BofA Securities Downgrades Azek From Buy to Neutral

On January 30, 2023, B of A Securities downgraded their outlook for Azek from Buy to Neutral.

Analyst Price Forecast Suggests 5.15% Upside

As of January 31, 2023, the average one-year price target for Azek is $24.48. The forecasts range from a low of $16.16 to a high of $31.50. The average price target represents an increase of 5.15% from its latest reported closing price of $23.28.

The projected annual revenue for Azek is $1,268MM, a decrease of 6.46%. The projected annual EPS is $0.58, an increase of 19.36%.

What are large shareholders doing?

Ares Management holds 19,096,090 shares representing 12.64% ownership of the company. No change in the last quarter.

Ontario Teachers Pension Plan Board holds 19,095,990 shares representing 12.64% ownership of the company. No change in the last quarter.

Massachusetts Financial Services holds 9,414,622 shares representing 6.23% ownership of the company. In it’s prior filing, the firm reported owning 8,849,750 shares, representing an increase of 6.00%. The firm decreased its portfolio allocation in AZEK by 82.51% over the last quarter.

Wellington Management Group Llp holds 6,784,987 shares representing 4.49% ownership of the company. In it’s prior filing, the firm reported owning 1,969,121 shares, representing an increase of 70.98%. The firm decreased its portfolio allocation in AZEK by 49.70% over the last quarter.

SMCWX – SMALLCAP WORLD FUND INC holds 5,528,970 shares representing 3.66% ownership of the company. In it’s prior filing, the firm reported owning 4,423,400 shares, representing an increase of 20.00%. The firm increased its portfolio allocation in AZEK by 29.77% over the last quarter.

Fund Sentiment

There are 563 funds or institutions reporting positions in Azek. This is a decrease of 32 owner(s) or 5.38%.

Average portfolio weight of all funds dedicated to US:AZEK is 0.2453%, a decrease of 6.0890%. Total shares owned by institutions decreased in the last three months by 1.78% to 185,743K shares.

AZEK Background Information
(This description is provided by the company.)

The AZEK® Company Inc. is an industry-leading designer and manufacturer of beautiful, low-maintenance residential and commercial building products and is committed to innovation, sustainability and research & development. Headquartered in Chicago, Illinois, the company operates manufacturing facilities in Ohio, Pennsylvania and Minnesota.

This article originally appeared on Fintel