AZEK (NYSE:AZEK) Rating Increased to Buy at Citigroup

Citigroup upgraded shares of AZEK (NYSE:AZEK) from a neutral rating to a buy rating in a research note released on Monday, Marketbeat.com reports. They currently have $60.00 price target on the stock, up from their previous price target of $51.00.

A number of other equities analysts have also weighed in on the company. JPMorgan Chase & Co. lifted their price objective on AZEK from $48.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, November 25th. BMO Capital Markets lifted their price objective on AZEK from $49.00 to $51.00 and gave the company a “market perform” rating in a research note on Wednesday, November 20th. 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. Benchmark reiterated a “buy” rating and set a $55.00 price objective on shares of AZEK in a research note on Thursday, November 21st. Finally, Truist Financial lifted their price target on AZEK from $52.00 to $57.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, AZEK presently has an average rating of “Moderate Buy” and a consensus price target of $53.73.

AZEK Stock Performance

NYSE AZEK opened at $46.23 on Monday. The stock has a 50-day simple moving average of $49.43 and a two-hundred day simple moving average of $45.32. The firm has a market capitalization of $6.61 billion, a P/E ratio of 44.45, a PEG ratio of 2.40 and a beta of 1.94. AZEK has a fifty-two week low of $35.48 and a fifty-two week high of $54.91. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.14 and a current ratio of 2.17.

Insiders Place Their Bets

In other news, CEO Jesse G. Singh sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $53.32, for a total transaction of $1,066,400.00. Following the transaction, the chief executive officer now directly owns 923,765 shares in the company, valued at $49,255,149.80. The trade was a 2.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CMO Samara Toole sold 1,709 shares of the business’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $53.00, for a total value of $90,577.00. Following the transaction, the chief marketing officer now owns 16,632 shares in the company, valued at approximately $881,496. This represents a 9.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in AZEK. Wellington Management Group LLP boosted its holdings in shares of AZEK by 33.8% during the 3rd quarter. Wellington Management Group LLP now owns 14,224,410 shares of the company’s stock worth $665,702,000 after purchasing an additional 3,595,863 shares during the last quarter. FMR LLC lifted its holdings in AZEK by 57.9% in the third quarter. FMR LLC now owns 6,811,591 shares of the company’s stock valued at $318,782,000 after acquiring an additional 2,497,074 shares during the last quarter. Mercer Global Advisors Inc. ADV acquired a new position in AZEK in the second quarter valued at approximately $86,719,000. Interval Partners LP lifted its holdings in AZEK by 162.4% in the second quarter. Interval Partners LP now owns 742,749 shares of the company’s stock valued at $31,292,000 after acquiring an additional 459,664 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its holdings in AZEK by 73.3% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,006,253 shares of the company’s stock valued at $47,093,000 after acquiring an additional 425,609 shares during the last quarter. 97.44% of the stock is currently owned by institutional investors and hedge funds.

AZEK Company Profile

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.