Azek Co Inc. (NYSE:AZEK) CEO and President Jesse G. Singh has sold a significant portion of his holdings in the company. On May 10, 2024, Singh parted with a total of 13,000 shares of Class A Common Stock, realizing over $597,000 from the sales.
The transactions occurred in multiple batches with prices ranging from $45.77 to $46.14 per share. Specifically, Singh sold 6,134 shares at an average price of $45.77 and another 6,866 shares at an average price of $46.14. The exact number of shares sold at each price point within these ranges has not been disclosed; however, Singh has committed to providing detailed information regarding the sales upon request.
Following these transactions, Singh still maintains a substantial interest in the company with over a million shares held directly. Additionally, there are holdings by trusts indirectly associated with Singh, although these were not part of the recent sale.
The sale by a high-level executive such as Singh may attract the attention of investors and market analysts. As the CEO and President, his actions in the market are closely watched for indications of his confidence in the company's future prospects.
Azek Co Inc. specializes in manufacturing plastic products and operates under the industrial classification of Plastics Products, NEC. The company is incorporated in Delaware with headquarters in Chicago, Illinois. Azek has been publicly traded and continues to be a notable player in its industry segment.
InvestingPro Insights
Amidst the news of Azek Co Inc. (NYSE:AZEK) CEO and President Jesse G. Singh's recent stock sale, investors might be seeking a clearer financial picture of the company. According to real-time data from InvestingPro, AZEK boasts a market capitalization of approximately $6.72 billion, reflecting its significant presence in the plastics products industry. The company's P/E ratio stands at 57.45, which may appear high; however, it's important to note that this is in relation to near-term earnings growth, suggesting potential for future value.
InvestingPro Tips indicate that AZEK's net income is expected to grow this year, which could be a reassuring sign for investors concerned about the CEO's stock sale. Additionally, the company is trading at a low PEG ratio of 0.2 over the last twelve months as of Q1 2024, hinting at potentially undervalued earnings growth prospects. With a 6.28% revenue growth during the same period, AZEK demonstrates its ability to expand financially.
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