Citigroup Cuts Trex (NYSE:TREX) Price Target to $78.00

Trex (NYSE:TREX) had its price target cut by Citigroup from $84.00 to $78.00 in a research report released on Monday morning,Benzinga reports. They currently have a neutral rating on the construction company’s stock.

A number of other equities research analysts have also issued reports on the stock. Jefferies Financial Group cut their target price on shares of Trex from $77.00 to $73.00 and set a “hold” rating on the stock in a research note on Wednesday, October 9th. Robert W. Baird increased their price objective on shares of Trex from $70.00 to $78.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 29th. StockNews.com lowered shares of Trex from a “hold” rating to a “sell” rating in a research note on Tuesday, October 29th. BMO Capital Markets increased their price objective on shares of Trex from $67.00 to $72.00 and gave the stock a “market perform” rating in a research note on Tuesday, October 29th. Finally, Barclays dropped their price objective on shares of Trex from $68.00 to $67.00 and set an “underweight” rating on the stock in a research note on Tuesday, October 29th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Trex has a consensus rating of “Hold” and an average price target of $79.81.

Trex Stock Down 1.1 %

Shares of NYSE TREX opened at $65.92 on Monday. The firm has a fifty day moving average of $72.59 and a 200-day moving average of $70.44. Trex has a 52-week low of $58.68 and a 52-week high of $101.91. The stock has a market capitalization of $7.06 billion, a PE ratio of 30.10, a P/E/G ratio of 3.50 and a beta of 1.50.

Trex (NYSE:TREX) last announced its quarterly earnings results on Monday, October 28th. The construction company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.05. Trex had a net margin of 20.23% and a return on equity of 28.89%. The firm had revenue of $233.72 million during the quarter, compared to analysts’ expectations of $225.42 million. During the same period in the prior year, the company earned $0.57 EPS. The firm’s revenue was down 23.1% on a year-over-year basis. Equities research analysts expect that Trex will post 2.05 EPS for the current fiscal year.

Hedge Funds Weigh In On Trex

A number of large investors have recently modified their holdings of TREX. Harrington Investments INC increased its stake in Trex by 1.4% in the second quarter. Harrington Investments INC now owns 9,807 shares of the construction company’s stock valued at $727,000 after purchasing an additional 140 shares in the last quarter. First Horizon Advisors Inc. increased its stake in Trex by 8.8% in the third quarter. First Horizon Advisors Inc. now owns 2,282 shares of the construction company’s stock valued at $152,000 after purchasing an additional 184 shares in the last quarter. American Trust increased its stake in Trex by 7.9% in the third quarter. American Trust now owns 3,367 shares of the construction company’s stock valued at $224,000 after purchasing an additional 246 shares in the last quarter. Stephens Inc. AR increased its stake in Trex by 7.1% in the third quarter. Stephens Inc. AR now owns 5,693 shares of the construction company’s stock valued at $379,000 after purchasing an additional 375 shares in the last quarter. Finally, Nicolet Advisory Services LLC increased its position in shares of Trex by 5.2% during the third quarter. Nicolet Advisory Services LLC now owns 7,809 shares of the construction company’s stock worth $532,000 after acquiring an additional 389 shares in the last quarter. 95.96% of the stock is currently owned by institutional investors and hedge funds.

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.