BidaskClub Upgrades Trex Company, Inc. (TREX) to “Strong-Buy”
BidaskClub upgraded shares of Trex Company, Inc. (NYSE:TREX) from a buy rating to a strong-buy rating in a report released on Monday.
Several other equities analysts have also commented on the stock. Zacks Investment Research raised shares of Trex from a hold rating to a buy rating and set a $79.00 price target for the company in a research report on Wednesday, April 26th. Seaport Global Securities raised shares of Trex from a neutral rating to a buy rating and set a $74.00 price target for the company in a research report on Thursday, June 1st. Sidoti initiated coverage on shares of Trex in a research report on Thursday, June 15th. They issued a buy rating for the company. Finally, Stifel Nicolaus reissued a hold rating and issued a $70.00 price objective on shares of Trex in a research report on Friday, July 14th. Four equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus price target of $75.20.
Trex (TREX) traded up 2.57% during trading on Monday, hitting $77.48. 169,614 shares of the company were exchanged. Trex has a 12 month low of $48.03 and a 12 month high of $82.04. The company has a 50-day moving average of $70.20 and a 200-day moving average of $68.76. The company has a market capitalization of $2.28 billion, a price-to-earnings ratio of 31.65 and a beta of 2.36.
Trex (NYSE:TREX) last issued its quarterly earnings results on Monday, July 31st. The construction company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.88 by $0.09. Trex had a net margin of 15.12% and a return on equity of 62.10%. The firm had revenue of $158 million during the quarter, compared to analyst estimates of $160.40 million. During the same quarter in the prior year, the business posted $0.79 earnings per share. Trex’s revenue for the quarter was up 7.9% compared to the same quarter last year. Analysts forecast that Trex will post $2.99 EPS for the current year.
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In other news, insider James E. Cline sold 15,000 shares of the company’s stock in a transaction on Wednesday, May 10th. The shares were sold at an average price of $65.00, for a total value of $975,000.00. Following the completion of the transaction, the insider now directly owns 53,381 shares in the company, valued at $3,469,765. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Frank H. Merlotti, Jr. sold 2,057 shares of the company’s stock in a transaction on Wednesday, May 17th. The shares were sold at an average price of $63.81, for a total transaction of $131,257.17. Following the completion of the transaction, the director now owns 11,718 shares of the company’s stock, valued at $747,725.58. The disclosure for this sale can be found here. Insiders sold 20,557 shares of company stock valued at $1,332,987 in the last three months. Company insiders own 0.95% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in TREX. Russell Investments Group Ltd. purchased a new position in shares of Trex during the fourth quarter valued at $127,000. AQR Capital Management LLC increased its position in Trex by 180.7% in the fourth quarter. AQR Capital Management LLC now owns 27,621 shares of the construction company’s stock worth $1,779,000 after buying an additional 17,780 shares during the period. Norges Bank bought a new position in Trex during the fourth quarter worth approximately $19,743,000. Teachers Advisors LLC increased its position in Trex by 6.5% in the fourth quarter. Teachers Advisors LLC now owns 50,022 shares of the construction company’s stock worth $3,221,000 after buying an additional 3,044 shares during the period. Finally, Creative Planning increased its position in Trex by 17.8% in the first quarter. Creative Planning now owns 6,053 shares of the construction company’s stock worth $420,000 after buying an additional 916 shares during the period. Institutional investors and hedge funds own 92.06% of the company’s stock.
Trex Company, Inc is a manufacturer of wood-alternative decking and railing products. The Company’s products are marketed under the brand name Trex and are manufactured in the United States. It offers a set of outdoor living products in the decking, railing, porch, fencing, trim, steel deck framing and outdoor lighting categories.
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