Benchmark Initiates Coverage on AZEK (NYSE:AZEK)

Benchmark started coverage on shares of AZEK (NYSE:AZEK) in a research note published on Friday morning, MarketBeat reports. The brokerage issued a buy rating and a $55.00 price target on the stock.

Other equities analysts have also issued reports about the stock. Stephens raised their price target on shares of AZEK from $40.00 to $50.00 and gave the stock an overweight rating in a research report on Wednesday, February 7th. TheStreet raised shares of AZEK from a c+ rating to a b- rating in a research report on Wednesday, January 31st. Truist Financial increased their price objective on shares of AZEK from $40.00 to $48.00 and gave the stock a buy rating in a research note on Wednesday, February 7th. Stifel Nicolaus increased their price objective on shares of AZEK from $44.00 to $52.00 and gave the stock a buy rating in a research note on Wednesday, February 7th. Finally, Barclays increased their price objective on shares of AZEK from $50.00 to $58.00 and gave the stock an overweight rating in a research note on Thursday, April 4th. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $44.11.

AZEK Price Performance

NYSE:AZEK opened at $44.71 on Friday. AZEK has a 52 week low of $23.08 and a 52 week high of $50.78. The firm has a market cap of $6.60 billion, a price-to-earnings ratio of 56.59, a P/E/G ratio of 1.49 and a beta of 1.92. The firm’s 50-day simple moving average is $47.77 and its 200 day simple moving average is $38.54. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.67 and a current ratio of 2.99.

AZEK (NYSE:AZEK) last released its quarterly earnings results on Tuesday, February 6th. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.05. AZEK had a net margin of 8.57% and a return on equity of 9.61%. The business had revenue of $240.44 million for the quarter, compared to analyst estimates of $234.12 million. As a group, sell-side analysts predict that AZEK will post 1.02 earnings per share for the current year.

Insider Activity

In other news, insider Michelle A. Kasson sold 94,431 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $49.47, for a total value of $4,671,501.57. Following the sale, the insider now directly owns 23,544 shares in the company, valued at approximately $1,164,721.68. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO Jesse G. Singh sold 13,000 shares of AZEK stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $45.34, for a total transaction of $589,420.00. Following the sale, the chief executive officer now directly owns 1,184,444 shares in the company, valued at approximately $53,702,690.96. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Michelle A. Kasson sold 94,431 shares of AZEK stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $49.47, for a total transaction of $4,671,501.57. Following the sale, the insider now owns 23,544 shares in the company, valued at $1,164,721.68. The disclosure for this sale can be found here. In the last three months, insiders have sold 130,431 shares of company stock worth $6,356,622. Corporate insiders own 3.10% of the company’s stock.

Institutional Investors Weigh In On AZEK

Hedge funds have recently added to or reduced their stakes in the business. Redwood Investments LLC acquired a new stake in AZEK during the 4th quarter worth approximately $2,893,000. Lecap Asset Management Ltd. bought a new position in AZEK during the 4th quarter worth approximately $1,134,000. Sherbrooke Park Advisers LLC raised its holdings in AZEK by 62.8% during the 3rd quarter. Sherbrooke Park Advisers LLC now owns 42,923 shares of the company’s stock worth $1,277,000 after purchasing an additional 16,565 shares during the last quarter. Vanguard Group Inc. raised its holdings in AZEK by 7.3% during the 3rd quarter. Vanguard Group Inc. now owns 13,012,414 shares of the company’s stock worth $386,989,000 after purchasing an additional 881,697 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. bought a new position in AZEK during the 3rd quarter worth approximately $1,731,000. 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.