Citigroup Upgrades AZEK (NYSE:AZEK) to “Buy”

AZEK (NYSE:AZEK) was upgraded by research analysts at Citigroup from a “neutral” rating to a “buy” rating in a research report issued on Monday, MarketBeat.com reports. The brokerage presently has a $60.00 price objective on the stock, up from their prior price objective of $51.00. Citigroup’s target price indicates a potential upside of 28.87% from the company’s previous close.

A number of other research firms have also issued reports on AZEK. JPMorgan Chase & Co. lifted 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 boosted their price objective on shares of AZEK from $50.00 to $58.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Truist Financial raised their target price on AZEK from $52.00 to $57.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Robert W. Baird boosted their price target on AZEK from $52.00 to $54.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 20th. Finally, BMO Capital Markets increased their target price on AZEK from $49.00 to $51.00 and gave the company a “market perform” rating in a research note on Wednesday, November 20th. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.73.

AZEK Price Performance

AZEK stock opened at $46.56 on Monday. The firm has a market cap of $6.66 billion, a P/E ratio of 44.77, a price-to-earnings-growth ratio of 2.40 and a beta of 1.94. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.14 and a current ratio of 2.17. AZEK has a 1 year low of $35.48 and a 1 year high of $54.91. The stock has a 50-day simple moving average of $49.40 and a 200-day simple moving average of $45.31.

Insider Buying and Selling at AZEK

In other news, CMO Samara Toole sold 1,709 shares of the business’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $53.00, for a total transaction of $90,577.00. Following the completion of the transaction, the chief marketing officer now owns 16,632 shares of the company’s stock, valued at approximately $881,496. The trade was a 9.32 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Jesse G. Singh sold 20,000 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $53.32, for a total transaction of $1,066,400.00. Following the completion of the sale, the chief executive officer now directly owns 923,765 shares in the company, valued at approximately $49,255,149.80. This trade represents a 2.12 % decrease in their position. The disclosure for this sale can be found here. 3.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On AZEK

Hedge funds and other institutional investors have recently made changes to their positions in the business. WCM Investment Management LLC boosted its position in AZEK by 2.2% during the 3rd quarter. WCM Investment Management LLC now owns 539,494 shares of the company’s stock worth $25,232,000 after acquiring an additional 11,770 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its stake in shares of AZEK by 8.1% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 671,267 shares of the company’s stock valued at $31,415,000 after purchasing an additional 50,230 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in AZEK by 105.4% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 60,798 shares of the company’s stock worth $2,845,000 after purchasing an additional 31,193 shares during the period. State Street Corp grew its position in AZEK by 1.9% in the 3rd quarter. State Street Corp now owns 2,451,483 shares of the company’s stock valued at $114,729,000 after buying an additional 45,774 shares in the last quarter. Finally, Algert Global LLC increased its stake in AZEK by 18.5% during the 3rd quarter. Algert Global LLC now owns 119,453 shares of the company’s stock valued at $5,590,000 after buying an additional 18,690 shares during the period. 97.44% of the stock is currently owned by institutional investors and hedge funds.

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.