JPMorgan Chase & Co. Forecasts Strong Price Appreciation for AZEK (NYSE:AZEK) Stock

AZEK (NYSE:AZEK) had its target price increased by JPMorgan Chase & Co. from $48.00 to $58.00 in a research note published on Monday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other brokerages also recently commented on AZEK. Benchmark reaffirmed a “buy” rating and set a $55.00 price target on shares of AZEK in a research report on Thursday, November 21st. Stifel Nicolaus decreased their price target on AZEK from $52.00 to $50.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. DA Davidson increased their price target on AZEK from $44.00 to $50.00 and gave the company a “neutral” rating in a research report on Wednesday, November 20th. Barclays increased their price target on AZEK from $53.00 to $58.00 and gave the company an “overweight” rating in a research report on Thursday, November 21st. Finally, BMO Capital Markets increased their price objective on AZEK from $49.00 to $51.00 and gave the company a “market perform” rating in a report on Wednesday, November 20th. Six research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $49.82.

AZEK Stock Performance

Shares of AZEK opened at $52.26 on Monday. The company has a current ratio of 2.17, a quick ratio of 1.14 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $7.56 billion, a price-to-earnings ratio of 50.25, a PEG ratio of 2.38 and a beta of 1.88. The stock has a 50 day moving average of $45.88 and a 200 day moving average of $44.43. AZEK has a 12 month low of $31.17 and a 12 month high of $54.16.

Hedge Funds Weigh In On AZEK

A number of large investors have recently made changes to their positions in AZEK. Wellington Management Group LLP raised its position in shares of AZEK by 33.8% in the third quarter. Wellington Management Group LLP now owns 14,224,410 shares of the company’s stock worth $665,702,000 after buying an additional 3,595,863 shares in the last quarter. FMR LLC raised its position in shares of AZEK by 57.9% in the third quarter. FMR LLC now owns 6,811,591 shares of the company’s stock worth $318,782,000 after buying an additional 2,497,074 shares in the last quarter. Mercer Global Advisors Inc. ADV purchased a new stake in shares of AZEK in the second quarter worth $86,719,000. Price T Rowe Associates Inc. MD raised 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 buying an additional 587,107 shares in the last quarter. Finally, Interval Partners LP raised its position in shares of AZEK by 162.4% in the second quarter. Interval Partners LP now owns 742,749 shares of the company’s stock worth $31,292,000 after buying an additional 459,664 shares in the last quarter. 97.44% of the stock is owned by institutional investors.

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.