Trex Company, Inc. (NYSE:TREX – Get Free Report) shares gapped down prior to trading on Wednesday after Bank of America lowered their price target on the stock from $97.00 to $85.00. The stock had previously closed at $76.56, but opened at $61.04. Bank of America currently has a buy rating on the stock. Trex shares last traded at $60.51, with a volume of 928,954 shares.
Several other equities analysts also recently weighed in on TREX. B. Riley lowered their target price on Trex from $107.00 to $97.00 and set a “buy” rating on the stock in a research report on Wednesday. Robert W. Baird reduced their target price on Trex from $88.00 to $70.00 and set a “neutral” rating on the stock in a report on Wednesday. Truist Financial reduced their target price on Trex from $120.00 to $100.00 and set a “buy” rating on the stock in a report on Wednesday. UBS Group reduced their price objective on Trex from $104.00 to $79.00 and set a “neutral” rating on the stock in a research note on Wednesday. Finally, Stephens cut Trex from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $115.00 to $72.00 in a research note on Wednesday. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Trex presently has a consensus rating of “Hold” and a consensus price target of $83.31.
Insiders Place Their Bets
In other news, SVP Jacob T. Rudolph sold 16,440 shares of the stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $90.90, for a total transaction of $1,494,396.00. Following the completion of the sale, the senior vice president now owns 25,746 shares in the company, valued at approximately $2,340,311.40. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.71% of the stock is owned by company insiders.
Hedge Funds Weigh In On Trex
Hedge funds have recently made changes to their positions in the company. Headlands Technologies LLC acquired a new stake in Trex during the 2nd quarter worth about $175,000. Texas Permanent School Fund Corp lifted its stake in Trex by 2.4% in the 2nd quarter. Texas Permanent School Fund Corp now owns 97,369 shares of the construction company’s stock valued at $7,217,000 after buying an additional 2,328 shares in the last quarter. Prudential PLC purchased a new position in Trex in the 2nd quarter valued at about $607,000. Ashton Thomas Private Wealth LLC purchased a new position in Trex in the 2nd quarter valued at about $44,000. Finally, Harrington Investments INC lifted its stake in Trex by 1.4% in the 2nd quarter. Harrington Investments INC now owns 9,807 shares of the construction company’s stock valued at $727,000 after buying an additional 140 shares in the last quarter. 95.96% of the stock is owned by institutional investors and hedge funds.
Trex Stock Performance
The stock has a market capitalization of $6.53 billion, a PE ratio of 26.18, a price-to-earnings-growth ratio of 1.85 and a beta of 1.50. The stock’s 50 day moving average is $79.82 and its two-hundred day moving average is $87.17.
Trex (NYSE:TREX – Get Free Report) last released its earnings results on Tuesday, August 6th. The construction company reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.02. Trex had a net margin of 20.60% and a return on equity of 35.33%. The business had revenue of $376.47 million for the quarter, compared to analyst estimates of $387.87 million. During the same period last year, the company posted $0.71 EPS. The business’s revenue was up 5.6% on a year-over-year basis. Equities research analysts expect that Trex Company, Inc. will post 2.26 EPS for the current fiscal year.
About Trex
Trex Company, Inc manufactures and distributes composite decking, railing, and outdoor living products and accessories for residential and commercial markets in the United States. It offers decking products and accessories under the names Trex Transcend, Trex Select, Trex Signature, Trex Transcend Lineage, and Trex Enhance for protection against fading, staining, mold, and scratching; Trex Hideaway, a hidden fastening system; and Trex DeckLighting, a LED dimmable deck lighting for use on posts, floors, and steps.