Ares Management LLC Sells 8,625,000 Shares of The AZEK Company Inc. (NYSE:AZEK)

Ares Management LLC lessened its holdings in shares of The AZEK Company Inc. (NYSE:AZEK) by 31.1% during the second quarter, Holdings Channel.com reports. The firm owned 19,096,090 shares of the company’s stock after selling 8,625,000 shares during the quarter. The AZEK makes up 28.7% of Ares Management LLC’s investment portfolio, making the stock its 2nd biggest holding. Ares Management LLC owned approximately 0.12% of The AZEK worth $810,820,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. KB Financial Partners LLC acquired a new position in shares of The AZEK during the first quarter worth $47,000. Bank of Montreal Can lifted its holdings in The AZEK by 11,100.0% in the first quarter. Bank of Montreal Can now owns 1,904 shares of the company’s stock valued at $87,000 after buying an additional 1,887 shares during the period. Panagora Asset Management Inc. acquired a new position in The AZEK in the first quarter valued at $113,000. Acadian Asset Management LLC acquired a new position in The AZEK in the first quarter valued at $123,000. Finally, Belpointe Asset Management LLC lifted its holdings in The AZEK by 27.4% in the second quarter. Belpointe Asset Management LLC now owns 3,745 shares of the company’s stock valued at $159,000 after buying an additional 805 shares during the period. Institutional investors own 94.31% of the company’s stock.

Shares of NYSE:AZEK traded up $1.36 during mid-day trading on Thursday, hitting $35.49. 12,104 shares of the company traded hands, compared to its average volume of 1,182,305. The stock has a market cap of $5.50 billion, a P/E ratio of -438.45 and a beta of 1.64. The company has a current ratio of 3.59, a quick ratio of 2.34 and a debt-to-equity ratio of 0.34. The AZEK Company Inc. has a 12-month low of $32.93 and a 12-month high of $51.32. The stock has a 50-day moving average price of $39.22 and a two-hundred day moving average price of $41.51.

The AZEK (NYSE:AZEK) last announced its earnings results on Wednesday, August 11th. The company reported $0.26 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.22 by $0.04. The company had revenue of $327.45 million for the quarter, compared to analysts’ expectations of $293.51 million. The AZEK had a positive return on equity of 10.02% and a negative net margin of 0.89%. As a group, analysts expect that The AZEK Company Inc. will post 0.79 earnings per share for the current year.

In other The AZEK news, insider Joe Ochoa sold 30,900 shares of the business’s stock in a transaction on Wednesday, August 25th. The stock was sold at an average price of $42.28, for a total value of $1,306,452.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Howard C. Heckes bought 2,500 shares of the stock in a transaction on Monday, August 16th. The stock was purchased at an average price of $41.00 per share, for a total transaction of $102,500.00. The disclosure for this purchase can be found here. Company insiders own 4.20% of the company’s stock.

Several equities analysts recently issued reports on the stock. Royal Bank of Canada boosted their target price on shares of The AZEK from $52.00 to $54.00 and gave the company an “outperform” rating in a report on Friday, August 13th. Zacks Investment Research lowered shares of The AZEK from a “buy” rating to a “hold” rating in a report on Tuesday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $47.82.

The AZEK Company Profile

The AZEK Company Inc engages in designing, manufacturing, and selling building products for residential and commercial markets in the United States. The company operates through Residential and Commercial segments. Its products include decks, rails, trims, accessories, and specialty exteriors; and partitions, lockers, and polymer solutions.

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Institutional Ownership by Quarter for The AZEK (NYSE:AZEK)

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