Jennison Associates LLC Has $30.17 Million Position in The AZEK Company Inc. (NYSE:AZEK)

Jennison Associates LLC raised its stake in shares of The AZEK Company Inc. (NYSE:AZEK) by 2,948.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 788,666 shares of the company’s stock after acquiring an additional 762,793 shares during the quarter. Jennison Associates LLC owned approximately 0.53% of AZEK worth $30,166,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Alliance Wealth Advisors LLC UT lifted its holdings in shares of AZEK by 4.1% during the third quarter. Alliance Wealth Advisors LLC UT now owns 13,044 shares of the company’s stock valued at $388,000 after acquiring an additional 515 shares during the period. First Dallas Securities Inc. lifted its holdings in shares of AZEK by 5.8% during the third quarter. First Dallas Securities Inc. now owns 10,050 shares of the company’s stock valued at $299,000 after acquiring an additional 550 shares during the period. Mariner LLC lifted its holdings in shares of AZEK by 4.4% during the third quarter. Mariner LLC now owns 16,398 shares of the company’s stock valued at $488,000 after acquiring an additional 687 shares during the period. CWM LLC lifted its holdings in shares of AZEK by 81.3% during the fourth quarter. CWM LLC now owns 2,022 shares of the company’s stock valued at $77,000 after acquiring an additional 907 shares during the period. Finally, Exchange Traded Concepts LLC lifted its holdings in shares of AZEK by 1.5% during the third quarter. Exchange Traded Concepts LLC now owns 71,396 shares of the company’s stock valued at $2,123,000 after acquiring an additional 1,029 shares during the period. 97.44% of the stock is owned by institutional investors.

AZEK Price Performance

Shares of AZEK opened at $45.36 on Thursday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.67 and a current ratio of 2.99. The stock has a 50 day simple moving average of $47.81 and a 200 day simple moving average of $38.97. The AZEK Company Inc. has a 52-week low of $23.08 and a 52-week high of $50.78. The firm has a market capitalization of $6.70 billion, a PE ratio of 57.42, a P/E/G ratio of 1.45 and a beta of 1.92.

AZEK (NYSE:AZEK) last released its quarterly earnings results on Tuesday, February 6th. The company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.05. AZEK had a return on equity of 9.61% and a net margin of 8.57%. The firm had revenue of $240.44 million during the quarter, compared to the consensus estimate of $234.12 million. Sell-side analysts predict that The AZEK Company Inc. will post 1.03 EPS for the current fiscal year.

Analysts Set New Price Targets

AZEK has been the subject of a number of research analyst reports. BMO Capital Markets lifted their price target on AZEK from $39.00 to $46.00 and gave the company an “outperform” rating in a report on Thursday, February 8th. Barclays lifted their price target on AZEK from $50.00 to $58.00 and gave the company an “overweight” rating in a report on Thursday, April 4th. Royal Bank of Canada boosted their price objective on AZEK from $43.00 to $49.00 and gave the stock an “outperform” rating in a report on Wednesday, February 7th. Robert W. Baird boosted their price objective on AZEK from $52.00 to $60.00 and gave the stock an “outperform” rating in a report on Monday, April 8th. Finally, Stifel Nicolaus boosted their price objective on AZEK from $44.00 to $52.00 and gave the stock a “buy” rating in a report on Wednesday, February 7th. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $44.11.

Insiders Place Their Bets

In other news, CEO Jesse G. Singh sold 13,000 shares of the stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $48.30, for a total transaction of $627,900.00. Following the sale, the chief executive officer now directly owns 1,083,444 shares of the company’s stock, valued at approximately $52,330,345.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, insider Michelle A. Kasson sold 94,431 shares of the firm’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $49.47, for a total value of $4,671,501.57. Following the sale, the insider now directly owns 23,544 shares of the company’s stock, valued at $1,164,721.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Jesse G. Singh sold 13,000 shares of the firm’s stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $48.30, for a total value of $627,900.00. Following the completion of the sale, the chief executive officer now directly owns 1,083,444 shares in the company, valued at $52,330,345.20. The disclosure for this sale can be found here. Insiders sold a total of 130,431 shares of company stock valued at $6,356,622 in the last quarter. 3.10% of the stock is currently owned by insiders.

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.