Summitry LLC Makes New Investment in Trex Company, Inc. (NYSE:TREX)

Summitry LLC bought a new stake in Trex Company, Inc. (NYSE:TREX) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 3,197 shares of the construction company’s stock, valued at approximately $221,000.

Several other hedge funds have also made changes to their positions in the business. Wasatch Advisors LP raised its stake in Trex by 33.2% during the 3rd quarter. Wasatch Advisors LP now owns 4,076,408 shares of the construction company’s stock valued at $271,407,000 after acquiring an additional 1,015,516 shares during the last quarter. State Street Corp increased its holdings in shares of Trex by 1.2% in the third quarter. State Street Corp now owns 3,183,444 shares of the construction company’s stock valued at $211,954,000 after purchasing an additional 37,436 shares during the period. Conestoga Capital Advisors LLC raised its stake in shares of Trex by 0.9% during the fourth quarter. Conestoga Capital Advisors LLC now owns 1,967,748 shares of the construction company’s stock worth $135,834,000 after purchasing an additional 17,405 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Trex by 1.9% during the third quarter. Geode Capital Management LLC now owns 1,873,455 shares of the construction company’s stock worth $124,766,000 after purchasing an additional 35,039 shares during the period. Finally, AustralianSuper Pty Ltd purchased a new position in Trex in the 4th quarter valued at $110,414,000. Institutional investors and hedge funds own 95.96% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on TREX shares. JPMorgan Chase & Co. lowered their target price on shares of Trex from $79.00 to $73.00 and set a “neutral” rating on the stock in a report on Wednesday, March 5th. Citigroup lowered their price objective on Trex from $84.00 to $78.00 and set a “neutral” rating on the stock in a report on Monday, January 6th. Jefferies Financial Group cut their target price on Trex from $81.00 to $71.00 and set a “hold” rating for the company in a research note on Tuesday, February 25th. Truist Financial decreased their price target on Trex from $100.00 to $90.00 and set a “buy” rating on the stock in a research note on Tuesday, February 25th. Finally, UBS Group cut their price objective on Trex from $76.00 to $74.00 and set a “neutral” rating for the company in a research report on Tuesday, February 25th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the company. According to MarketBeat.com, Trex currently has a consensus rating of “Hold” and a consensus price target of $78.63.

Insiders Place Their Bets

In related news, Director Melkeya Mcduffie sold 1,420 shares of the stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $61.88, for a total transaction of $87,869.60. Following the transaction, the director now directly owns 1,705 shares in the company, valued at approximately $105,505.40. This represents a 45.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.71% of the stock is owned by corporate insiders.

Trex Stock Up 0.1 %

TREX opened at $62.05 on Wednesday. The firm has a market cap of $6.65 billion, a P/E ratio of 28.33, a PEG ratio of 2.51 and a beta of 1.60. The business’s fifty day simple moving average is $65.27 and its 200 day simple moving average is $68.05. Trex Company, Inc. has a 52 week low of $52.75 and a 52 week high of $100.61.

Trex (NYSE:TREX) last released its quarterly earnings results on Monday, February 24th. The construction company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.05. The company had revenue of $167.63 million for the quarter, compared to analysts’ expectations of $160.54 million. Trex had a net margin of 20.23% and a return on equity of 28.89%. As a group, equities analysts expect that Trex Company, Inc. will post 2.04 EPS for the current fiscal year.

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.