Truist Financial Forecasts Strong Price Appreciation for AZEK (NYSE:AZEK) Stock

AZEK (NYSE:AZEK) had its price target upped by research analysts at Truist Financial from $52.00 to $57.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s target price indicates a potential upside of 14.78% from the stock’s current price.

AZEK has been the topic of several other reports. Royal Bank of Canada increased their target price on shares of AZEK from $46.00 to $50.00 and gave the stock an “outperform” rating in a report on Wednesday. DA Davidson lifted their target price on AZEK from $44.00 to $50.00 and gave the stock a “neutral” rating in a report on Wednesday. Benchmark reissued a “buy” rating and issued a $55.00 target price on shares of AZEK in a research note on Friday, August 9th. JPMorgan Chase & Co. dropped their price target on AZEK from $52.00 to $48.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 13th. Finally, BMO Capital Markets boosted their price objective on AZEK from $49.00 to $51.00 and gave the company a “market perform” rating in a research report on Wednesday. Six equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $49.24.

AZEK Stock Performance

Shares of AZEK stock opened at $49.66 on Wednesday. The stock has a market cap 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. The stock has a 50-day moving average of $45.27 and a 200-day moving average of $44.27. The company has a debt-to-equity ratio of 0.41, a current ratio of 3.07 and a quick ratio of 2.11. AZEK has a one year low of $31.16 and a one year high of $50.78.

Institutional Investors Weigh In On AZEK

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Equitable Trust Co. increased its position in shares of AZEK by 2.2% in the third quarter. Equitable Trust Co. now owns 10,346 shares of the company’s stock valued at $484,000 after acquiring an additional 226 shares during the last quarter. Tidal Investments LLC increased its position in shares of AZEK by 3.7% during the 1st quarter. Tidal Investments LLC now owns 7,060 shares of the company’s stock worth $355,000 after purchasing an additional 251 shares during the last quarter. Creative Planning increased its position in shares of AZEK by 6.6% during the 3rd quarter. Creative Planning now owns 6,987 shares of the company’s stock worth $327,000 after purchasing an additional 430 shares during the last quarter. Covestor Ltd raised its stake in shares of AZEK by 18.8% during the 3rd quarter. Covestor Ltd now owns 2,758 shares of the company’s stock worth $129,000 after purchasing an additional 436 shares in the last quarter. Finally, Blue Trust Inc. boosted its holdings in shares of AZEK by 106.4% in the 3rd quarter. Blue Trust Inc. now owns 931 shares of the company’s stock valued at $44,000 after buying an additional 480 shares during the last quarter. 97.44% of the stock is owned by institutional investors.

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.