DA Davidson Research Analysts Lower Earnings Estimates for The AZEK Company Inc. (NYSE:AZEK)

The AZEK Company Inc. (NYSE:AZEK – Get Rating) – Equities researchers at DA Davidson decreased their FY2022 earnings per share (EPS) estimates for shares of AZEK in a research note issued to investors on Wednesday, June 22nd. DA Davidson analyst K. Yinger now anticipates that the company will earn $0.95 per share for the year, down from their prior forecast of $0.98. The consensus estimate for AZEK’s current full-year earnings is $0.98 per share. DA Davidson also issued estimates for AZEK’s FY2023 earnings at $1.12 EPS.

AZEK (NYSE:AZEK – Get Rating) last issued its quarterly earnings data on Tuesday, May 10th. The company reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.03. The firm had revenue of $396.26 million during the quarter, compared to the consensus estimate of $368.06 million. AZEK had a net margin of 8.49% and a return on equity of 11.08%. The business’s revenue for the quarter was up 35.2% compared to the same quarter last year. During the same period last year, the business posted $0.22 earnings per share.

A number of other research analysts have also recently weighed in on the stock. Credit Suisse Group assumed coverage on shares of AZEK in a research note on Tuesday, April 5th. They issued an “outperform” rating and a $29.00 target price on the stock. Robert W. Baird reduced their target price on shares of AZEK from $30.00 to $28.00 and set an “outperform” rating on the stock in a report on Thursday, June 16th. Barclays reduced their target price on shares of AZEK from $30.00 to $29.00 and set an “overweight” rating on the stock in a report on Thursday, June 16th. JPMorgan Chase & Co. cut their price target on shares of AZEK from $30.00 to $27.00 in a report on Thursday, June 16th. Finally, Stephens set a $20.00 target price on shares of AZEK in a research report on Monday. One investment analyst has rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $30.07.

Shares of NYSE AZEK opened at $17.61 on Thursday. The company has a current ratio of 3.00, a quick ratio of 1.28 and a debt-to-equity ratio of 0.34. The firm’s 50-day moving average price is $20.30 and its 200-day moving average price is $28.62. The firm has a market capitalization of $2.73 billion, a P/E ratio of 24.12, a P/E/G ratio of 1.10 and a beta of 1.71. AZEK has a 1-year low of $15.52 and a 1-year high of $46.56.

A number of institutional investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC purchased a new position in AZEK in the 4th quarter valued at $170,251,000. Massachusetts Financial Services Co. MA increased its position in shares of AZEK by 20.0% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 6,906,687 shares of the company’s stock worth $319,365,000 after purchasing an additional 1,149,893 shares during the last quarter. Wellington Management Group LLP increased its position in shares of AZEK by 920.6% during the 1st quarter. Wellington Management Group LLP now owns 886,633 shares of the company’s stock worth $22,024,000 after purchasing an additional 799,760 shares during the last quarter. Phoenix Holdings Ltd. acquired a new stake in shares of AZEK during the 4th quarter worth about $36,871,000. Finally, Balyasny Asset Management LLC grew its position in AZEK by 604.3% in the 3rd quarter. Balyasny Asset Management LLC now owns 869,239 shares of the company’s stock valued at $31,753,000 after acquiring an additional 745,814 shares in the last quarter. 96.53% of the stock is currently owned by hedge funds and other institutional investors.

About AZEK (Get Rating)

The AZEK Company Inc engages in designing, manufacturing, and selling building products for residential, commercial, and industrial markets in the United States. It operates through two segments: Residential and Commercial. The Residential segment designs and manufactures engineered outdoor living products, which includes decking, railing, trim and moulding, and accessories under the TimberTech, AZEK Exteriors, VERSATEX, and ULTRALOX brand name.

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