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

AZEK (NYSE:AZEK) had its price target increased by investment analysts at BMO Capital Markets from $54.00 to $57.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a “market perform” rating on the stock. BMO Capital Markets’ price objective would indicate a potential upside of 16.52% from the stock’s current price.

A number of other analysts have also weighed in on AZEK. JPMorgan Chase & Co. raised their price objective on shares of AZEK from $48.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, November 25th. Royal Bank of Canada raised their price target on shares of AZEK from $50.00 to $58.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Robert W. Baird reaffirmed a “neutral” rating and issued a $53.00 price objective (down from $58.00) on shares of AZEK in a research report on Monday. Citigroup raised AZEK from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $51.00 to $60.00 in a report on Monday, January 6th. Finally, The Goldman Sachs Group upped their price target on AZEK from $52.00 to $59.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Nine research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $54.32.

AZEK Stock Performance

Shares of AZEK opened at $48.92 on Monday. AZEK has a 52 week low of $35.48 and a 52 week high of $54.91. The company has a quick ratio of 1.19, a current ratio of 2.56 and a debt-to-equity ratio of 0.31. The stock has a market cap of $7.03 billion, a P/E ratio of 49.41, a P/E/G ratio of 1.91 and a beta of 1.95. The business’s 50 day moving average price is $47.42 and its 200-day moving average price is $47.28.

AZEK (NYSE:AZEK) last released its earnings results on Tuesday, February 4th. The company reported $0.17 EPS for the quarter, topping the consensus estimate of $0.14 by $0.03. AZEK had a return on equity of 13.47% and a net margin of 9.85%. Equities research analysts anticipate that AZEK will post 1.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other AZEK news, CEO Jesse G. Singh sold 15,000 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $41.03, for a total value of $615,450.00. Following the transaction, the chief executive officer now directly owns 868,765 shares in the company, valued at approximately $35,645,427.95. This trade represents a 1.70 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last three months, insiders have sold 55,000 shares of company stock valued at $2,518,624. Insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On AZEK

Hedge funds and other institutional investors have recently modified their holdings of the stock. FMR LLC lifted its position in AZEK by 80.7% during the fourth quarter. FMR LLC now owns 12,311,577 shares of the company’s stock valued at $584,431,000 after purchasing an additional 5,499,986 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of AZEK by 33.8% in the third quarter. Wellington Management Group LLP now owns 14,224,410 shares of the company’s stock worth $665,702,000 after buying an additional 3,595,863 shares during the period. Norges Bank purchased a new position in shares of AZEK during the 4th quarter valued at about $94,987,000. Balyasny Asset Management L.P. grew its stake in shares of AZEK by 493.6% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,681,629 shares of the company’s stock valued at $79,827,000 after acquiring an additional 1,398,340 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its holdings in AZEK by 72.7% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,957,094 shares of the company’s stock worth $92,903,000 after acquiring an additional 823,588 shares in the last quarter. 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.