Benchmark Trims Trex (NYSE:TREX) Target Price to $80.00

Trex (NYSE:TREX) had its price objective lowered by Benchmark from $105.00 to $80.00 in a report published on Thursday morning, Benzinga reports. Benchmark currently has a buy rating on the construction company’s stock.

A number of other research analysts have also issued reports on the stock. B. Riley reduced their target price on shares of Trex from $107.00 to $97.00 and set a buy rating for the company in a research note on Wednesday. Loop Capital lowered shares of Trex from a buy rating to a hold rating and reduced their target price for the company from $95.00 to $75.00 in a research note on Wednesday. Stephens lowered shares of Trex from an overweight rating to an equal weight rating and reduced their target price for the company from $115.00 to $72.00 in a research note on Wednesday. Citigroup reduced their target price on shares of Trex from $94.00 to $80.00 and set a neutral rating for the company in a research note on Thursday, July 11th. Finally, Truist Financial reduced their price target on shares of Trex from $120.00 to $100.00 and set a buy rating for the company in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $82.38.

Trex Price Performance

Shares of TREX stock remained flat at $60.70 during trading hours on Thursday. 1,836,902 shares of the stock traded hands, compared to its average volume of 919,435. Trex has a twelve month low of $53.59 and a twelve month high of $101.91. The firm has a 50 day moving average price of $78.29 and a 200-day moving average price of $86.64. The company has a market cap of $6.60 billion, a PE ratio of 26.05, a price-to-earnings-growth ratio of 1.83 and a beta of 1.50.

Trex (NYSE:TREX) last released its quarterly earnings data on Tuesday, August 6th. The construction company reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.02. Trex had a return on equity of 35.32% and a net margin of 21.07%. The business had revenue of $376.47 million during the quarter, compared to analyst estimates of $387.87 million. During the same quarter in the previous year, the firm posted $0.71 EPS. The business’s revenue for the quarter was up 5.6% compared to the same quarter last year. As a group, sell-side analysts expect that Trex will post 2.26 EPS for the current fiscal year.

Insider Activity at Trex

In other news, SVP Jacob T. Rudolph sold 16,440 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $90.90, for a total transaction of $1,494,396.00. Following the sale, the senior vice president now owns 25,746 shares in the company, valued at $2,340,311.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.71% of the company’s stock.

Institutional Investors Weigh In On Trex

A number of large investors have recently made changes to their positions in the company. Norges Bank acquired a new position in Trex in the 4th quarter valued at approximately $113,613,000. TD Asset Management Inc increased its stake in Trex by 516.8% in the 4th quarter. TD Asset Management Inc now owns 1,600,980 shares of the construction company’s stock valued at $132,545,000 after buying an additional 1,341,419 shares during the period. Epoch Investment Partners Inc. increased its stake in Trex by 250.4% in the 4th quarter. Epoch Investment Partners Inc. now owns 938,544 shares of the construction company’s stock valued at $77,702,000 after buying an additional 670,665 shares during the period. Artisan Partners Limited Partnership increased its stake in Trex by 19.2% in the 4th quarter. Artisan Partners Limited Partnership now owns 4,102,402 shares of the construction company’s stock valued at $339,638,000 after buying an additional 660,536 shares during the period. Finally, Renaissance Technologies LLC acquired a new position in Trex in the 2nd quarter valued at approximately $19,475,000. Institutional investors and hedge funds own 95.96% of the company’s stock.

Trex Company 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.