AZEK (NYSE:AZEK) Shares Gap Up on Analyst Upgrade

Shares of The AZEK Company Inc. (NYSE:AZEK - Get Free Report) gapped up prior to trading on Wednesday after Truist Financial raised their price target on the stock from $52.00 to $57.00. The stock had previously closed at $46.46, but opened at $50.11. Truist Financial currently has a buy rating on the stock. AZEK shares last traded at $48.14, with a volume of 600,620 shares traded.

Several other research analysts also recently weighed in on the company. DA Davidson increased their price target on AZEK from $44.00 to $50.00 and gave the stock a "neutral" rating in a research note on Wednesday. Benchmark reiterated a "buy" rating and issued a $55.00 target price on shares of AZEK in a research note on Friday, August 9th. Royal Bank of Canada upped their price target on shares of AZEK from $46.00 to $50.00 and gave the company an "outperform" rating in a research note on Wednesday. JPMorgan Chase & Co. reduced their price objective 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. Finally, Robert W. Baird boosted their target price on shares of AZEK from $52.00 to $54.00 and gave the company an "outperform" rating in a report on Wednesday. Six equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, AZEK currently has a consensus rating of "Moderate Buy" and an average target price of $48.88.

Institutional Investors Weigh In On AZEK

A number of large investors have recently made changes to their positions in AZEK. Vanguard Group Inc. increased its position in AZEK by 3.2% in the first quarter. Vanguard Group Inc. now owns 13,482,323 shares of the company's stock worth $677,082,000 after buying an additional 413,297 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its stake in AZEK by 180.4% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 36,912 shares of the company's stock worth $1,856,000 after acquiring an additional 23,746 shares during the period. Bessemer Group Inc. lifted its holdings in AZEK by 6.7% during the first quarter. Bessemer Group Inc. now owns 308,554 shares of the company's stock valued at $15,494,000 after purchasing an additional 19,274 shares in the last quarter. Vaughan Nelson Investment Management L.P. lifted its holdings in AZEK by 15.9% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 734,446 shares of the company's stock valued at $30,942,000 after purchasing an additional 100,719 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of AZEK by 66.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,466,145 shares of the company's stock worth $73,631,000 after purchasing an additional 587,107 shares during the period. 97.44% of the stock is currently owned by institutional investors.

AZEK Trading Up 3.7 %

The company has a quick ratio of 2.11, a current ratio of 3.07 and a debt-to-equity ratio of 0.41. The stock's 50 day moving average price is $45.13 and its 200-day moving average price is $44.23. The stock has a market capitalization of $6.97 billion, a PE ratio of 42.65, a PEG ratio of 1.18 and a beta of 1.88.

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.