Wedbush Trims AZEK (NYSE:AZEK) Target Price to $16.00

AZEK (NYSE:AZEKGet Rating) had its price objective decreased by Wedbush from $21.00 to $16.00 in a research note issued to investors on Tuesday morning, The Fly reports. Wedbush currently has a neutral rating on the stock.

Other research analysts also recently issued research reports about the stock. UBS Group dropped their price objective on shares of AZEK to $26.00 in a report on Thursday, November 24th. Robert W. Baird cut their price objective on shares of AZEK from $25.00 to $24.00 and set an outperform rating on the stock in a report on Tuesday. Bank of America lowered their price objective on shares of AZEK from $23.00 to $21.00 in a research note on Tuesday, October 18th. Barclays cut their price objective on shares of AZEK from $27.00 to $23.00 and set an overweight rating for the company in a report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft cut their target price on shares of AZEK from $29.00 to $24.00 and set a buy rating for the company in a research note on Thursday, October 20th. Three equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $23.28.

AZEK Price Performance

AZEK stock opened at $20.21 on Tuesday. The firm has a market capitalization of $3.13 billion, a P/E ratio of 41.24, a PEG ratio of 3.98 and a beta of 1.69. AZEK has a one year low of $15.12 and a one year high of $46.56. The business has a fifty day moving average price of $17.49 and a 200-day moving average price of $18.65. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.96 and a quick ratio of 1.39.

AZEK (NYSE:AZEKGet Rating) last announced its quarterly earnings results on Monday, November 28th. The company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.02). AZEK had a net margin of 5.55% and a return on equity of 9.81%. The business had revenue of $304.63 million for the quarter, compared to analysts’ expectations of $288.91 million. During the same quarter in the prior year, the firm earned $0.31 EPS. The firm’s revenue for the quarter was down 12.0% on a year-over-year basis. As a group, equities research analysts forecast that AZEK will post 0.87 EPS for the current year.

Hedge Funds Weigh In On AZEK

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Captrust Financial Advisors boosted its holdings in AZEK by 4.6% during the third quarter. Captrust Financial Advisors now owns 25,015 shares of the company’s stock worth $416,000 after buying an additional 1,099 shares during the last quarter. BNP Paribas Arbitrage SNC bought a new position in shares of AZEK during the 3rd quarter valued at about $522,000. State Street Corp raised its position in AZEK by 1.3% in the 3rd quarter. State Street Corp now owns 1,681,674 shares of the company’s stock valued at $27,949,000 after buying an additional 21,306 shares during the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in AZEK in the 3rd quarter valued at approximately $707,000. Finally, Two Sigma Advisers LP increased its position in shares of AZEK by 40.6% during the 3rd quarter. Two Sigma Advisers LP now owns 239,000 shares of the company’s stock worth $3,972,000 after purchasing an additional 69,000 shares during the last quarter. Institutional investors own 96.49% of the company’s stock.

About AZEK

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The AZEK Company Inc engages in designing, manufacturing, and selling building products for residential, commercial, and industrial markets in the United States. It operates through two segments: Residential and Commercial. The Residential segment designs and manufactures engineered outdoor living products, which includes decking, railing, trim and moulding, and accessories under the TimberTech, AZEK Exteriors, VERSATEX, and ULTRALOX brand name.

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