Kornitzer Capital Management Inc. KS Lowers Stock Position in The AZEK Company Inc. (NYSE:AZEK)

Kornitzer Capital Management Inc. KS cut its stake in shares of The AZEK Company Inc. (NYSE:AZEK) by 20.0% in the third quarter, Holdings Channel.com reports. The fund owned 190,970 shares of the company’s stock after selling 47,800 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in AZEK were worth $8,937,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in AZEK. ORG Wealth Partners LLC purchased a new position in AZEK during the 3rd quarter valued at about $31,000. ORG Partners LLC purchased a new position in shares of AZEK in the first quarter valued at approximately $35,000. Farther Finance Advisors LLC grew its holdings in shares of AZEK by 183.1% in the third quarter. Farther Finance Advisors LLC now owns 753 shares of the company’s stock valued at $35,000 after purchasing an additional 487 shares in the last quarter. Whittier Trust Co. purchased a new stake in AZEK during the 1st quarter worth approximately $37,000. Finally, Paladin Wealth LLC acquired a new stake in AZEK during the 3rd quarter worth approximately $39,000. 97.44% of the stock is owned by hedge funds and other institutional investors.

AZEK Stock Up 2.4 %

AZEK stock opened at $46.56 on Friday. The company has a current ratio of 3.07, a quick ratio of 2.11 and a debt-to-equity ratio of 0.41. The stock has a 50 day moving average of $44.17 and a two-hundred day moving average of $44.17. The AZEK Company Inc. has a twelve month low of $27.81 and a twelve month high of $50.78. The stock has a market capitalization of $6.74 billion, a price-to-earnings ratio of 41.20, a PEG ratio of 1.14 and a beta of 1.88.

AZEK (NYSE:AZEK) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.06. AZEK had a return on equity of 13.38% and a net margin of 11.35%. The company had revenue of $434.40 million for the quarter, compared to analyst estimates of $396.89 million. During the same quarter in the previous year, the company earned $0.29 EPS. The firm’s revenue for the quarter was up 12.1% compared to the same quarter last year. As a group, research analysts expect that The AZEK Company Inc. will post 1.05 earnings per share for the current year.

Wall Street Analyst Weigh In

AZEK has been the topic of a number of recent research reports. Citigroup cut their price objective on AZEK from $50.00 to $44.00 and set a “neutral” rating on the stock in a research report on Thursday, July 11th. Royal Bank of Canada cut their target price on shares of AZEK from $49.00 to $46.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. Benchmark reaffirmed a “buy” rating and issued a $55.00 target price on shares of AZEK in a report on Friday, August 9th. Stifel Nicolaus dropped their price objective on shares of AZEK from $52.00 to $50.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of AZEK from $52.00 to $48.00 and set an “overweight” rating for the company in a research report on Tuesday, August 13th. Six analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.12.

Insider Buying and Selling at AZEK

In other news, CEO Jesse G. Singh sold 20,000 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $41.47, for a total value of $829,400.00. Following the completion of the transaction, the chief executive officer now owns 186,705 shares in the company, valued at $7,742,656.35. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CEO Jesse G. Singh sold 20,000 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $41.47, for a total value of $829,400.00. Following the sale, the chief executive officer now directly owns 186,705 shares in the company, valued at $7,742,656.35. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Pamela J. Edwards acquired 600 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The shares were bought at an average price of $41.70 per share, with a total value of $25,020.00. Following the completion of the transaction, the director now directly owns 8,708 shares in the company, valued at approximately $363,123.60. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 3.10% of the stock is currently owned by corporate 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.