Jennison Associates LLC Sells 460,529 Shares of The AZEK Company Inc. (NYSE:AZEK)

Jennison Associates LLC cut its holdings in The AZEK Company Inc. (NYSE:AZEK) by 97.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 13,527 shares of the company’s stock after selling 460,529 shares during the period. Jennison Associates LLC’s holdings in AZEK were worth $642,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Equitable Trust Co. lifted its stake in AZEK by 2.2% in the third quarter. Equitable Trust Co. now owns 10,346 shares of the company’s stock worth $484,000 after purchasing an additional 226 shares during the last quarter. GAMMA Investing LLC lifted its stake in AZEK by 39.1% in the fourth quarter. GAMMA Investing LLC now owns 851 shares of the company’s stock worth $40,000 after purchasing an additional 239 shares during the last quarter. Creative Planning lifted its stake in AZEK by 6.6% in the third quarter. Creative Planning now owns 6,987 shares of the company’s stock worth $327,000 after purchasing an additional 430 shares during the last quarter. Covestor Ltd raised its stake in shares of AZEK by 18.8% during the third quarter. Covestor Ltd now owns 2,758 shares of the company’s stock valued at $129,000 after acquiring an additional 436 shares during the last quarter. Finally, Blue Trust Inc. raised its stake in shares of AZEK by 106.4% during the third quarter. Blue Trust Inc. now owns 931 shares of the company’s stock valued at $44,000 after acquiring an additional 480 shares during the last quarter. 97.44% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CMO Samara Toole sold 1,709 shares of the stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $53.00, for a total transaction of $90,577.00. Following the sale, the chief marketing officer now owns 16,632 shares in the company, valued at $881,496. This represents a 9.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Jesse G. Singh sold 19,613 shares of the stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $44.98, for a total transaction of $882,192.74. Following the sale, the chief executive officer now owns 904,152 shares in the company, valued at approximately $40,668,756.96. The trade was a 2.12 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 41,322 shares of company stock worth $2,039,170. 3.20% of the stock is currently owned by company insiders.

AZEK Price Performance

Shares of AZEK opened at $50.11 on Friday. The stock has a market cap of $7.17 billion, a PE ratio of 48.18, a price-to-earnings-growth ratio of 2.23 and a beta of 1.94. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.14 and a current ratio of 2.17. The AZEK Company Inc. has a fifty-two week low of $35.48 and a fifty-two week high of $54.91. The firm’s 50-day simple moving average is $50.23 and its two-hundred day simple moving average is $46.40.

AZEK (NYSE:AZEK) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $0.17 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.03. AZEK had a net margin of 10.68% and a return on equity of 12.68%. Analysts anticipate that The AZEK Company Inc. will post 1.28 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on AZEK shares. Barclays upped their price objective on shares of AZEK from $58.00 to $64.00 and gave the company an “overweight” rating in a research note on Wednesday, December 11th. Royal Bank of Canada upped their price objective on shares of AZEK from $50.00 to $58.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. JPMorgan Chase & Co. upped their price objective on shares of AZEK from $48.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, November 25th. Benchmark reaffirmed a “buy” rating and set a $55.00 price objective on shares of AZEK in a research note on Thursday, November 21st. Finally, BMO Capital Markets upped their price objective on shares of AZEK from $52.00 to $54.00 and gave the company a “market perform” rating in a research note on Thursday. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $54.85.

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.