Principal Financial Group Inc. Has $42.97 Million Stock Position in Trex Company, Inc. $TREX

Principal Financial Group Inc. boosted its holdings in shares of Trex Company, Inc. (NYSE:TREX) by 35.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 831,609 shares of the construction company’s stock after purchasing an additional 219,813 shares during the period. Principal Financial Group Inc. owned about 0.78% of Trex worth $42,969,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Thrivent Financial for Lutherans raised its holdings in shares of Trex by 7.9% during the 3rd quarter. Thrivent Financial for Lutherans now owns 906,892 shares of the construction company’s stock worth $46,859,000 after buying an additional 66,721 shares in the last quarter. Lisanti Capital Growth LLC bought a new position in Trex in the third quarter valued at about $3,614,000. AlphaQuest LLC acquired a new position in Trex during the third quarter worth about $429,000. Arizona State Retirement System raised its stake in Trex by 1.4% during the third quarter. Arizona State Retirement System now owns 31,729 shares of the construction company’s stock worth $1,639,000 after acquiring an additional 438 shares in the last quarter. Finally, New York State Common Retirement Fund lifted its holdings in shares of Trex by 29.9% in the third quarter. New York State Common Retirement Fund now owns 84,107 shares of the construction company’s stock worth $4,346,000 after acquiring an additional 19,349 shares during the last quarter. Institutional investors own 95.96% of the company’s stock.

Trex Stock Up 3.3%

Shares of NYSE:TREX opened at $43.81 on Thursday. The firm has a market cap of $4.70 billion, a P/E ratio of 23.81 and a beta of 1.58. Trex Company, Inc. has a 12-month low of $29.77 and a 12-month high of $73.56. The business has a fifty day simple moving average of $38.11 and a 200 day simple moving average of $47.95.

Trex (NYSE:TREX) last released its quarterly earnings results on Tuesday, November 4th. The construction company reported $0.51 EPS for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.06). Trex had a net margin of 16.76% and a return on equity of 21.90%. The company had revenue of $285.35 million during the quarter, compared to the consensus estimate of $301.74 million. During the same quarter last year, the firm posted $0.37 EPS. The company’s quarterly revenue was up 22.1% on a year-over-year basis. As a group, equities research analysts expect that Trex Company, Inc. will post 2.04 EPS for the current year.

Insider Activity at Trex

In other news, CFO Prithvi Gandhi acquired 15,000 shares of Trex stock in a transaction dated Friday, November 14th. The shares were bought at an average cost of $31.92 per share, with a total value of $478,800.00. Following the purchase, the chief financial officer owned 30,664 shares in the company, valued at $978,794.88. This trade represents a 95.76% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.71% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on TREX. Bank of America reiterated an “underperform” rating and set a $36.00 price objective (down from $67.00) on shares of Trex in a research report on Wednesday, November 5th. The Goldman Sachs Group set a $54.00 price target on shares of Trex and gave the stock a “buy” rating in a report on Tuesday, December 16th. Zelman & Associates downgraded Trex from an “outperform” rating to a “neutral” rating in a report on Wednesday, November 5th. Zacks Research lowered Trex from a “hold” rating to a “strong sell” rating in a research report on Monday, October 13th. Finally, Stifel Nicolaus reiterated a “hold” rating and issued a $35.00 target price (down from $61.00) on shares of Trex in a research report on Monday, November 10th. Ten analysts have rated the stock with a Buy rating, nine have given a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $47.25.

Trex Company Profile

Trex Company, Inc is a leading manufacturer of wood-alternative decking and railing systems designed for residential and commercial outdoor living environments. The company’s core offerings feature composite decking products made from a proprietary blend of recycled wood fibers and plastic film, which deliver enhanced durability, resistance to rot and insect damage, and low maintenance compared to traditional wood. Trex also provides matching railing, lighting, fencing and cladding solutions that allow customers to create cohesive, high-performance outdoor spaces.

Trex’s product portfolio is organized into multiple performance tiers, including premium, mid-range and value-oriented lines.