Short Interest in The AZEK Company Inc. (NYSE:AZEK) Drops By 5.0%

The AZEK Company Inc. (NYSE:AZEK) saw a significant drop in short interest in August. As of August 15th, there was short interest totalling 6,590,000 shares, a drop of 5.0% from the July 31st total of 6,940,000 shares. Based on an average daily trading volume, of 2,140,000 shares, the short-interest ratio is currently 3.1 days. Currently, 4.7% of the shares of the stock are sold short.

Wall Street Analyst Weigh In

A number of brokerages have commented on AZEK. DA Davidson lowered AZEK from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $57.00 to $44.00 in a research report on Wednesday, July 3rd. Robert W. Baird decreased their price target on AZEK from $60.00 to $58.00 and set an “outperform” rating on the stock in a report on Thursday, May 9th. UBS Group dropped their price objective on AZEK from $47.00 to $43.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Stifel Nicolaus reduced their target price on shares of AZEK from $52.00 to $50.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Finally, Benchmark reissued a “buy” rating and set a $55.00 price target on shares of AZEK in a research note on Friday, August 9th. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, AZEK currently has an average rating of “Moderate Buy” and a consensus target price of $48.24.

Insider Transactions at AZEK

In other news, CEO Jesse G. Singh sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $41.47, for a total value of $829,400.00. Following the transaction, the chief executive officer now directly owns 186,705 shares of the company’s stock, valued at approximately $7,742,656.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Pamela J. Edwards acquired 600 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were purchased at an average price of $41.70 per share, with a total value of $25,020.00. Following the acquisition, the director now directly owns 8,708 shares in the company, valued at $363,123.60. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Jesse G. Singh sold 20,000 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $41.47, for a total transaction of $829,400.00. Following the completion of the transaction, the chief executive officer now directly owns 186,705 shares of the company’s stock, valued at $7,742,656.35. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 45,000 shares of company stock valued at $1,932,790. Corporate insiders own 3.10% of the company’s stock.

Hedge Funds Weigh In On AZEK

A number of large investors have recently modified their holdings of the business. Quadrant Capital Group LLC raised its position in AZEK by 45.9% during the fourth quarter. Quadrant Capital Group LLC now owns 728 shares of the company’s stock worth $28,000 after acquiring an additional 229 shares in the last quarter. Tidal Investments LLC lifted its position in shares of AZEK by 3.7% in the first quarter. Tidal Investments LLC now owns 7,060 shares of the company’s stock valued at $355,000 after buying an additional 251 shares during the last quarter. Venturi Wealth Management LLC boosted its stake in shares of AZEK by 58.9% during the 1st quarter. Venturi Wealth Management LLC now owns 707 shares of the company’s stock worth $36,000 after acquiring an additional 262 shares during the period. Signaturefd LLC increased its holdings in shares of AZEK by 32.7% during the 2nd quarter. Signaturefd LLC now owns 2,157 shares of the company’s stock worth $91,000 after acquiring an additional 532 shares during the last quarter. Finally, Treasurer of the State of North Carolina raised its stake in AZEK by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 58,496 shares of the company’s stock valued at $2,237,000 after acquiring an additional 570 shares during the period. 97.44% of the stock is currently owned by institutional investors and hedge funds.

AZEK Price Performance

Shares of NYSE AZEK opened at $42.63 on Tuesday. The company has a fifty day moving average price of $42.22 and a 200 day moving average price of $45.39. The firm has a market cap of $6.17 billion, a PE ratio of 41.79, a PEG ratio of 1.32 and a beta of 1.88. The company has a current ratio of 3.07, a quick ratio of 2.11 and a debt-to-equity ratio of 0.41. AZEK has a 1-year low of $25.03 and a 1-year high of $50.78.

AZEK (NYSE:AZEK) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.06. AZEK had a net margin of 11.35% and a return on equity of 13.38%. The company had revenue of $434.40 million during the quarter, compared to analysts’ expectations of $396.89 million. During the same period last year, the business earned $0.29 EPS. The business’s quarterly revenue was up 12.1% on a year-over-year basis. Research analysts predict that AZEK will post 1.05 earnings per share for the current fiscal year.

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.