Corebridge Financial Inc. Sells 7,361 Shares of Trex Company, Inc. (NYSE:TREX)

Corebridge Financial Inc. decreased its stake in shares of Trex Company, Inc. (NYSE:TREX) by 5.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 122,461 shares of the construction company’s stock after selling 7,361 shares during the period. Corebridge Financial Inc. owned approximately 0.11% of Trex worth $8,453,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. JPMorgan Chase & Co. grew its position in shares of Trex by 97.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 797,513 shares of the construction company’s stock worth $53,098,000 after buying an additional 393,850 shares during the period. Atomi Financial Group Inc. purchased a new stake in Trex in the fourth quarter worth about $247,000. Charles Schwab Investment Management Inc. increased its stake in shares of Trex by 3.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 902,070 shares of the construction company’s stock valued at $60,060,000 after purchasing an additional 27,992 shares in the last quarter. SG Americas Securities LLC lifted its holdings in shares of Trex by 298.5% during the fourth quarter. SG Americas Securities LLC now owns 6,137 shares of the construction company’s stock valued at $424,000 after purchasing an additional 4,597 shares during the last quarter. Finally, Point72 Asset Management L.P. boosted its position in shares of Trex by 100.0% in the 3rd quarter. Point72 Asset Management L.P. now owns 1,022,459 shares of the construction company’s stock worth $68,075,000 after purchasing an additional 511,163 shares in the last quarter. Hedge funds and other institutional investors own 95.96% of the company’s stock.

Wall Street Analyst Weigh In

TREX has been the subject of a number of recent research reports. Truist Financial lowered their price objective on Trex from $100.00 to $90.00 and set a “buy” rating for the company in a research note on Tuesday, February 25th. Benchmark reaffirmed a “buy” rating and issued a $80.00 price target on shares of Trex in a research report on Monday, March 3rd. StockNews.com lowered shares of Trex from a “hold” rating to a “sell” rating in a research note on Wednesday, March 5th. Citigroup reduced their target price on Trex from $84.00 to $78.00 and set a “neutral” rating for the company in a report on Monday, January 6th. Finally, Jefferies Financial Group decreased their price target on Trex from $81.00 to $71.00 and set a “hold” rating for the company in a research note on Tuesday, February 25th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $78.63.

Trex Price Performance

Shares of Trex stock opened at $59.41 on Friday. The stock has a market capitalization of $6.37 billion, a PE ratio of 27.13, a P/E/G ratio of 2.51 and a beta of 1.60. Trex Company, Inc. has a 1-year low of $52.75 and a 1-year high of $100.33. The company’s fifty day simple moving average is $64.83 and its 200-day simple moving average is $67.94.

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

Insider Buying and Selling

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

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.