Today: Trex Co. (TREX) Lowered by The Zacks Investment Research to “Hold”

Today: Trex Co. (TREX) Lowered by The Zacks Investment Research to “Hold”

Zacks Investment Research downgraded shares of Trex Co. (NYSE:TREX) from a buy rating to a hold rating in a report released on Friday.

According to Zacks, “Trex Company, Inc. is a manufacturer of wood-alternative decking and railing. Trex Company, Inc. is based in Winchester, United States. “

Other equities research analysts have also recently issued reports about the company. FBR & Co cut Trex from an outperform rating to a market perform rating and set a $61.00 price objective for the company. in a research note on Tuesday, November 22nd. Wedbush upped their price objective on Trex from $53.00 to $55.00 and gave the stock a neutral rating in a research note on Wednesday, October 19th. CL King cut Trex from a buy rating to a neutral rating in a research note on Wednesday, August 3rd. They noted that the move was a valuation call. Seaport Global Securities began coverage on Trex in a research note on Tuesday, November 22nd. They set a neutral rating for the company. Finally, Stifel Nicolaus upped their price objective on Trex from $56.00 to $58.00 and gave the stock a hold rating in a research note on Wednesday, November 9th. Eight analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The stock has a consensus rating of Hold and a consensus target price of $63.00.

Shares of Trex (NYSE:TREX) opened at 70.96 on Friday. The company’s 50 day moving average price is $59.70 and its 200 day moving average price is $53.45. Trex has a 52-week low of $31.11 and a 52-week high of $72.21. The stock has a market capitalization of $2.08 billion, a PE ratio of 34.36 and a beta of 2.21.

Trex (NYSE:TREX) last posted its quarterly earnings data on Monday, November 7th. The company reported $0.45 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.03. Trex had a return on equity of 65.45% and a net margin of 13.02%. The company earned $106.20 million during the quarter, compared to analysts’ expectations of $105.14 million. During the same quarter in the previous year, the business earned $0.26 EPS. Trex’s revenue was up 13.0% compared to the same quarter last year. On average, equities research analysts anticipate that Trex will post $2.43 EPS for the current year.

In other news, Director Frank H. Merlotti, Jr. sold 1,801 shares of the company’s stock in a transaction dated Wednesday, November 16th. The stock was sold at an average price of $66.21, for a total value of $119,244.21. Following the sale, the director now owns 11,354 shares in the company, valued at $751,748.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Adam Dante Zambanini sold 5,730 shares of the company’s stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of $61.61, for a total value of $353,025.30. Following the completion of the sale, the vice president now owns 34,396 shares in the company, valued at approximately $2,119,137.56. The disclosure for this sale can be found here. 1.40% of the stock is owned by insiders.

Several hedge funds have recently modified their holdings of TREX. BlackRock Fund Advisors increased its stake in shares of Trex by 2.3% in the third quarter. BlackRock Fund Advisors now owns 2,215,227 shares of the company’s stock worth $130,078,000 after buying an additional 48,916 shares during the last quarter. Janus Capital Management LLC increased its stake in shares of Trex by 1.6% in the second quarter. Janus Capital Management LLC now owns 1,411,277 shares of the company’s stock worth $63,395,000 after buying an additional 22,184 shares during the last quarter. Eagle Asset Management Inc. increased its stake in shares of Trex by 11.4% in the second quarter. Eagle Asset Management Inc. now owns 678,636 shares of the company’s stock worth $30,484,000 after buying an additional 69,664 shares during the last quarter. State Street Corp increased its stake in shares of Trex by 13.1% in the first quarter. State Street Corp now owns 595,269 shares of the company’s stock worth $28,531,000 after buying an additional 68,782 shares during the last quarter. Finally, Conestoga Capital Advisors LLC increased its stake in shares of Trex by 2.2% in the third quarter. Conestoga Capital Advisors LLC now owns 594,738 shares of the company’s stock worth $34,923,000 after buying an additional 12,570 shares during the last quarter. Hedge funds and other institutional investors own 94.33% of the company’s stock.

About Trex

Trex Company, Inc is a manufacturer of wood-alternative decking and railing products. The Company markets its products under the brand name Trex. The Company offers a set of outdoor living products in the decking, railing, porch, fencing, trim, steel deck framing and outdoor lighting categories. Its decking products include Trex Transcend, Trex Enhance and Trex Select.

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