AZEK (NYSE:AZEK) Shares Gap Up After Analyst Upgrade

Shares of The AZEK Company Inc. (NYSE:AZEK) gapped up before the market opened on Wednesday after Truist Financial raised their price target on the stock from $52.00 to $57.00. The stock had previously closed at $46.46, but opened at $50.11. Truist Financial currently has a buy rating on the stock. AZEK shares last traded at $48.14, with a volume of 600,620 shares.

Other research analysts have also recently issued reports about the stock. JPMorgan Chase & Co. cut their price target on shares of AZEK from $52.00 to $48.00 and set an “overweight” rating on the stock in a report on Tuesday, August 13th. DA Davidson boosted their target price on AZEK from $44.00 to $50.00 and gave the stock a “neutral” rating in a research note on Wednesday. BMO Capital Markets increased their price target on AZEK from $49.00 to $51.00 and gave the company a “market perform” rating in a research report on Wednesday. Benchmark reissued a “buy” rating and issued a $55.00 price objective on shares of AZEK in a research report on Friday, August 9th. Finally, Robert W. Baird raised their target price on AZEK from $52.00 to $54.00 and gave the company an “outperform” rating in a research report on Wednesday. Six analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.88.

Institutional Investors Weigh In On AZEK

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP increased its holdings in AZEK by 33.8% in the 3rd quarter. Wellington Management Group LLP now owns 14,224,410 shares of the company’s stock valued at $665,702,000 after acquiring an additional 3,595,863 shares during the last quarter. FMR LLC grew its position in shares of AZEK by 57.9% during the third quarter. FMR LLC now owns 6,811,591 shares of the company’s stock valued at $318,782,000 after purchasing an additional 2,497,074 shares in the last quarter. Mercer Global Advisors Inc. ADV purchased a new stake in shares of AZEK in the second quarter worth about $86,719,000. Price T Rowe Associates Inc. MD lifted its position in shares of AZEK by 66.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,466,145 shares of the company’s stock worth $73,631,000 after buying an additional 587,107 shares in the last quarter. Finally, Interval Partners LP boosted its stake in AZEK by 162.4% during the second quarter. Interval Partners LP now owns 742,749 shares of the company’s stock valued at $31,292,000 after buying an additional 459,664 shares during the last quarter. 97.44% of the stock is owned by hedge funds and other institutional investors.

AZEK Price Performance

The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.11 and a current ratio of 3.07. The firm has a fifty day simple moving average of $45.13 and a two-hundred day simple moving average of $44.23. The firm has a market cap of $6.97 billion, a PE ratio of 42.65, a PEG ratio of 1.18 and a beta of 1.88.

About AZEK

The AZEK Company Inc engages in the design, manufacturing, and selling of building products for residential, commercial, and industrial markets in the United States and Canada. It operates through two segments: Residential and Commercial. The Residential segment designs and manufactures engineered outdoor living products, such as decking, railing, trim and molding, siding and cladding, pergolas and cabanas, and accessories under the TimberTech, AZEK Exteriors, VERSATEX, ULTRALOX, StruXure, and INTEX brands.