BMO Capital Markets Forecasts Strong Price Appreciation for AZEK (NYSE:AZEK) Stock

AZEK (NYSE:AZEK) had its target price raised by BMO Capital Markets from $49.00 to $51.00 in a report published on Wednesday morning,Benzinga reports. The brokerage currently has a market perform rating on the stock.

Several other research firms have also issued reports on AZEK. Loop Capital lowered AZEK from a “buy” rating to a “hold” rating and set a $47.00 price objective for the company. in a research note on Friday, October 4th. Truist Financial cut their price objective on AZEK from $57.00 to $52.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Stifel Nicolaus decreased their price objective on shares of AZEK from $52.00 to $50.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. JPMorgan Chase & Co. dropped their target price on shares of AZEK from $52.00 to $48.00 and set an “overweight” rating for the company in a research report on Tuesday, August 13th. Finally, Robert W. Baird increased their price target on shares of AZEK from $52.00 to $54.00 and gave the stock an “outperform” rating in a report on Wednesday. Six research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $49.24.

AZEK Stock Performance

AZEK stock opened at $50.98 on Wednesday. The firm’s 50 day simple moving average is $45.41 and its 200 day simple moving average is $44.28. The company has a current ratio of 2.17, a quick ratio of 2.11 and a debt-to-equity ratio of 0.32. AZEK has a 1-year low of $31.16 and a 1-year high of $51.03. The firm has a market capitalization of $7.38 billion, a PE ratio of 49.02, a price-to-earnings-growth ratio of 2.23 and a beta of 1.88.

Institutional Investors Weigh In On AZEK

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of AZEK by 3.2% in the first quarter. Vanguard Group Inc. now owns 13,482,323 shares of the company’s stock valued at $677,082,000 after acquiring an additional 413,297 shares during the period. CANADA LIFE ASSURANCE Co grew its stake in shares of AZEK by 180.4% in the first quarter. CANADA LIFE ASSURANCE Co now owns 36,912 shares of the company’s stock worth $1,856,000 after purchasing an additional 23,746 shares during the last quarter. Vaughan Nelson Investment Management L.P. increased its holdings in AZEK by 15.9% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 734,446 shares of the company’s stock valued at $30,942,000 after purchasing an additional 100,719 shares during the period. Price T Rowe Associates Inc. MD raised its position in AZEK by 66.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,466,145 shares of the company’s stock valued at $73,631,000 after purchasing an additional 587,107 shares during the last quarter. Finally, WCM Investment Management LLC lifted its holdings in AZEK by 2.2% in the 3rd quarter. WCM Investment Management LLC now owns 539,494 shares of the company’s stock worth $25,232,000 after buying an additional 11,770 shares during the period. 97.44% of the stock is currently owned by institutional investors.

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.