AZEK (NYSE:AZEK) Hits New 52-Week High on Analyst Upgrade

The AZEK Company Inc. (NYSE:AZEK) hit a new 52-week high on Thursday after Royal Bank of Canada raised their price target on the stock from $50.00 to $58.00. Royal Bank of Canada currently has an outperform rating on the stock. AZEK traded as high as $54.91 and last traded at $54.40, with a volume of 32523 shares trading hands. The stock had previously closed at $54.76.

A number of other research analysts have also weighed in on the company. DA Davidson raised their target price on AZEK from $44.00 to $50.00 and gave the company a “neutral” rating in a report on Wednesday, November 20th. Benchmark restated a “buy” rating and set a $55.00 price objective on shares of AZEK in a research note on Thursday, November 21st. Loop Capital lowered shares of AZEK from a “buy” rating to a “hold” rating and set a $47.00 target price for the company. in a research note on Friday, October 4th. Truist Financial raised their price target on shares of AZEK from $52.00 to $57.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Finally, Robert W. Baird upped their price objective on shares of AZEK from $52.00 to $54.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 20th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, AZEK has a consensus rating of “Moderate Buy” and an average price target of $52.67.

Institutional Investors Weigh In On AZEK

Hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP increased its position in 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 last quarter. FMR LLC increased its holdings in AZEK by 57.9% in the 3rd quarter. FMR LLC now owns 6,811,591 shares of the company’s stock worth $318,782,000 after acquiring an additional 2,497,074 shares during the last quarter. Mercer Global Advisors Inc. ADV bought a new stake in AZEK in the 2nd quarter valued at about $86,719,000. Interval Partners LP lifted its holdings in AZEK by 162.4% during the second quarter. Interval Partners LP now owns 742,749 shares of the company’s stock valued at $31,292,000 after purchasing an additional 459,664 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its position in AZEK by 73.3% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,006,253 shares of the company’s stock worth $47,093,000 after purchasing an additional 425,609 shares during the period. Institutional investors own 97.44% of the company’s stock.

AZEK Price Performance

The firm’s 50 day moving average price is $47.66 and its two-hundred day moving average price is $45.02. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.17 and a quick ratio of 1.14. The stock has a market cap of $7.66 billion, a PE ratio of 51.50, a P/E/G ratio of 2.40 and a beta of 1.92.

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.