Barclays Forecasts Strong Price Appreciation for AZEK (NYSE:AZEK) Stock

AZEK (NYSE:AZEK) had its price objective upped by Barclays from $53.00 to $58.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s price target suggests a potential upside of 21.54% from the stock’s previous close.

AZEK has been the subject of several other research reports. Benchmark restated a “buy” rating and set a $55.00 price target on shares of AZEK in a research report on Friday, August 9th. JPMorgan Chase & Co. lowered their price objective on shares of AZEK from $52.00 to $48.00 and set an “overweight” rating for the company in a report on Tuesday, August 13th. Royal Bank of Canada upped their price target on AZEK from $46.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday. Stifel Nicolaus lowered their target price on AZEK from $52.00 to $50.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Finally, Loop Capital cut shares of AZEK from a “buy” rating to a “hold” rating and set a $47.00 target price on the stock. in a research note on Friday, October 4th. Six analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, AZEK currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.24.

AZEK Trading Down 1.0 %

AZEK stock traded down $0.50 during trading hours on Thursday, reaching $47.72. 173,716 shares of the company’s stock were exchanged, compared to its average volume of 1,690,213. The firm has a market capitalization of $6.91 billion, a PE ratio of 45.95, a PEG ratio of 1.20 and a beta of 1.88. AZEK has a twelve month low of $31.16 and a twelve month high of $50.78. The firm’s 50 day simple moving average is $45.13 and its 200 day simple moving average is $44.23. The company has a quick ratio of 2.11, a current ratio of 3.07 and a debt-to-equity ratio of 0.41.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in AZEK. Wellington Management Group LLP increased its stake in AZEK by 33.8% in the third quarter. Wellington Management Group LLP now owns 14,224,410 shares of the company’s stock valued at $665,702,000 after purchasing an additional 3,595,863 shares during the last quarter. FMR LLC boosted its stake in AZEK by 57.9% in the third quarter. FMR LLC now owns 6,811,591 shares of the company’s stock valued at $318,782,000 after acquiring an additional 2,497,074 shares during the period. Mercer Global Advisors Inc. ADV bought a new position in AZEK during the 2nd quarter worth $86,719,000. Price T Rowe Associates Inc. MD raised its holdings in shares of AZEK by 66.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,466,145 shares of the company’s stock valued at $73,631,000 after buying an additional 587,107 shares during the last quarter. Finally, Interval Partners LP grew its holdings in AZEK by 162.4% during the second quarter. Interval Partners LP now owns 742,749 shares of the company’s stock worth $31,292,000 after acquiring an additional 459,664 shares during the period. 97.44% of the stock is owned by hedge funds and other 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.