Trex (NYSE:TREX) PT Raised to $98.00

Trex (NYSE:TREX) had its price objective increased by BMO Capital Markets from $92.00 to $98.00 in a research report report published on Tuesday morning, The Fly reports. The firm currently has a market perform rating on the construction company’s stock.

A number of other research analysts also recently commented on TREX. Robert W. Baird increased their price objective on shares of Trex from $110.00 to $120.00 and gave the company an outperform rating in a research note on Tuesday. DA Davidson increased their price objective on shares of Trex from $75.00 to $95.00 and gave the company a neutral rating in a research note on Monday, March 1st. Truist Securities upgraded shares of Trex from a hold rating to a buy rating in a research note on Monday, April 19th. Truist raised shares of Trex from a hold rating to a buy rating and increased their target price for the stock from $100.00 to $120.00 in a report on Monday, April 12th. Finally, JPMorgan Chase & Co. started coverage on shares of Trex in a report on Tuesday. They set a neutral rating and a $109.00 target price on the stock. Eleven equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $96.72.

Shares of TREX stock opened at $104.69 on Tuesday. Trex has a twelve month low of $54.10 and a twelve month high of $111.04. The company has a market capitalization of $12.08 billion, a PE ratio of 72.45 and a beta of 1.46. The firm has a fifty day simple moving average of $101.45 and a 200-day simple moving average of $90.27.

Trex (NYSE:TREX) last posted its quarterly earnings data on Sunday, May 9th. The construction company reported $0.42 EPS for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.04. Trex had a net margin of 20.53% and a return on equity of 35.52%. The firm had revenue of $245.52 million for the quarter, compared to the consensus estimate of $239.31 million. During the same period in the prior year, the firm posted $0.73 EPS. The firm’s revenue was up 22.5% compared to the same quarter last year. As a group, research analysts forecast that Trex will post 1.54 EPS for the current fiscal year.

In related news, Director Jay M. Gratz sold 3,692 shares of the stock in a transaction dated Friday, March 26th. The shares were sold at an average price of $90.13, for a total value of $332,759.96. Following the completion of the transaction, the director now owns 24,770 shares in the company, valued at approximately $2,232,520.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jay M. Gratz sold 2,140 shares of the stock in a transaction dated Friday, May 14th. The shares were sold at an average price of $100.92, for a total transaction of $215,968.80. Following the completion of the transaction, the director now owns 22,630 shares of the company’s stock, valued at approximately $2,283,819.60. The disclosure for this sale can be found here. Insiders sold a total of 43,592 shares of company stock valued at $4,247,023 in the last quarter. 0.79% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Alliancebernstein L.P. boosted its position in shares of Trex by 32.5% during the 1st quarter. Alliancebernstein L.P. now owns 5,420,716 shares of the construction company’s stock valued at $496,212,000 after purchasing an additional 1,328,979 shares in the last quarter. Norges Bank bought a new position in shares of Trex during the 4th quarter valued at about $104,656,000. Price T Rowe Associates Inc. MD boosted its position in shares of Trex by 32.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,071,720 shares of the construction company’s stock valued at $257,164,000 after purchasing an additional 756,914 shares in the last quarter. Standard Life Aberdeen plc boosted its position in shares of Trex by 279.4% during the 1st quarter. Standard Life Aberdeen plc now owns 721,613 shares of the construction company’s stock valued at $66,056,000 after purchasing an additional 531,397 shares in the last quarter. Finally, BlackRock Inc. boosted its position in shares of Trex by 3.2% during the 1st quarter. BlackRock Inc. now owns 12,583,549 shares of the construction company’s stock valued at $1,151,900,000 after purchasing an additional 385,729 shares in the last quarter. Hedge funds and other institutional investors own 98.56% of the company’s stock.

About Trex

Trex Company, Inc manufactures and distributes wood and plastic composite products, and related accessories primarily for residential decking, and railing applications in the United States. It offers Trex Transcend, Trex Select, and Trex Enhance protective shells for protection against fading, staining, mold, and scratching; Trex Hideaway, a hidden fastening systems; and Trex DeckLighting, a LED dimmable deck lighting for use on posts, floors, and steps.

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