AZEK (NYSE:AZEK) Sees Large Volume Increase on Analyst Upgrade

The AZEK Company Inc. (NYSE:AZEK) shares saw strong trading volume on Tuesday after BMO Capital Markets raised their price target on the stock from $54.00 to $57.00. BMO Capital Markets currently has a market perform rating on the stock. 2,365,247 shares were traded during mid-day trading, an increase of 35% from the previous session’s volume of 1,751,385 shares.The stock last traded at $48.89 and had previously closed at $48.56.

Several other brokerages have also issued reports on AZEK. Royal Bank of Canada raised their target price on shares of AZEK from $50.00 to $58.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Robert W. Baird reaffirmed a “neutral” rating and set a $53.00 target price (down previously from $58.00) on shares of AZEK in a report on Monday. The Goldman Sachs Group increased their price target on AZEK from $52.00 to $59.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Barclays boosted their target price on AZEK from $58.00 to $64.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 11th. Finally, Citigroup raised AZEK from a “neutral” rating to a “buy” rating and upped their price target for the company from $51.00 to $60.00 in a research note on Monday, January 6th. Nine investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $54.32.

Insider Buying and Selling

In other AZEK news, CEO Jesse G. Singh sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $41.03, for a total value of $615,450.00. Following the completion of the transaction, the chief executive officer now directly owns 868,765 shares in the company, valued at $35,645,427.95. This trade represents a 1.70 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last 90 days, insiders sold 55,000 shares of company stock worth $2,518,624. 3.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. GAMMA Investing LLC grew its holdings in AZEK by 39.1% during the fourth quarter. GAMMA Investing LLC now owns 851 shares of the company’s stock worth $40,000 after purchasing an additional 239 shares during the period. Truist Financial Corp lifted its position in shares of AZEK by 1.6% in the fourth quarter. Truist Financial Corp now owns 16,706 shares of the company’s stock valued at $793,000 after buying an additional 255 shares during the last quarter. Investment House LLC boosted its stake in shares of AZEK by 0.7% during the 4th quarter. Investment House LLC now owns 39,255 shares of the company’s stock worth $1,863,000 after acquiring an additional 290 shares during the period. Federated Hermes Inc. increased its holdings in shares of AZEK by 4.8% during the 4th quarter. Federated Hermes Inc. now owns 6,984 shares of the company’s stock worth $332,000 after acquiring an additional 318 shares during the last quarter. Finally, Smartleaf Asset Management LLC increased its holdings in shares of AZEK by 13.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 3,040 shares of the company’s stock worth $146,000 after acquiring an additional 352 shares during the last quarter. 97.44% of the stock is currently owned by institutional investors and hedge funds.

AZEK Trading Down 0.1 %

The business has a 50 day moving average of $47.41 and a two-hundred day moving average of $47.30. The firm has a market cap of $7.03 billion, a P/E ratio of 49.45, a PEG ratio of 1.91 and a beta of 1.95. The company has a current ratio of 2.56, a quick ratio of 1.19 and a debt-to-equity ratio of 0.31.

AZEK (NYSE:AZEK) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.03. AZEK had a net margin of 9.85% and a return on equity of 13.47%. Analysts predict that The AZEK Company Inc. will post 1.34 earnings per share for the current year.

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.