AZEK (NASDAQ:AZEK) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research downgraded shares of AZEK (NASDAQ:AZEK) from a buy rating to a hold rating in a research report sent to investors 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. “

AZEK has been the subject of several other reports. DA Davidson increased their price objective on AZEK from $27.00 to $33.00 and gave the company a neutral rating in a research note on Tuesday, August 11th. They noted that the move was a valuation call. SunTrust Banks began coverage on AZEK in a research note on Tuesday, July 7th. They issued a buy rating and a $38.00 price objective for the company. BofA Securities began coverage on AZEK in a research note on Tuesday, July 7th. They issued a neutral rating and a $35.00 target price for the company. Deutsche Bank raised their target price on AZEK from $35.00 to $45.00 and gave the stock a buy rating in a research note on Friday, August 14th. Finally, B. Riley reaffirmed a buy rating and issued a $43.00 target price on shares of AZEK in a research note on Friday, August 14th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have given a buy rating to the company. The company has a consensus rating of Buy and a consensus target price of $38.50.

Shares of NASDAQ:AZEK 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’s 50 day simple moving average is $36.84.

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

In related news, insider Dennis M. Kitchen sold 25,300 shares of the firm’s stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $33.25, for a total transaction of $841,225.00. Following the completion of the transaction, the insider now directly owns 237,543 shares in the company, valued at approximately $7,898,304.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Gary E. Hendrickson sold 30,303 shares of the firm’s stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $33.25, for a total value of $1,007,574.75. Following the transaction, the director now owns 294,776 shares of the company’s stock, valued at $9,801,302. The disclosure for this sale can be found here. Insiders have sold a total of 405,708 shares of company stock valued at $13,489,791 over the last 90 days.

A number of institutional investors have recently made changes to their positions in the stock. US Bancorp DE purchased a new position in shares of AZEK in the 2nd quarter valued at about $28,000. Ovata Capital Management Ltd purchased a new position in shares of AZEK in the 2nd quarter valued at about $32,000. Synovus Financial Corp purchased a new position in shares of AZEK in the 2nd quarter valued at about $32,000. Flagship Harbor Advisors LLC purchased a new position in shares of AZEK in the 2nd quarter valued at about $40,000. Finally, Advisor Group Holdings Inc. purchased a new position in shares of AZEK in the 2nd quarter valued at about $46,000.

AZEK Company Profile

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.

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