Royal Bank of Canada Issues Positive Forecast for AZEK (NYSE:AZEK) Stock Price

AZEK (NYSE:AZEK) had its target price raised by equities researchers at Royal Bank of Canada from $50.00 to $58.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective suggests a potential upside of 8.39% from the company’s previous close.

A number of other equities analysts have also recently commented on AZEK. Barclays raised their target price on AZEK from $58.00 to $64.00 and gave the company an “overweight” rating in a report on Wednesday. JPMorgan Chase & Co. increased their price objective on AZEK from $48.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday, November 25th. DA Davidson boosted their target price on AZEK from $44.00 to $50.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 20th. Truist Financial increased their price target on AZEK from $52.00 to $57.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Finally, BMO Capital Markets lifted their price objective on AZEK from $49.00 to $51.00 and gave the company a “market perform” rating in a research note on Wednesday, November 20th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, AZEK presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.67.

AZEK Price Performance

Shares of AZEK opened at $53.51 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.17 and a quick ratio of 1.14. The stock has a market cap of $7.65 billion, a PE ratio of 51.45, a P/E/G ratio of 2.40 and a beta of 1.92. The firm has a 50-day simple moving average of $47.66 and a two-hundred day simple moving average of $45.01. AZEK has a 1-year low of $35.38 and a 1-year high of $54.91.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in AZEK. CWM LLC boosted its holdings in shares of AZEK by 24.4% in the second quarter. CWM LLC now owns 5,099 shares of the company’s stock valued at $215,000 after acquiring an additional 1,001 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in shares of AZEK by 14.3% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 10,436 shares of the company’s stock valued at $440,000 after acquiring an additional 1,308 shares during the period. Assenagon Asset Management S.A. raised its position in AZEK by 136.0% in the 2nd quarter. Assenagon Asset Management S.A. now owns 635,244 shares of the company’s stock valued at $26,763,000 after purchasing an additional 366,025 shares during the last quarter. Raymond James & Associates boosted its stake in AZEK by 290.8% during the 2nd quarter. Raymond James & Associates now owns 121,623 shares of the company’s stock worth $5,124,000 after purchasing an additional 90,499 shares during the period. Finally, Vaughan Nelson Investment Management L.P. grew its position in AZEK by 15.9% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 734,446 shares of the company’s stock worth $30,942,000 after purchasing an additional 100,719 shares during the last quarter. Hedge funds and other institutional investors own 97.44% of the company’s stock.

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.