presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.11.

About AZEK

(Get Rating)

The AZEK Company Inc engages in designing, manufacturing, and selling of building products for residential, commercial, and industrial markets in the United States. It operates through two segments: Residential and Commercial. The Residential segment designs and manufactures engineered outdoor living products, which includes decking, railing, trim and molding, siding and cladding, pergolas and cabanas, and accessories under the TimberTech, AZEK Exteriors, VERSATEX, and ULTRALOX brand name.