Frontier Capital Management Co. LLC Increases Stake in The AZEK Company Inc. (NYSE:AZEK)

Frontier Capital Management Co. LLC increased its position in shares of The AZEK Company Inc. (NYSE:AZEK) by 16.3% during the fourth quarter, Holdings Channel reports. The institutional investor owned 254,847 shares of the company’s stock after buying an additional 35,778 shares during the quarter. Frontier Capital Management Co. LLC’s holdings in AZEK were worth $12,098,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in AZEK. FMR LLC raised 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 buying an additional 5,499,986 shares in the last quarter. Norges Bank purchased a new position in shares of AZEK in the 4th quarter valued at about $94,987,000. Balyasny Asset Management L.P. increased its holdings in shares of AZEK by 493.6% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,681,629 shares of the company’s stock valued at $79,827,000 after acquiring an additional 1,398,340 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in shares of AZEK by 72.7% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,957,094 shares of the company’s stock worth $92,903,000 after acquiring an additional 823,588 shares in the last quarter. Finally, Rockefeller Capital Management L.P. lifted its stake in AZEK by 101.5% during the fourth quarter. Rockefeller Capital Management L.P. now owns 859,910 shares of the company’s stock worth $40,820,000 after purchasing an additional 433,125 shares during the last quarter. Institutional investors and hedge funds own 97.44% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. UBS Group cut their price objective on shares of AZEK from $55.00 to $51.00 and set a “neutral” rating on the stock in a report on Wednesday. Raymond James set a $51.50 price target on shares of AZEK in a research note on Tuesday, March 25th. Loop Capital decreased their price objective on shares of AZEK from $55.00 to $49.00 and set a “hold” rating for the company in a research note on Thursday, April 17th. Barclays lifted their target price on AZEK from $53.00 to $57.00 and gave the stock an “overweight” rating in a research report on Thursday. Finally, Wolfe Research reissued a “peer perform” rating on shares of AZEK in a research report on Wednesday, March 26th. Ten investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $53.93.

AZEK Stock Performance

Shares of AZEK opened at $50.33 on Friday. The stock has a market capitalization of $7.23 billion, a P/E ratio of 50.84, a P/E/G ratio of 1.91 and a beta of 1.86. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.19 and a current ratio of 2.56. The AZEK Company Inc. has a 1 year low of $35.48 and a 1 year high of $54.91. The company’s fifty day moving average is $46.43 and its two-hundred day moving average is $48.05.

AZEK (NYSE:AZEK) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 period in the previous year, the business posted $0.39 earnings per share. The business’s revenue was up 8.1% compared to the same quarter last year. On average, sell-side analysts predict that The AZEK Company Inc. will post 1.34 earnings per share for the current year.

Insider Activity

In related news, CEO Jesse G. Singh sold 15,000 shares of the business’s stock in a transaction dated 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 owns 868,765 shares of the company’s stock, valued at approximately $35,645,427.95. The trade was a 1.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 3.20% of the company’s stock.

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.