Benchmark Downgrades Trex (NYSE:TREX) to Hold

Trex (NYSE:TREX) was downgraded by analysts at Benchmark from a “buy” rating to a “hold” rating in a research report issued on Wednesday, Marketbeat.com reports.

Other research analysts also recently issued research reports about the stock. Bank of America reaffirmed an “underperform” rating and issued a $36.00 price objective (down previously from $67.00) on shares of Trex in a research report on Wednesday, November 5th. Wall Street Zen downgraded shares of Trex from a “hold” rating to a “sell” rating in a research note on Saturday, January 10th. Vertical Research downgraded Trex from a “buy” rating to a “hold” rating and set a $32.00 price target on the stock. in a research report on Wednesday, November 5th. Robert W. Baird set a $48.00 price objective on Trex in a report on Monday, January 12th. Finally, Truist Financial dropped their target price on Trex from $75.00 to $50.00 and set a “buy” rating on the stock in a research note on Wednesday, November 5th. Nine equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, Trex presently has a consensus rating of “Hold” and an average price target of $47.25.

Trex Price Performance

TREX opened at $44.44 on Wednesday. The business’s 50-day moving average is $38.81 and its two-hundred day moving average is $47.19. Trex has a 1 year low of $29.77 and a 1 year high of $71.01. The firm has a market capitalization of $4.77 billion, a PE ratio of 24.15 and a beta of 1.58.

Insider Activity

In other news, CFO Prithvi Gandhi bought 15,000 shares of the business’s stock in a transaction that occurred on Friday, November 14th. The shares were purchased at an average cost of $31.92 per share, with a total value of $478,800.00. Following the transaction, the chief financial officer directly owned 30,664 shares in the company, valued at approximately $978,794.88. The trade was a 95.76% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.74% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Alliancebernstein L.P. raised its stake in shares of Trex by 1.9% in the third quarter. Alliancebernstein L.P. now owns 7,543,925 shares of the construction company’s stock worth $389,795,000 after purchasing an additional 142,215 shares during the last quarter. American Century Companies Inc. increased its holdings in Trex by 2.5% in the 3rd quarter. American Century Companies Inc. now owns 2,191,472 shares of the construction company’s stock worth $113,233,000 after buying an additional 53,554 shares during the period. Wellington Management Group LLP raised its position in Trex by 86.8% during the 3rd quarter. Wellington Management Group LLP now owns 1,974,096 shares of the construction company’s stock worth $102,002,000 after buying an additional 917,448 shares during the last quarter. Impax Asset Management Group plc raised its position in Trex by 93.0% during the 3rd quarter. Impax Asset Management Group plc now owns 1,934,581 shares of the construction company’s stock worth $99,354,000 after buying an additional 932,247 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in Trex by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 1,913,263 shares of the construction company’s stock valued at $67,132,000 after acquiring an additional 24,892 shares during the period. 95.96% of the stock is owned by institutional investors and hedge funds.

About Trex

Trex Company, Inc is a leading manufacturer of wood-alternative decking and railing systems designed for residential and commercial outdoor living environments. The company’s core offerings feature composite decking products made from a proprietary blend of recycled wood fibers and plastic film, which deliver enhanced durability, resistance to rot and insect damage, and low maintenance compared to traditional wood. Trex also provides matching railing, lighting, fencing and cladding solutions that allow customers to create cohesive, high-performance outdoor spaces.

Trex’s product portfolio is organized into multiple performance tiers, including premium, mid-range and value-oriented lines.