Loop Capital Downgrades AZEK (NYSE:AZEK) to Hold

Loop Capital downgraded shares of AZEK (NYSE:AZEK) from a buy rating to a hold rating in a report released on Friday morning, Marketbeat reports. They currently have $47.00 price objective on the stock.

AZEK has been the subject of a number of other reports. JPMorgan Chase & Co. dropped their price target on shares of AZEK from $52.00 to $48.00 and set an overweight rating for the company in a research note on Tuesday, August 13th. Royal Bank of Canada reduced their price target on AZEK from $49.00 to $46.00 and set an outperform rating on the stock in a report on Thursday, August 8th. The Goldman Sachs Group decreased their price target on AZEK from $56.00 to $50.00 and set a buy rating for the company in a research note on Wednesday, July 10th. Barclays cut their price objective on AZEK from $58.00 to $52.00 and set an overweight rating on the stock in a research report on Friday, July 12th. Finally, Stifel Nicolaus lowered their target price on shares of AZEK from $52.00 to $50.00 and set a buy rating for the company in a research note on Thursday, August 8th. Six equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $47.94.

AZEK Price Performance

NYSE:AZEK opened at $43.54 on Friday. The company has a market capitalization of $6.34 billion, a P/E ratio of 42.69, a P/E/G ratio of 1.43 and a beta of 1.88. The business’s 50-day moving average is $43.01 and its 200 day moving average is $44.84. The company has a current ratio of 3.07, a quick ratio of 2.11 and a debt-to-equity ratio of 0.41. AZEK has a 12 month low of $25.03 and a 12 month high of $50.78.

AZEK (NYSE:AZEK) last posted its earnings results on Wednesday, August 7th. The company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.06. The firm had revenue of $434.40 million for the quarter, compared to the consensus estimate of $396.89 million. AZEK had a net margin of 11.35% and a return on equity of 13.38%. The business’s quarterly revenue was up 12.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.29 EPS. On average, equities research analysts forecast that AZEK will post 1.05 earnings per share for the current fiscal year.

AZEK declared that its board has approved a stock repurchase program on Monday, June 17th that permits the company to buyback $600.00 million in shares. This buyback authorization permits the company to reacquire up to 9.7% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other news, CEO Jesse G. Singh sold 20,000 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $41.47, for a total transaction of $829,400.00. Following the transaction, the chief executive officer now owns 186,705 shares in the company, valued at $7,742,656.35. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CEO Jesse G. Singh sold 13,000 shares of the stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $41.75, for a total value of $542,750.00. Following the transaction, the chief executive officer now directly owns 1,024,444 shares of the company’s stock, valued at approximately $42,770,537. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jesse G. Singh sold 20,000 shares of AZEK stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $41.47, for a total value of $829,400.00. Following the sale, the chief executive officer now directly owns 186,705 shares of the company’s stock, valued at $7,742,656.35. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 3.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On AZEK

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. ORG Partners LLC acquired a new stake in shares of AZEK during the 1st quarter valued at about $35,000. Whittier Trust Co. purchased a new position in shares of AZEK during the 1st quarter valued at approximately $37,000. Versant Capital Management Inc increased its holdings in AZEK by 5,452.2% in the 2nd quarter. Versant Capital Management Inc now owns 1,277 shares of the company’s stock worth $54,000 after acquiring an additional 1,254 shares in the last quarter. 1620 Investment Advisors Inc. acquired a new stake in shares of AZEK in the second quarter valued at about $90,000. Finally, Signaturefd LLC grew its position in shares of AZEK by 32.7% in the second quarter. Signaturefd LLC now owns 2,157 shares of the company’s stock valued at $91,000 after purchasing an additional 532 shares during the period. 97.44% of the stock is 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.