JPMorgan Chase & Co. Trims AZEK (NYSE:AZEK) Target Price to $48.00

AZEK (NYSE:AZEK) had its price target cut by research analysts at JPMorgan Chase & Co. from $52.00 to $48.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 25.26% from the stock’s current price.

Several other research analysts also recently commented on AZEK. Benchmark reissued a “buy” rating and issued a $55.00 target price on shares of AZEK in a report on Friday. The Goldman Sachs Group decreased their target price on AZEK from $56.00 to $50.00 and set a “buy” rating on the stock in a report on Wednesday, July 10th. Royal Bank of Canada cut their price target on AZEK from $49.00 to $46.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. Barclays decreased their price objective on shares of AZEK from $58.00 to $52.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. Finally, BMO Capital Markets dropped their target price on shares of AZEK from $50.00 to $46.00 and set a “market perform” rating for the company in a research note on Friday. Six analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $47.11.

AZEK Price Performance

Shares of NYSE:AZEK opened at $38.32 on Tuesday. The firm has a market capitalization of $5.58 billion, a PE ratio of 37.57, a PEG ratio of 1.28 and a beta of 1.88. The company has a current ratio of 3.40, a quick ratio of 2.21 and a debt-to-equity ratio of 0.42. AZEK has a 1-year low of $25.03 and a 1-year high of $50.78. The business’s 50 day moving average is $43.43 and its 200-day moving average is $45.41.

AZEK (NYSE:AZEK) last posted its earnings results on Wednesday, August 7th. The company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.06. The business had revenue of $434.40 million for the quarter, compared to analysts’ expectations of $396.89 million. AZEK had a net margin of 10.66% and a return on equity of 12.02%. The firm’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.29 earnings per share. Sell-side analysts predict that AZEK will post 1.06 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Jesse G. Singh sold 13,000 shares of the company’s stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $41.75, for a total transaction of $542,750.00. Following the sale, the chief executive officer now owns 1,024,444 shares in the company, valued at $42,770,537. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Jesse G. Singh sold 13,000 shares of the business’s stock in a transaction on Wednesday, July 10th. The shares were sold at an average price of $41.75, for a total transaction of $542,750.00. Following the transaction, the chief executive officer now directly owns 1,024,444 shares in the company, valued at $42,770,537. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Jonathan Skelly sold 12,000 shares of the company’s stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $46.72, for a total transaction of $560,640.00. Following the completion of the sale, the insider now directly owns 190,134 shares in the company, valued at $8,883,060.48. The disclosure for this sale can be found here. 3.10% of the stock is currently owned by corporate insiders.

Institutional Trading of AZEK

Several hedge funds have recently added to or reduced their stakes in AZEK. Los Angeles Capital Management LLC acquired a new stake in shares of AZEK during the first quarter worth $11,683,000. Vanguard Group Inc. increased its holdings in shares of AZEK by 3.2% during the first quarter. Vanguard Group Inc. now owns 13,482,323 shares of the company’s stock worth $677,082,000 after purchasing an additional 413,297 shares during the period. CANADA LIFE ASSURANCE Co raised its position in shares of AZEK by 180.4% in the first quarter. CANADA LIFE ASSURANCE Co now owns 36,912 shares of the company’s stock valued at $1,856,000 after buying an additional 23,746 shares in the last quarter. Congress Asset Management Co. MA boosted its stake in shares of AZEK by 26.3% in the first quarter. Congress Asset Management Co. MA now owns 237,326 shares of the company’s stock valued at $11,919,000 after buying an additional 49,460 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in AZEK by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,092,176 shares of the company’s stock worth $41,776,000 after buying an additional 20,912 shares in the last quarter. 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.