AZEK (NYSE:AZEK) Downgraded by Loop Capital to Hold

Loop Capital downgraded shares of AZEK (NYSE:AZEK) from a buy rating to a hold rating in a research note released on Friday morning, Marketbeat.com reports. Loop Capital currently has $47.00 target price on the stock.

Other analysts have also recently issued research reports about the company. Royal Bank of Canada reduced their price objective on AZEK from $49.00 to $46.00 and set an outperform rating for the company in a research report on Thursday, August 8th. UBS Group reduced their price objective on AZEK from $47.00 to $43.00 and set a neutral rating for the company in a research report on Thursday, August 8th. Citigroup reduced their price objective on AZEK from $50.00 to $44.00 and set a neutral rating for the company in a research report on Thursday, July 11th. Benchmark reiterated a buy rating and set a $55.00 price objective on shares of AZEK in a research report on Friday, August 9th. Finally, Truist Financial cut their price target on AZEK from $57.00 to $52.00 and set a buy rating for the company in a report on Thursday, August 8th. Six equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $47.94.

AZEK Stock Performance

Shares of NYSE AZEK opened at $43.79 on Friday. AZEK has a 1-year low of $25.03 and a 1-year high of $50.78. The stock’s 50-day moving average is $43.04 and its 200 day moving average is $44.93. The company has a current ratio of 3.07, a quick ratio of 2.11 and a debt-to-equity ratio of 0.41. The stock has a market cap of $6.37 billion, a price-to-earnings ratio of 42.93, a P/E/G ratio of 1.43 and a beta of 1.88.

AZEK (NYSE:AZEK) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.06. AZEK had a return on equity of 13.38% and a net margin of 11.35%. The firm had revenue of $434.40 million during the quarter, compared to analysts’ expectations of $396.89 million. During the same quarter in the previous year, the business earned $0.29 earnings per share. The company’s revenue was up 12.1% on a year-over-year basis. On average, sell-side analysts anticipate that AZEK will post 1.05 EPS for the current fiscal year.

AZEK declared that its Board of Directors has initiated a share buyback plan on Monday, June 17th that authorizes the company to repurchase $600.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 9.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Activity

In related news, CEO Jesse G. Singh sold 13,000 shares of the business’s stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $41.75, for a total transaction of $542,750.00. Following the transaction, the chief executive officer now directly owns 1,024,444 shares in the company, valued at $42,770,537. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Pamela J. Edwards purchased 600 shares of the stock in a transaction on Thursday, August 15th. The stock was bought at an average price of $41.70 per share, with a total value of $25,020.00. Following the transaction, the director now owns 8,708 shares in the company, valued at $363,123.60. The trade was a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jesse G. Singh sold 13,000 shares of the business’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $41.75, for a total value of $542,750.00. Following the completion of the transaction, the chief executive officer now directly owns 1,024,444 shares of the company’s stock, valued at approximately $42,770,537. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 3.10% of the company’s stock.

Institutional Investors Weigh In On AZEK

Large investors have recently made changes to their positions in the stock. ORG Partners LLC acquired a new position in AZEK during the first quarter worth $35,000. Whittier Trust Co. purchased a new position in AZEK in the first quarter valued at $37,000. Versant Capital Management Inc increased its holdings in AZEK by 5,452.2% in the second quarter. Versant Capital Management Inc now owns 1,277 shares of the company’s stock valued at $54,000 after buying an additional 1,254 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new position in AZEK in the first quarter valued at $103,000. Finally, 1620 Investment Advisors Inc. purchased a new position in AZEK in the second quarter valued at $90,000. 97.44% of the stock is currently owned by hedge funds and other institutional investors.

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.