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The AZEK Company (AZEK) Rose on Strong Fundamental Performance

Soumya Eswaran
·2 min read

Aristotle Capital Boston, LLC, an investment advisor, released its “Small Cap Equity Strategy” first quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund delivered a return of 3.96% net of fees (4.11% gross of fees) trailing the Russell 2000 Index’s 5.18% total return. Security selection detracted from the performance while allocation effects positively contributed. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.

Aristotle Capital Small Cap Equity Strategy highlighted stocks like The AZEK Company Inc. (NYSE:AZEK), in the first quarter 2024 investor letter. The AZEK Company Inc. (NYSE:AZEK), with a market capitalization of $6.911 billion, designs, manufactures, and distributes building products for industrial, commercial, and residential sectors. The one-month return of The AZEK Company Inc. (NYSE:AZEK) was 2.73%, and its shares gained 98.20% of their value over the last 52 weeks. On May 24, 2024, The AZEK Company Inc. (NYSE:AZEK) stock closed at $47.39 per share.

Aristotle Capital Small Cap Equity Strategy stated the following regarding The AZEK Company Inc. (NYSE:AZEK) in its first quarter 2024 investor letter:

"The AZEK Company Inc. (NYSE:AZEK), a leading manufacturer of residential building products, primarily focused on wood-alternative decking, railing and trim, benefited from strong fundamental performance revealed in the company’s latest earnings release after the company reported favorable broader business trends, expanding margins, and strong sales. We maintain our position, as we believe the strong secular demand backdrop for alternative, sustainably sourced building products along with company-specific margin improvements should benefit shareholders in periods to come."

A team of architects and engineers standing in front of a mid-construction commercial building.

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The AZEK Company Inc. (NYSE:AZEK) outperformed the market in the first quarter and the consolidated net sales rose by 11% year-over-year to $418 million. The AZEK Company Inc. (NYSE:AZEK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 36 hedge fund portfolios held The AZEK Company Inc. (NYSE:AZEK) at the end of the first quarter which was 29 in the previous quarter.

In another article, we discussed The AZEK Company Inc. (NYSE:AZEK) and shared TimesSquare Capital U.S. Small Cap Growth Strategy's views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

If you are looking for an AI stock that is as promising as Microsoft but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.

Disclosure: None. This article is originally published at Insider Monkey.