Citigroup Lowers Trex (NYSE:TREX) Price Target to $80.00

Trex (NYSE:TREX) had its target price reduced by equities research analysts at Citigroup from $94.00 to $80.00 in a report issued on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the construction company’s stock. Citigroup’s price target would suggest a potential upside of 2.51% from the company’s current price.

Other equities research analysts also recently issued reports about the stock. Robert W. Baird dropped their price target on shares of Trex from $110.00 to $105.00 and set a “neutral” rating for the company in a research report on Friday, May 10th. Barclays lifted their price target on shares of Trex from $93.00 to $94.00 and gave the company an “underweight” rating in a research report on Friday, May 10th. Loop Capital lowered their price objective on shares of Trex from $110.00 to $95.00 and set a “buy” rating for the company in a research report on Thursday. The Goldman Sachs Group lowered their price objective on shares of Trex from $114.00 to $93.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, DA Davidson lowered their price objective on shares of Trex from $89.00 to $80.00 and set a “neutral” rating for the company in a research report on Wednesday, July 3rd. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $89.53.

Trex Stock Performance

NYSE:TREX traded up $3.26 during mid-day trading on Thursday, hitting $78.04. The stock had a trading volume of 713,515 shares, compared to its average volume of 832,971. The company’s 50 day simple moving average is $83.08 and its 200 day simple moving average is $87.17. The stock has a market cap of $8.48 billion, a price-to-earnings ratio of 33.48, a PEG ratio of 1.56 and a beta of 1.50. Trex has a twelve month low of $53.59 and a twelve month high of $101.91.

Trex (NYSE:TREX) last released its quarterly earnings results on Thursday, May 9th. The construction company reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.10. Trex had a net margin of 20.60% and a return on equity of 35.33%. The company had revenue of $373.64 million during the quarter, compared to the consensus estimate of $367.31 million. During the same period in the previous year, the business earned $0.38 earnings per share. The firm’s quarterly revenue was up 56.5% on a year-over-year basis. As a group, equities analysts forecast that Trex will post 2.26 earnings per share for the current year.

Insider Transactions at Trex

In related news, SVP Jacob T. Rudolph sold 16,440 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $90.90, for a total value of $1,494,396.00. Following the sale, the senior vice president now owns 25,746 shares of the company’s stock, valued at $2,340,311.40. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.71% of the company’s stock.

Hedge Funds Weigh In On Trex

Several institutional investors have recently made changes to their positions in the stock. V Square Quantitative Management LLC acquired a new stake in shares of Trex in the 4th quarter worth about $25,000. Mather Group LLC. purchased a new stake in Trex in the 1st quarter valued at about $26,000. Contravisory Investment Management Inc. purchased a new stake in Trex in the 4th quarter valued at about $28,000. Headinvest LLC purchased a new stake in Trex in the 3rd quarter valued at about $29,000. Finally, Sunbelt Securities Inc. increased its stake in Trex by 1,744.4% in the 1st quarter. Sunbelt Securities Inc. now owns 332 shares of the construction company’s stock valued at $33,000 after buying an additional 314 shares during the last quarter. Institutional investors and hedge funds own 95.96% of the company’s stock.

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.