The AZEK Company Inc. (NYSE:AZEK – Get Rating) – Investment analysts at Jefferies Financial Group lowered their third quarter 2022 earnings estimates for AZEK shares in a note to investors Monday, March 21. Jefferies Financial Group analyst P. Ng now expects the company to post earnings per share of $0.31 for the quarter, down from its previous estimate of $0.33. Jefferies Financial Group also released estimates for AZEK’s fourth quarter 2022 earnings at $0.34 EPS and full-year 2022 earnings at $1.10 EPS.
Other equity research analysts have also recently released reports on the stock. UBS Group began covering AZEK shares in a research note on Wednesday, January 19. They set a “buy” rating and a price target of $52.00 for the company. Stephens downgraded AZEK shares from an “equal weight” rating to an “overweight” rating and reduced its target price for the stock from $47.00 to $41.00 in a research report from the Monday January 31. DA Davidson upgraded AZEK shares from a “neutral” rating to a “buy” rating in a Tuesday, February 1 research report. B. Riley reduced his target price on AZEK shares from $53.00 to $47.00 in a Friday, February 4 research report. Finally, Zelman & Associates began covering AZEK shares in a research report on Monday, March 14. They have set a “holding” rating on the stock. Two research analysts gave the stock a hold rating and eight gave the stock a buy rating. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $48.70.
AZEK opened at $27.42 on Tuesday. The company has a current ratio of 2.69, a quick ratio of 0.91 and a debt ratio of 0.32. AZEK has a 52-week low of $23.48 and a 52-week high of $51.32. The stock’s 50-day simple moving average is $30.71. The stock has a market capitalization of $4.25 billion, a P/E ratio of 42.84 and a beta of 1.92. AZEK (NYSE:AZEK – Get Rating) last released its results on Thursday, February 3. The company reported earnings per share (EPS) of $0.17 for the quarter, beating consensus analyst estimates of $0.16 by $0.01. AZEK had a net margin of 8.13% and a return on equity of 10.30%. The company posted revenue of $259.71 million in the quarter, versus a consensus estimate of $256.70 million. In the same period a year earlier, the company earned earnings per share of $0.14. AZEK’s revenue increased by 22.3% compared to the same quarter last year.
A number of hedge funds and other institutional investors have recently changed their holdings in the company. Allspring Global Investments Holdings LLC acquired a new stake in AZEK during the fourth quarter valued at approximately $170,251,000. Millennium Management LLC increased its stake in AZEK by 179.1% during the third quarter. Millennium Management LLC now owns 1,806,214 shares of the company valued at $65,981,000 after purchasing an additional 1,159,135 shares last quarter. Massachusetts Financial Services Co. MA increased its stake in AZEK by 20.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 6,906,687 shares of the company valued at $319,365,000 after purchasing an additional 1,149,893 shares last quarter. Phoenix Holdings Ltd. purchased a new stake in AZEK during the fourth quarter valued at approximately $36,871,000. Finally, Balyasny Asset Management LLC increased its stake in AZEK by 604.3% during the third quarter. Balyasny Asset Management LLC now owns 869,239 shares of the company valued at $31,753,000 after purchasing an additional 745,814 shares last quarter. 98.69% of the shares are held by institutional investors.
In other AZEK news, insider Sandra Lamartine bought 965 shares of the company in a trade on Wednesday, March 9. The stock was purchased at an average cost of $26.01 per share, with a total value of $25,099.65. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Additionally, director Vernon J. Nagel purchased 4,000 shares of the company in a trade on Monday, March 7. The shares were acquired at an average cost of $25.14 per share, with a total value of $100,560.00. Disclosure of this purchase can be found here. Insiders purchased a total of 32,065 shares of the company worth $946,833 during the last quarter. 4.20% of the shares are currently held by insiders.
About AZEK (Get an evaluation)
The AZEK Company Inc engages in the design, manufacture and sale of building products for the residential and commercial markets in the United States. The Company operates through residential and commercial segments. Its products include decking, rails, trim, accessories and specialty exteriors; and partitions, lockers and polymer solutions.
This instant alert was powered by MarketBeat’s narrative science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to [email protected]
Should you invest $1,000 in AZEK right now?
Before you consider AZEK, you’ll want to hear this.
MarketBeat tracks Wall Street’s top-rated, top-performing research analysts daily and the stocks they recommend to their clients. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the market takes off…and AZEK wasn’t on the list.
While AZEK currently has a “Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.
See the 5 actions here