Trex (NYSE:TREX) Hits New 1-Year High – Here’s What Happened

Trex Company, Inc. (NYSE:TREX) reached a new 52-week high on Thursday. The company traded as high as $51.10 and last traded at $51.0770, with a volume of 2,218,764 shares trading hands. The stock had previously closed at $48.83.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on TREX. Barclays reissued an “underweight” rating and set a $42.00 price target (up from $36.00) on shares of Trex in a research report on Tuesday, July 14th. Bank of America lifted their price objective on Trex from $42.00 to $44.00 and gave the company an “underperform” rating in a report on Tuesday, July 14th. The Goldman Sachs Group reiterated a “buy” rating and set a $56.00 target price (up from $49.00) on shares of Trex in a research report on Friday, July 10th. BMO Capital Markets set a $57.00 target price on Trex in a report on Wednesday, August 5th. Finally, UBS Group reissued a “buy” rating and set a $61.00 target price (up from $59.00) on shares of Trex in a report on Tuesday, July 14th. Thirteen analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Trex has an average rating of “Hold” and an average target price of $50.48.

Trex Trading Up 4.6%

The firm’s 50-day moving average price is $45.31 and its 200 day moving average price is $43.92. The company has a market capitalization of $5.31 billion, a price-to-earnings ratio of 30.40, a PEG ratio of 2.83 and a beta of 1.48.

Trex (NYSE:TREX) last posted its quarterly earnings results on Tuesday, August 4th. The construction company reported $0.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.63 by ($0.01). The firm had revenue of $418.02 million for the quarter, compared to analyst estimates of $415.71 million. Trex had a return on equity of 18.03% and a net margin of 14.68%. The business’s revenue was up 7.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.71 EPS. As a group, equities research analysts anticipate that Trex Company, Inc. will post 1.77 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Trex news, SVP Amy M. Fernandez sold 1,050 shares of the company’s stock in a transaction on Friday, August 7th. The stock was sold at an average price of $50.07, for a total transaction of $52,573.50. Following the completion of the sale, the senior vice president directly owned 67,794 shares in the company, valued at $3,394,445.58. This represents a 1.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.93% of the stock is owned by insiders.

Hedge Funds Weigh In On Trex

Several hedge funds and other institutional investors have recently modified their holdings of TREX. Versant Capital Management Inc acquired a new position in shares of Trex during the 2nd quarter worth $58,000. Ascentis Independent Advisors bought a new stake in shares of Trex during the 1st quarter worth $44,000. Elevation Wealth Partners LLC lifted its position in shares of Trex by 250.7% during the 3rd quarter. Elevation Wealth Partners LLC now owns 1,224 shares of the construction company’s stock worth $53,000 after buying an additional 875 shares during the last quarter. GAMMA Investing LLC boosted its stake in Trex by 104.7% in the third quarter. GAMMA Investing LLC now owns 1,269 shares of the construction company’s stock valued at $55,000 after buying an additional 649 shares in the last quarter. Finally, IFP Advisors Inc boosted its stake in Trex by 76.0% in the second quarter. IFP Advisors Inc now owns 1,584 shares of the construction company’s stock valued at $79,000 after buying an additional 684 shares in the last quarter. Institutional investors own 95.96% of the company’s stock.

About Trex

Trex Company, Inc is a manufacturer of composite decking and outdoor living products. Its offerings are designed as alternatives to traditional wood and include residential and commercial decking, railing systems, outdoor lighting, and related accessories.

The company’s products are marketed under the Trex brand and include decking lines such as Trex Transcend, Trex Select, and Trex Enhance. Trex composite products are made primarily from recycled wood fibers and recycled polyethylene plastics, supporting the company’s focus on low-maintenance and environmentally oriented outdoor building materials.

Founded in 1996 and headquartered in Winchester, Virginia, Trex serves customers through a network of distributors, dealers, retailers, contractors, and building professionals.