AZEK (NYSE:AZEK) Shares Gap Up Following Analyst Upgrade

Shares of The AZEK Company Inc. (NYSE:AZEK) gapped up before the market opened on Wednesday after BMO Capital Markets raised their price target on the stock from $49.00 to $51.00. The stock had previously closed at $46.46, but opened at $50.11. BMO Capital Markets currently has a market perform rating on the stock. AZEK shares last traded at $48.14, with a volume of 600,620 shares trading hands.

AZEK has been the subject of a number of other research reports. UBS Group dropped their price objective on AZEK from $47.00 to $43.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. JPMorgan Chase & Co. cut their price objective 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. Loop Capital cut shares of AZEK from a “buy” rating to a “hold” rating and set a $47.00 price objective on the stock. in a research report on Friday, October 4th. Robert W. Baird upped their target price on shares of AZEK from $52.00 to $54.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, Benchmark reiterated a “buy” rating and issued a $55.00 price target on shares of AZEK in a report on Friday, August 9th. Six equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, AZEK presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.00.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Teachers Retirement System of The State of Kentucky lifted its holdings in shares of AZEK by 11.2% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 57,701 shares of the company’s stock worth $2,700,000 after acquiring an additional 5,815 shares during the last quarter. Geode Capital Management LLC lifted its stake in AZEK by 0.5% in the third quarter. Geode Capital Management LLC now owns 2,330,636 shares of the company’s stock worth $109,105,000 after purchasing an additional 12,644 shares during the last quarter. M&T Bank Corp lifted its stake in AZEK by 140.5% in the third quarter. M&T Bank Corp now owns 14,473 shares of the company’s stock worth $677,000 after purchasing an additional 8,456 shares during the last quarter. Barclays PLC boosted its position in shares of AZEK by 96.0% during the third quarter. Barclays PLC now owns 191,588 shares of the company’s stock valued at $8,966,000 after buying an additional 93,819 shares during the period. Finally, Public Employees Retirement System of Ohio grew its stake in shares of AZEK by 1.0% during the third quarter. Public Employees Retirement System of Ohio now owns 153,349 shares of the company’s stock valued at $7,177,000 after buying an additional 1,495 shares during the last quarter. 97.44% of the stock is owned by hedge funds and other institutional investors.

AZEK Stock Performance

The company has a debt-to-equity ratio of 0.41, a current ratio of 3.07 and a quick ratio of 2.11. The stock has a market capitalization of $6.97 billion, a PE ratio of 43.73, a P/E/G ratio of 1.18 and a beta of 1.88. The firm has a fifty day moving average price of $45.00 and a two-hundred day moving average price of $44.20.

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.