We recently published a list of 10 Stocks Outperform Broader Market Last Week. In this article, we are going to take a look at where The AZEK Company Inc. (NYSE:AZEK) stands against other stocks that outperformed broader market last week.

Wall Street’s main indices traded lower week-on-week as investor sentiment continued to be dragged by the ongoing trade tensions globally.

The tech-heavy Nasdaq was down by 2.59 percent versus its level on March 21. Meanwhile, the S&P 500 declined by 1.5 percent and the Dow Jones dropped by 0.956 percent.

Ten individual stocks, on the other hand, managed to stay stronger, three of which were particularly notable as funds flocking to gold assets spilled over into their stocks.

In this article, we listed last week’s 10 top performers and detailed the reasons behind their gains.

To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5 million trading volume.

A team of architects and engineers standing in front of a mid-construction commercial building.

The AZEK Company Inc. (NYSE:AZEK)

The AZEK Company surged by 19.95 percent week-on-week to finish Friday’s trading at $49.65 versus $41.39 on March 21 following news that Australia-based building products firm James Hardie offered to buy the firm for $8.75 billion.

Under the agreement, AZEK shareholders will receive $26.45 in cash payments and 1.034 ordinary shares of James Hardie for each AZEK stock that they own. The transaction would allow James Hardie to gain a listing on the New York Stock Exchange.

This would result in the Australian firm owning around 74 percent of AZEK, with the remaining 26 percent to be owned by minority shareholders.

“The consumer journeys for siding and decking often overlap and both companies have excelled at demand creation for the homeowner and innovative products and solutions for the contractor,” James Hardie CEO Aaron Erter said in a statement.

Overall, AZEK ranks 2nd on our list of stocks that outperformed broader market last week. While we acknowledge the potential of AZEK as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as AZEK but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.