SCHEDULE 13G/A: FMR LLC and Abigail P. Johnson Disclose 9.1% Passive Stake in Azek Co Inc.

FMR LLC and its Chairman and CEO, Abigail P. Johnson, have jointly reported a beneficial ownership of 9.1% of Azek Co Inc.'s Class A Common Stock as of December 31, 2024.

Summary

• FMR LLC, a Delaware-organized entity, and Abigail P. Johnson, a U.S. citizen, have filed a Schedule 13G/A, indicating their beneficial ownership in Azek Co Inc.
• As of December 31, 2024, FMR LLC and Abigail P. Johnson collectively beneficially own 13,198,360.25 shares of Azek Co Inc.'s Class A Common Stock.
• This aggregate amount represents 9.1% of the outstanding Class A Common Stock of Azek Co Inc.
• FMR LLC holds sole voting power over 13,186,955.12 shares and sole dispositive power over 13,198,360.25 shares.
• Abigail P. Johnson, as a Director, Chairman, and CEO of FMR LLC, and a predominant owner of FMR LLC's voting shares, is deemed to beneficially own the same aggregate amount of shares as FMR LLC, with sole dispositive power over 13,198,360.25 shares.
• The filing is made under Rule 13d-1(b), indicating that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of the issuer.
• Several FMR LLC subsidiaries and affiliates are listed as entities that beneficially own shares, including Fidelity Management & Research Company LLC, which beneficially owns 5% or greater of the outstanding shares.

Sentiment

Score: 6

Explanation: The sentiment is moderately positive as it indicates significant institutional interest and a passive investment, which is generally viewed favorably by the market, suggesting confidence in the company without implying activist intentions.

Positives

• The disclosure of a significant passive stake by a major institutional investor like FMR LLC can signal confidence in the company's long-term prospects.
• Increased institutional ownership often leads to greater market liquidity and investor interest in the stock.

Risks

• The filing explicitly states that the shares are not held for the purpose of changing or influencing control, which means this stake does not imply an activist investment or potential corporate governance changes initiated by FMR LLC.

Future Outlook

This Schedule 13G filing does not contain forward-looking statements or guidance regarding Azek Co Inc.'s future financial performance or strategic outlook. It solely reports beneficial ownership.

Industry Context

This filing indicates continued institutional investor interest in Azek Co Inc., a company operating in the building products industry. Significant passive stakes by large asset managers like FMR LLC are common across various industries and reflect their investment strategies.

Related Party Transactions

• Abigail P. Johnson, as a Director, Chairman, and Chief Executive Officer of FMR LLC, and a predominant owner of FMR LLC's Series B voting common shares, is deemed to form a controlling group with respect to FMR LLC, and her beneficial ownership reflects that of FMR LLC.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake may positively influence investor sentiment and potentially the stock price due to perceived validation of the company's value.

Key Dates

Keywords

AZEK CO INC, FMR LLC, Abigail P. Johnson, Schedule 13G, Beneficial Ownership, Class A Common Stock, Institutional Investor, Passive Investment, SEC Filing