AZEK (NYSE:AZEK) Sees Unusually-High Trading Volume – Here’s What Happened

Shares of The AZEK Company Inc. (NYSE:AZEK) saw strong trading volume on Monday . 5,318,542 shares changed hands during mid-day trading, an increase of 130% from the previous session’s volume of 2,313,690 shares.The stock last traded at $50.30 and had previously closed at $49.51.

Analyst Ratings Changes

A number of equities analysts recently commented on AZEK shares. William Blair reiterated a “market perform” rating on shares of AZEK in a research note on Monday, March 24th. Stephens cut their price objective on AZEK from $58.00 to $53.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 8th. Raymond James set a $51.50 price objective on AZEK in a research note on Tuesday, March 25th. Loop Capital cut their price objective on AZEK from $55.00 to $49.00 and set a “hold” rating on the stock in a research note on Thursday, April 17th. Finally, BMO Capital Markets upped their price objective on AZEK from $54.00 to $57.00 and gave the company a “market perform” rating in a research note on Monday, March 24th. Ten equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $53.93.

AZEK Stock Performance

The stock has a market capitalization of $7.24 billion, a P/E ratio of 50.82, a P/E/G ratio of 1.91 and a beta of 1.86. The company’s 50-day moving average is $48.69 and its two-hundred day moving average is $48.63. The company has a current ratio of 2.56, a quick ratio of 1.19 and a debt-to-equity ratio of 0.31.

AZEK (NYSE:AZEK) last released its quarterly earnings results on Tuesday, May 6th. The company reported $0.45 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 company had revenue of $452.23 million for the quarter, compared to the consensus estimate of $444.75 million. During the same period in the previous year, the firm earned $0.39 EPS. AZEK’s revenue was up 8.1% on a year-over-year basis. As a group, sell-side analysts anticipate that The AZEK Company Inc. will post 1.34 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Jesse G. Singh sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $41.03, for a total value of $615,450.00. Following the completion of the transaction, the chief executive officer now owns 868,765 shares of the company’s stock, valued at approximately $35,645,427.95. This trade represents a 1.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 3.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On AZEK

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in AZEK by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 14,430,833 shares of the company’s stock worth $685,032,000 after buying an additional 54,725 shares in the last quarter. FMR LLC grew its position in AZEK by 80.7% in the 4th quarter. FMR LLC now owns 12,311,577 shares of the company’s stock worth $584,431,000 after purchasing an additional 5,499,986 shares during the last quarter. Alliancebernstein L.P. grew its position in AZEK by 15.0% in the 4th quarter. Alliancebernstein L.P. now owns 3,294,619 shares of the company’s stock worth $156,396,000 after purchasing an additional 429,574 shares during the last quarter. Wasatch Advisors LP grew its position in AZEK by 11.6% in the 4th quarter. Wasatch Advisors LP now owns 2,084,014 shares of the company’s stock worth $98,928,000 after purchasing an additional 216,849 shares during the last quarter. Finally, Millennium Management LLC boosted its position in shares of AZEK by 217.3% during the 1st quarter. Millennium Management LLC now owns 2,021,778 shares of the company’s stock valued at $98,845,000 after acquiring an additional 1,384,667 shares in the last quarter. Institutional investors and hedge funds own 97.44% of the company’s stock.

AZEK Company 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.