Jennison Associates LLC Acquires 123,823 Shares of The AZEK Company Inc. (NYSE:AZEK)

Jennison Associates LLC raised its holdings in shares of The AZEK Company Inc. (NYSE:AZEK) by 15.7% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 912,489 shares of the company’s stock after purchasing an additional 123,823 shares during the period. Jennison Associates LLC owned 0.62% of AZEK worth $45,825,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in AZEK. Quadrant Capital Group LLC increased its stake in shares of AZEK by 45.9% during the fourth quarter. Quadrant Capital Group LLC now owns 728 shares of the company’s stock valued at $28,000 after purchasing an additional 229 shares in the last quarter. Venturi Wealth Management LLC boosted its holdings in AZEK by 58.9% in the first quarter. Venturi Wealth Management LLC now owns 707 shares of the company’s stock worth $36,000 after purchasing an additional 262 shares during the last quarter. Principal Securities Inc. purchased a new stake in AZEK in the fourth quarter worth approximately $44,000. CWM LLC boosted its holdings in AZEK by 81.3% in the fourth quarter. CWM LLC now owns 2,022 shares of the company’s stock worth $77,000 after purchasing an additional 907 shares during the last quarter. Finally, Federated Hermes Inc. boosted its holdings in AZEK by 80.4% in the fourth quarter. Federated Hermes Inc. now owns 4,353 shares of the company’s stock worth $167,000 after purchasing an additional 1,940 shares during the last quarter. Institutional investors own 97.44% of the company’s stock.

Insiders Place Their Bets

In other AZEK news, CEO Jesse G. Singh sold 13,000 shares of the company’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $45.97, for a total value of $597,610.00. Following the transaction, the chief executive officer now directly owns 1,070,444 shares in the company, valued at approximately $49,208,310.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Jesse G. Singh sold 13,000 shares of the stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $45.97, for a total transaction of $597,610.00. Following the transaction, the chief executive officer now directly owns 1,070,444 shares in the company, valued at $49,208,310.68. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Jonathan Skelly sold 12,000 shares of the stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $46.72, for a total transaction of $560,640.00. Following the transaction, the insider now owns 190,134 shares in the company, valued at $8,883,060.48. The disclosure for this sale can be found here. Insiders have sold 38,000 shares of company stock worth $1,786,150 in the last three months. Corporate insiders own 3.10% of the company’s stock.

AZEK Trading Up 0.3 %

Shares of AZEK stock traded up $0.13 during trading hours on Monday, reaching $41.01. 1,670,555 shares of the stock were exchanged, compared to its average volume of 1,642,779. The firm has a market capitalization of $5.97 billion, a price-to-earnings ratio of 40.21, a price-to-earnings-growth ratio of 1.29 and a beta of 1.88. The company has a current ratio of 3.40, a quick ratio of 2.21 and a debt-to-equity ratio of 0.42. The AZEK Company Inc. has a 12-month low of $25.03 and a 12-month high of $50.78. The company’s 50-day moving average price is $45.29 and its 200-day moving average price is $44.48.

Analysts Set New Price Targets

Several research analysts have recently weighed in on AZEK shares. Truist Financial reiterated a “buy” rating and set a $57.00 price target on shares of AZEK in a research note on Tuesday, June 18th. Benchmark started coverage on shares of AZEK in a research note on Friday, April 19th. They set a “buy” rating and a $55.00 price target on the stock. Barclays lifted their price target on shares of AZEK from $50.00 to $58.00 and gave the stock an “overweight” rating in a research note on Thursday, April 4th. Robert W. Baird dropped their price target on shares of AZEK from $60.00 to $58.00 and set an “outperform” rating on the stock in a research note on Thursday, May 9th. Finally, DA Davidson cut shares of AZEK from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $57.00 to $44.00 in a research note on Wednesday, July 3rd. Five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $45.26.

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.