The Goldman Sachs Group Lowers AZEK (NYSE:AZEK) Price Target to $50.00

AZEK (NYSE:AZEK) had its price target lowered by investment analysts at The Goldman Sachs Group from $56.00 to $50.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. The Goldman Sachs Group’s price target would suggest a potential upside of 21.51% from the stock’s current price.

Other research analysts also recently issued reports about the company. DA Davidson downgraded AZEK from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $57.00 to $44.00 in a report on Wednesday, July 3rd. Robert W. Baird decreased their target price on AZEK from $60.00 to $58.00 and set an “outperform” rating on the stock in a report on Thursday, May 9th. Benchmark began coverage on AZEK in a report on Friday, April 19th. They issued a “buy” rating and a $55.00 price target for the company. Barclays increased their price objective on shares of AZEK from $50.00 to $58.00 and gave the stock an “overweight” rating in a report on Thursday, April 4th. Finally, Citigroup boosted their target price on shares of AZEK from $46.00 to $50.00 and gave the stock a “neutral” rating in a research note on Friday, April 5th. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $45.95.

AZEK Price Performance

AZEK stock traded down $0.47 during mid-day trading on Wednesday, hitting $41.15. 151,993 shares of the company were exchanged, compared to its average volume of 1,631,408. AZEK has a 1-year low of $25.03 and a 1-year high of $50.78. The company has a quick ratio of 2.21, a current ratio of 3.40 and a debt-to-equity ratio of 0.42. The business has a fifty day moving average of $45.21 and a 200 day moving average of $44.50. The company has a market capitalization of $5.99 billion, a PE ratio of 40.40, a price-to-earnings-growth ratio of 1.29 and a beta of 1.88.

AZEK (NYSE:AZEK) last announced its earnings results on Friday, June 14th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.03. The business had revenue of $418.41 million during the quarter, compared to analysts’ expectations of $416.79 million. AZEK had a net margin of 10.66% and a return on equity of 12.02%. As a group, sell-side analysts expect that AZEK will post 1.06 earnings per share for the current year.

Insider Buying and Selling

In other AZEK news, insider Jonathan Skelly sold 12,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $46.72, for a total value of $560,640.00. Following the completion of the transaction, the insider now directly owns 190,134 shares in the company, valued at $8,883,060.48. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, insider Jonathan Skelly sold 12,000 shares of the business’s stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $46.72, for a total transaction of $560,640.00. Following the transaction, the insider now directly owns 190,134 shares in the company, valued at $8,883,060.48. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Jesse G. Singh sold 13,000 shares of AZEK stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $45.97, for a total transaction of $597,610.00. Following the completion of the transaction, the chief executive officer now directly owns 1,070,444 shares of the company’s stock, valued at approximately $49,208,310.68. The disclosure for this sale can be found here. 3.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On AZEK

Large investors have recently added to or reduced their stakes in the business. Norges Bank bought a new position in shares of AZEK in the fourth quarter valued at about $44,418,000. Vanguard Group Inc. raised its holdings in AZEK by 7.3% in the 3rd quarter. Vanguard Group Inc. now owns 13,012,414 shares of the company’s stock valued at $386,989,000 after acquiring an additional 881,697 shares during the period. Jennison Associates LLC lifted its position in AZEK by 2,948.2% during the fourth quarter. Jennison Associates LLC now owns 788,666 shares of the company’s stock worth $30,166,000 after acquiring an additional 762,793 shares during the last quarter. Corient Private Wealth LLC boosted its holdings in shares of AZEK by 1,339.0% during the fourth quarter. Corient Private Wealth LLC now owns 657,712 shares of the company’s stock worth $25,157,000 after acquiring an additional 612,005 shares during the period. Finally, Price T Rowe Associates Inc. MD grew 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 valued at $73,631,000 after purchasing an additional 587,107 shares during the last quarter. Institutional investors own 97.44% of the company’s stock.

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.