AZEK (NYSE:AZEK) Sees Strong Trading Volume – Here’s What Happened

Shares of The AZEK Company Inc. (NYSE:AZEK) saw unusually-strong trading volume on Wednesday . Approximately 2,297,732 shares were traded during trading, an increase of 17% from the previous session’s volume of 1,964,289 shares.The stock last traded at $48.69 and had previously closed at $48.45.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Royal Bank of Canada lifted their price target on AZEK from $50.00 to $58.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Baird R W lowered AZEK from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 24th. Robert W. Baird reissued a “neutral” rating and set a $53.00 price target (down from $58.00) on shares of AZEK in a research report on Monday, March 24th. William Blair restated a “market perform” rating on shares of AZEK in a research note on Monday, March 24th. Finally, BMO Capital Markets boosted their target price on shares of AZEK from $54.00 to $57.00 and gave the company a “market perform” rating in a research note on Monday, March 24th. Nine research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $54.32.

AZEK Stock Up 0.7 %

The firm’s 50 day simple moving average is $47.35 and its 200 day simple moving average is $47.53. The company has a market cap of $7.01 billion, a price-to-earnings ratio of 49.27, a price-to-earnings-growth ratio of 1.91 and a beta of 1.95. The company has a quick ratio of 1.19, a current ratio of 2.56 and a debt-to-equity ratio of 0.31.

AZEK (NYSE:AZEK) last posted its earnings results on Tuesday, February 4th. The company reported $0.17 EPS for the quarter, beating the consensus estimate of $0.14 by $0.03. AZEK had a return on equity of 13.47% and a net margin of 9.85%. Sell-side analysts anticipate that The AZEK Company Inc. will post 1.34 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Jesse G. Singh sold 20,387 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $50.08, for a total transaction of $1,020,980.96. Following the sale, the chief executive officer now owns 883,765 shares of the company’s stock, valued at $44,258,951.20. The trade was a 2.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 55,000 shares of company stock valued at $2,518,624 over the last 90 days. 3.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On AZEK

Several hedge funds have recently modified their holdings of the company. Empowered Funds LLC acquired a new stake in shares of AZEK in the fourth quarter valued at $27,000. FIL Ltd acquired a new position in AZEK during the fourth quarter worth about $28,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in AZEK by 623.2% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 687 shares of the company’s stock worth $33,000 after acquiring an additional 592 shares in the last quarter. Avalon Trust Co acquired a new stake in AZEK in the 4th quarter valued at about $38,000. Finally, GAMMA Investing LLC boosted its position in shares of AZEK by 39.1% during the 4th quarter. GAMMA Investing LLC now owns 851 shares of the company’s stock valued at $40,000 after purchasing an additional 239 shares in the last quarter. 97.44% of the stock is currently owned by institutional investors and hedge funds.

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.