Norges Bank Makes New Investment in The AZEK Company Inc. (NYSE:AZEK)

Norges Bank purchased a new stake in shares of The AZEK Company Inc. (NYSE:AZEK) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 2,000,990 shares of the company’s stock, valued at approximately $94,987,000. Norges Bank owned approximately 1.40% of AZEK as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in AZEK by 105.4% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 60,798 shares of the company’s stock valued at $2,845,000 after purchasing an additional 31,193 shares during the last quarter. State Street Corp lifted its position in shares of AZEK by 1.9% during the 3rd quarter. State Street Corp now owns 2,451,483 shares of the company’s stock valued at $114,729,000 after acquiring an additional 45,774 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of AZEK by 4.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,999,232 shares of the company’s stock worth $93,564,000 after acquiring an additional 90,206 shares in the last quarter. Stifel Financial Corp raised its position in shares of AZEK by 24.7% during the third quarter. Stifel Financial Corp now owns 22,481 shares of the company’s stock worth $1,052,000 after purchasing an additional 4,454 shares during the period. Finally, Blue Trust Inc. boosted its position in shares of AZEK by 94.2% in the 4th quarter. Blue Trust Inc. now owns 1,808 shares of the company’s stock valued at $85,000 after purchasing an additional 877 shares during the period. 97.44% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CEO Jesse G. Singh sold 20,387 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $50.08, for a total transaction of $1,020,980.96. Following the sale, the chief executive officer now directly owns 883,765 shares in the company, valued at approximately $44,258,951.20. The trade was a 2.25 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last 90 days, insiders sold 55,000 shares of company stock valued at $2,518,624. Insiders own 3.20% of the company’s stock.

AZEK Price Performance

Shares of NYSE:AZEK opened at $48.45 on Wednesday. The company has a quick ratio of 1.19, a current ratio of 2.56 and a debt-to-equity ratio of 0.31. The business has a 50 day moving average price of $47.35 and a 200 day moving average price of $47.53. The company has a market cap of $6.96 billion, a price-to-earnings ratio of 48.94, a PEG ratio of 1.91 and a beta of 1.95. The AZEK Company Inc. has a twelve month low of $35.48 and a twelve month high of $54.91.

AZEK (NYSE:AZEK) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $0.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.03. AZEK had a net margin of 9.85% and a return on equity of 13.47%. Research analysts predict that The AZEK Company Inc. will post 1.34 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. William Blair restated a “market perform” rating on shares of AZEK in a report on Monday, March 24th. BMO Capital Markets upped their target price on AZEK from $54.00 to $57.00 and gave the company a “market perform” rating in a report on Monday, March 24th. Royal Bank of Canada increased their price objective on AZEK from $50.00 to $58.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Stephens cut AZEK from an “overweight” rating to a “mixed” rating in a research note on Monday, March 24th. Finally, The Goldman Sachs Group raised their price objective on shares of AZEK from $52.00 to $59.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Nine research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, AZEK has an average rating of “Hold” and a consensus target price of $54.32.

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.