Oppenheimer Asset Management Inc. Sells 23,740 Shares of Trex Company, Inc. (NYSE:TREX)

Oppenheimer Asset Management Inc. lowered its stake in Trex Company, Inc. (NYSE:TREX) by 42.0% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 32,793 shares of the construction company’s stock after selling 23,740 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Trex were worth $3,271,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of TREX. Hilltop National Bank purchased a new position in shares of Trex during the first quarter valued at approximately $177,000. Envestnet Portfolio Solutions Inc. increased its stake in shares of Trex by 52.5% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 18,072 shares of the construction company’s stock valued at $1,803,000 after buying an additional 6,219 shares during the period. Duality Advisers LP increased its stake in shares of Trex by 54.1% during the first quarter. Duality Advisers LP now owns 47,677 shares of the construction company’s stock valued at $4,756,000 after buying an additional 16,738 shares during the period. Texas Permanent School Fund Corp increased its stake in shares of Trex by 1.3% during the first quarter. Texas Permanent School Fund Corp now owns 95,041 shares of the construction company’s stock valued at $9,480,000 after buying an additional 1,231 shares during the period. Finally, DAVENPORT & Co LLC increased its stake in shares of Trex by 1.4% during the first quarter. DAVENPORT & Co LLC now owns 220,222 shares of the construction company’s stock valued at $21,861,000 after buying an additional 2,953 shares during the period. Institutional investors own 95.96% of the company’s stock.

Trex Trading Up 4.0 %

Shares of TREX stock traded up $3.17 on Friday, reaching $81.55. 1,629,750 shares of the company’s stock were exchanged, compared to its average volume of 1,096,675. Trex Company, Inc. has a 52 week low of $53.59 and a 52 week high of $101.91. The stock has a market capitalization of $8.86 billion, a PE ratio of 35.00, a P/E/G ratio of 1.72 and a beta of 1.50. The company’s fifty day simple moving average is $82.64 and its 200 day simple moving average is $87.10.

Trex (NYSE:TREX) last issued its 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. The business had revenue of $373.64 million during the quarter, compared to analyst estimates of $367.31 million. Trex had a return on equity of 35.33% and a net margin of 20.60%. Trex’s revenue was up 56.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.38 EPS. As a group, sell-side analysts predict that Trex Company, Inc. will post 2.26 earnings per share for the current fiscal year.

Insider Activity

In other Trex news, SVP Jacob T. Rudolph sold 16,440 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $90.90, for a total value of $1,494,396.00. Following the completion of 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 filing with the SEC, which is available through this hyperlink. Company insiders own 0.71% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Citigroup reduced their price target on Trex from $94.00 to $80.00 and set a “neutral” rating on the stock in a research note on Thursday. Barclays reduced their price target on Trex from $94.00 to $81.00 and set an “underweight” rating on the stock in a research note on Friday. The Goldman Sachs Group cut their target price on Trex from $114.00 to $93.00 and set a “buy” rating on the stock in a research note on Wednesday. Loop Capital cut their target price on Trex from $110.00 to $95.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, DA Davidson cut their target price on Trex from $89.00 to $80.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 3rd. Two research 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. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $88.76.

Trex Profile

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.