AZEK (NYSE:AZEK) Price Target Raised to $50.00

AZEK (NYSE:AZEK) had its price objective hoisted by Royal Bank of Canada from $46.00 to $50.00 in a research note released on Wednesday morning,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

A number of other brokerages have also recently weighed in on AZEK. Truist Financial dropped their price target on AZEK from $57.00 to $52.00 and set a “buy” rating for the company 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 report on Tuesday, August 13th. Benchmark reaffirmed a “buy” rating and issued a $55.00 price target on shares of AZEK in a report on Friday, August 9th. DA Davidson raised their price objective on shares of AZEK from $44.00 to $50.00 and gave the stock a “neutral” rating in a research note on Wednesday. Finally, Stifel Nicolaus cut their price objective on AZEK from $52.00 to $50.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Six equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, AZEK currently has a consensus rating of “Moderate Buy” and an average price target of $48.88.

AZEK Price Performance

Shares of NYSE:AZEK opened at $48.19 on Wednesday. AZEK has a 12 month low of $30.76 and a 12 month high of $50.78. The firm has a market capitalization of $6.97 billion, a price-to-earnings ratio of 42.65, a price-to-earnings-growth ratio of 1.18 and a beta of 1.88. The business’s 50 day simple moving average is $45.13 and its 200-day simple moving average is $44.23. The company has a debt-to-equity ratio of 0.41, a current ratio of 3.07 and a quick ratio of 2.11.

Institutional Investors Weigh In On AZEK

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in AZEK by 3.2% during the first quarter. Vanguard Group Inc. now owns 13,482,323 shares of the company’s stock worth $677,082,000 after acquiring an additional 413,297 shares during the last quarter. CANADA LIFE ASSURANCE Co lifted its stake in shares of AZEK by 180.4% during 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 in the last quarter. Vaughan Nelson Investment Management L.P. boosted its position in shares of AZEK by 15.9% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 734,446 shares of the company’s stock worth $30,942,000 after buying an additional 100,719 shares during the period. Price T Rowe Associates Inc. MD grew its stake 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 buying an additional 587,107 shares in the last quarter. Finally, WCM Investment Management LLC raised its holdings in shares of AZEK by 2.2% during the 3rd quarter. WCM Investment Management LLC now owns 539,494 shares of the company’s stock valued at $25,232,000 after buying an additional 11,770 shares during the period. 97.44% of the stock is 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.