Royal Bank of Canada Forecasts Strong Price Appreciation for AZEK (NYSE:AZEK) Stock

AZEK (NYSE:AZEK) had its price target upped by stock analysts at Royal Bank of Canada from $46.00 to $50.00 in a report released on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price suggests a potential upside of 0.68% from the stock’s current price.

Other research analysts have also recently issued research reports about the company. UBS Group dropped their price target on AZEK from $47.00 to $43.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Truist Financial cut their target price on shares of AZEK from $57.00 to $52.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. BMO Capital Markets lifted their target price on shares of AZEK from $49.00 to $51.00 and gave the stock a “market perform” rating in a research note on Wednesday. Stifel Nicolaus cut their price objective on shares of AZEK from $52.00 to $50.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of AZEK from $52.00 to $48.00 and set an “overweight” rating for the company in a research note on Tuesday, August 13th. Six investment 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 an average rating of “Moderate Buy” and a consensus target price of $49.24.

AZEK Trading Up 3.0 %

NYSE:AZEK opened at $49.66 on Wednesday. AZEK has a 12 month low of $31.16 and a 12 month high of $50.78. The company has a current ratio of 3.07, a quick ratio of 2.11 and a debt-to-equity ratio of 0.41. The firm’s 50 day moving average is $45.27 and its 200 day moving average is $44.27. The stock has a market capitalization of $7.19 billion, a PE ratio of 47.75, a price-to-earnings-growth ratio of 1.20 and a beta of 1.88.

Institutional Investors Weigh In On AZEK

Hedge funds have recently bought and sold shares of the stock. Wellington Management Group LLP raised its position in shares of AZEK by 33.8% during the 3rd quarter. Wellington Management Group LLP now owns 14,224,410 shares of the company’s stock valued at $665,702,000 after buying an additional 3,595,863 shares in the last quarter. Vanguard Group Inc. raised its position in AZEK by 3.2% during the first quarter. Vanguard Group Inc. now owns 13,482,323 shares of the company’s stock valued at $677,082,000 after purchasing an additional 413,297 shares in the last quarter. FMR LLC lifted its stake in AZEK by 57.9% during the third quarter. FMR LLC now owns 6,811,591 shares of the company’s stock worth $318,782,000 after purchasing an additional 2,497,074 shares during the last quarter. State Street Corp boosted its holdings in shares of AZEK by 1.9% in the 3rd quarter. State Street Corp now owns 2,451,483 shares of the company’s stock worth $114,729,000 after purchasing an additional 45,774 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of AZEK by 5.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,354,096 shares of the company’s stock valued at $99,175,000 after purchasing an additional 118,351 shares during the last quarter. 97.44% of the stock is currently owned by institutional investors.

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.