Here’s What Lifted The AZEK Company (AZEK) Shares by 29%
TimesSquare Capital Management, an equity investment management company, released its “U.S. Small Cap Growth Strategy” second-quarter investor letter. A copy of the same can be downloaded here. In the second quarter, the strategy underperformed the Russell 2000 Growth Index and returned 2.50% (net), and the index return was 7.05%. Consumer Staples, Health Care, Industrials, and Information Technology showed relative weakness. However, Communication Services and Materials showed strength, partially offsetting the weakness. In addition, please check the fund’s top five holdings to know its best picks in 2023.
TimesSquare U.S. Small Cap Growth Strategy highlighted stocks like The AZEK Company Inc. (NYSE:AZEK) in the second quarter 2023 investor letter. Headquartered in Chicago, Illinois, The AZEK Company Inc. (NYSE:AZEK) engages in the business of building products. On September 22, 2023, The AZEK Company Inc. (NYSE:AZEK) stock closed at $30.26 per share. One-month return of The AZEK Company Inc. (NYSE:AZEK) was -5.70%, and its shares gained 90.31% of their value over the last 52 weeks. The AZEK Company Inc. (NYSE:AZEK) has a market capitalization of $4.52 billion.
TimesSquare U.S. Small Cap Growth Strategy made the following comment about The AZEK Company Inc. (NYSE:AZEK) in its Q2 2023 investor letter:
"The AZEK Company Inc. (NYSE:AZEK) manufactures wood-alternative building products for residential, commercial, and industrial markets. The fiscal second quarter results beat the consensus for earnings, profits, and revenues. The residential segment experienced better sell-through, while commercial signaled the beginning of a destocking process for this smaller business line. The margin upside came from raw material savings and a boost in recycled content within a recent product reformulation. These developments lifted its shares by 29%."
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The AZEK Company Inc. (NYSE:AZEK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held The AZEK Company Inc. (NYSE:AZEK) at the end of second quarter which was 21 in the previous quarter.
We discussed The AZEK Company Inc. (NYSE:AZEK) in another article and shared the list of stocks recently upgraded by analysts. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
