Jesse G. Singh, CEO and President of AZEK Co Inc. (NYSE:AZEK), recently sold shares of the company valued at approximately $1.07 million, according to a recent SEC filing. The transactions took place on December 16, 2024, with Singh selling a total of 20,000 shares at prices ranging from $53.20 to $53.57 per share. The sale comes as AZEK's stock shows strong momentum, with a 39% return over the past year and trading near its 52-week high of $54.91. According to InvestingPro analysis, the company is currently trading above its Fair Value.
The filing also reported Singh's acquisition of 19,857 restricted stock units on December 15, 2024, which were granted at no cost. These units will vest in three equal annual installments starting from the first anniversary of the grant date, contingent upon Singh's continued service.
Additionally, Singh was granted 34,879 non-qualified stock options on the same day, which will also vest in three equal annual installments beginning on the first anniversary of the grant date. These options have an exercise price of $53.51 per share and will expire on December 15, 2034.
Following these transactions, Singh holds 923,765 shares directly, along with various indirect holdings through trusts. For deeper insights into AZEK's valuation metrics and 14 additional ProTips, visit InvestingPro, where you'll find comprehensive analysis and the detailed Pro Research Report.
In other recent news, Azek Co. reported strong fiscal fourth-quarter earnings, surprising analysts. The company anticipates a 5-7% revenue growth in FY25 and expects an adjusted EBITDA margin between 26.5-27%. RBC Capital Markets and BMO Capital Markets have raised their price targets on Azek Co. to $58 and $51 respectively, reinforcing their positive outlook on the company's financial prospects.
Azek Co. also secured an $815 million credit facility from Wells Fargo (NYSE:WFC) Securities and JPMorgan Chase (NYSE:JPM) Bank, which is expected to reduce the company's funded debt by approximately $150 million. This move is expected to enhance Azek's financial flexibility.
Additionally, the company entered into a $50 million accelerated share repurchase agreement with JPMorgan Chase Bank. Analysts from Stifel, JPMorgan, BMO Capital, and RBC Capital continue to maintain positive ratings on Azek based on the company's strong performance and strategic initiatives.
Loop Capital maintained a Hold rating on Azek Co., raising the price target to $49 from $47. Baird, RBC Capital Markets, and DA Davidson also revised their targets upward to $54, $50, and $50 respectively, following Azek's optimistic fiscal 2025 guidance. These are the recent developments for Azek Co.
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