AZEK (NASDAQ:AZEK) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of AZEK (NASDAQ:AZEK) from a buy rating to a hold rating in a report published on Tuesday morning, Zacks.com reports.

According to Zacks, “The AZEK Company Inc. is manufacturer of residential and commercial building products. The AZEK Company Inc. is based in CHICAGO. “

A number of other research firms also recently commented on AZEK. Credit Suisse Group boosted their target price on AZEK from $38.00 to $46.00 and gave the stock an outperform rating in a research report on Friday, August 14th. B. Riley reiterated a buy rating and set a $43.00 target price on shares of AZEK in a research report on Friday, August 14th. DA Davidson boosted their target price on AZEK from $27.00 to $33.00 and gave the stock a neutral rating in a research report on Tuesday, August 11th. They noted that the move was a valuation call. Citigroup upped their price objective on AZEK from $33.00 to $39.00 and gave the company a neutral rating in a research report on Monday, August 17th. Finally, Deutsche Bank upped their price objective on AZEK from $35.00 to $45.00 and gave the company a buy rating in a research report on Friday, August 14th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have assigned a buy rating to the company. The stock currently has a consensus rating of Buy and an average target price of $38.50.

AZEK stock opened at $33.94 on Tuesday. AZEK has a 1-year low of $26.35 and a 1-year high of $42.16. The company has a 50 day simple moving average of $36.84.

AZEK (NASDAQ:AZEK) last posted its quarterly earnings results on Thursday, August 13th. The company reported $0.13 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.15 by ($0.02). The company had revenue of $223.71 million during the quarter, compared to analysts’ expectations of $209.31 million.

In other AZEK news, Director Gary E. Hendrickson sold 30,303 shares of the stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $33.25, for a total transaction of $1,007,574.75. Following the transaction, the director now owns 294,776 shares of the company’s stock, valued at approximately $9,801,302. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Dennis M. Kitchen sold 25,300 shares of the stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $33.25, for a total value of $841,225.00. Following the transaction, the insider now directly owns 237,543 shares in the company, valued at approximately $7,898,304.75. The disclosure for this sale can be found here. Insiders sold 405,708 shares of company stock valued at $13,489,791 in the last three months.

Large investors have recently added to or reduced their stakes in the business. US Bancorp DE bought a new position in AZEK during the 2nd quarter worth approximately $28,000. Ovata Capital Management Ltd bought a new position in AZEK during the 2nd quarter worth approximately $32,000. Synovus Financial Corp bought a new position in AZEK during the 2nd quarter worth approximately $32,000. Flagship Harbor Advisors LLC bought a new position in AZEK during the 2nd quarter worth approximately $40,000. Finally, Advisor Group Holdings Inc. bought a new position in AZEK during the 2nd quarter worth approximately $46,000.

About AZEK

The AZEK Company Inc engages in manufacturing and selling building products for residential, commercial, and industrial markets in the United States. Its products include trims, decks, porches, moldings, rails, pavers, and bathroom and locker systems, as well as extruded plastic sheet products and other non-fabricated products for special applications in industrial markets.

See Also: Example of operating income, EBIT and EBITDA

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