The AZEK Company Inc. (NYSE:AZEK) Sees Significant Increase in Short Interest

The AZEK Company Inc. (NYSE:AZEK) was the target of a significant growth in short interest in October. As of October 31st, there was short interest totalling 5,630,000 shares, a growth of 7.4% from the October 15th total of 5,240,000 shares. Based on an average trading volume of 1,540,000 shares, the short-interest ratio is currently 3.7 days. Approximately 4.0% of the shares of the stock are sold short.

Institutional Trading of AZEK

A number of institutional investors and hedge funds have recently modified their holdings of AZEK. Vanguard Group Inc. raised its holdings in AZEK by 3.2% in the 1st quarter. Vanguard Group Inc. now owns 13,482,323 shares of the company’s stock worth $677,082,000 after acquiring an additional 413,297 shares during the period. CANADA LIFE ASSURANCE Co increased its stake in shares of AZEK by 180.4% in the first quarter. CANADA LIFE ASSURANCE Co now owns 36,912 shares of the company’s stock worth $1,856,000 after purchasing an additional 23,746 shares during the period. Bessemer Group Inc. lifted its position in shares of AZEK by 6.7% during the 1st quarter. Bessemer Group Inc. now owns 308,554 shares of the company’s stock worth $15,494,000 after purchasing an additional 19,274 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in AZEK by 44.5% during the 1st quarter. Russell Investments Group Ltd. now owns 206,138 shares of the company’s stock valued at $10,352,000 after purchasing an additional 63,481 shares during the period. Finally, Vaughan Nelson Investment Management L.P. boosted its stake in AZEK by 15.9% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 734,446 shares of the company’s stock valued at $30,942,000 after purchasing an additional 100,719 shares during the period. 97.44% of the stock is currently owned by institutional investors and hedge funds.

AZEK Stock Up 1.4 %

Shares of AZEK stock opened at $46.30 on Tuesday. The stock’s 50 day simple moving average is $44.91 and its 200 day simple moving average is $44.20. AZEK has a twelve month low of $30.76 and a twelve month high of $50.78. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.11 and a current ratio of 3.07. The company has a market capitalization of $6.70 billion, a price-to-earnings ratio of 40.93, a PEG ratio of 1.18 and a beta of 1.88.

Analyst Ratings Changes

AZEK has been the topic of several recent analyst reports. Truist Financial dropped their target price on AZEK from $57.00 to $52.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. UBS Group cut their price objective on AZEK from $47.00 to $43.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. JPMorgan Chase & Co. lowered their target price on AZEK from $52.00 to $48.00 and set an “overweight” rating on the stock in a report on Tuesday, August 13th. Stifel Nicolaus dropped their price target on shares of AZEK from $52.00 to $50.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Finally, Benchmark restated a “buy” rating and set a $55.00 price objective on shares of AZEK in a research report on Friday, August 9th. Six research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $48.12.

About AZEK

The AZEK Company Inc engages in the design, manufacturing, and selling of building products for residential, commercial, and industrial markets in the United States and Canada. It operates through two segments: Residential and Commercial. The Residential segment designs and manufactures engineered outdoor living products, such as decking, railing, trim and molding, siding and cladding, pergolas and cabanas, and accessories under the TimberTech, AZEK Exteriors, VERSATEX, ULTRALOX, StruXure, and INTEX brands.