AZEK (NYSE:AZEK) Issues Q4 Earnings Guidance

AZEK (NYSE:AZEK – Get Rating) updated its fourth quarter earnings guidance on Thursday. The company provided EPS guidance of $0.15-0.19 for the period, compared to the consensus EPS estimate of $0.30. The company issued revenue guidance of $276-302 million, compared to the consensus revenue estimate of $361.24 million. AZEK also updated its FY 2022 guidance to $0.95-$1.01 EPS.

AZEK Price Performance

AZEK traded up $1.04 during trading on Friday, hitting $21.45. 1,970,386 shares of the company traded hands, compared to its average volume of 1,751,979. The company has a market cap of $3.33 billion, a PE ratio of 27.86, a P/E/G ratio of 1.47 and a beta of 1.89. The stock’s 50-day simple moving average is $19.14 and its two-hundred day simple moving average is $23.41. AZEK has a 1 year low of $15.52 and a 1 year high of $46.56. The company has a current ratio of 3.00, a quick ratio of 1.28 and a debt-to-equity ratio of 0.34.

AZEK (NYSE:AZEK – Get Rating) last posted its earnings results on Thursday, August 4th. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.06. AZEK had a net margin of 8.49% and a return on equity of 11.61%. The company had revenue of $395.00 million during the quarter, compared to analysts’ expectations of $385.73 million. During the same period last year, the company posted $0.22 earnings per share. AZEK’s quarterly revenue was up 20.6% on a year-over-year basis. As a group, sell-side analysts anticipate that AZEK will post 0.97 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on AZEK shares. Citigroup lowered their target price on shares of AZEK from $24.00 to $23.00 and set a buy rating for the company in a report on Friday, June 17th. Robert W. Baird reduced their price target on shares of AZEK from $30.00 to $28.00 and set an outperform rating for the company in a report on Thursday, June 16th. JPMorgan Chase & Co. cut their price objective on shares of AZEK from $27.00 to $24.00 in a research report on Friday, July 15th. BMO Capital Markets cut their price objective on shares of AZEK from $48.00 to $33.00 in a research report on Wednesday, May 11th. Finally, The Goldman Sachs Group downgraded shares of AZEK from a conviction-buy rating to a buy rating and set a $23.00 price objective on the stock. in a research report on Wednesday, July 13th. One analyst has rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, AZEK currently has an average rating of Moderate Buy and an average price target of $29.80.

Hedge Funds Weigh In On AZEK

Large investors have recently added to or reduced their stakes in the stock. Covestor Ltd grew its holdings in shares of AZEK by 1,441.8% during the first quarter. Covestor Ltd now owns 2,544 shares of the company’s stock worth $63,000 after buying an additional 2,379 shares in the last quarter. MetLife Investment Management LLC purchased a new stake in shares of AZEK during the first quarter worth $124,000. XTX Topco Ltd purchased a new stake in shares of AZEK in the first quarter valued at about $205,000. Virtu Financial LLC purchased a new stake in shares of AZEK in the first quarter valued at about $234,000. Finally, Snider Financial Group grew its holdings in shares of AZEK by 7.7% in the first quarter. Snider Financial Group now owns 10,655 shares of the company’s stock valued at $265,000 after purchasing an additional 765 shares during the period. 96.53% of the stock is currently owned by institutional investors and hedge funds.

About AZEK

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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.