AZEK (NYSE:AZEK) Rating Increased to Buy at Citigroup

Citigroup upgraded shares of AZEK (NYSE:AZEK) from a neutral rating to a buy rating in a research report report published on Monday morning, Marketbeat.com reports. The brokerage currently has $60.00 target price on the stock, up from their previous target price of $51.00.

A number of other analysts have also recently issued reports on the company. Loop Capital cut AZEK from a “buy” rating to a “hold” rating and set a $47.00 target price for the company. in a research note on Friday, October 4th. The Goldman Sachs Group raised their price objective on shares of AZEK from $52.00 to $59.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. JPMorgan Chase & Co. upped their target price on shares of AZEK from $48.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, November 25th. Benchmark reissued a “buy” rating and issued a $55.00 price target on shares of AZEK in a research note on Thursday, November 21st. Finally, Royal Bank of Canada upped their price objective on AZEK from $50.00 to $58.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $53.73.

AZEK Price Performance

Shares of AZEK stock opened at $48.57 on Monday. The company has a quick ratio of 1.14, a current ratio of 2.17 and a debt-to-equity ratio of 0.32. AZEK has a 12-month low of $35.48 and a 12-month high of $54.91. The firm has a fifty day moving average of $49.36 and a 200-day moving average of $45.30. The firm has a market capitalization of $6.95 billion, a price-to-earnings ratio of 46.70, a price-to-earnings-growth ratio of 2.40 and a beta of 1.94.

Insider Activity

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

Hedge Funds Weigh In On AZEK

Several institutional investors and hedge funds have recently modified their holdings of the business. Equitable Trust Co. boosted its holdings in AZEK by 2.2% in the 3rd quarter. Equitable Trust Co. now owns 10,346 shares of the company’s stock valued at $484,000 after purchasing an additional 226 shares during the period. GAMMA Investing LLC raised its position in shares of AZEK by 39.1% in the fourth quarter. GAMMA Investing LLC now owns 851 shares of the company’s stock valued at $40,000 after buying an additional 239 shares in the last quarter. Creative Planning grew its position in AZEK by 6.6% during the third quarter. Creative Planning now owns 6,987 shares of the company’s stock worth $327,000 after buying an additional 430 shares in the last quarter. Covestor Ltd grew its position in AZEK by 18.8% during the third quarter. Covestor Ltd now owns 2,758 shares of the company’s stock worth $129,000 after buying an additional 436 shares in the last quarter. Finally, Blue Trust Inc. increased its stake in AZEK by 106.4% during the 3rd quarter. Blue Trust Inc. now owns 931 shares of the company’s stock worth $44,000 after acquiring an additional 480 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.