DAVENPORT & Co LLC Grows Stake in Trex Company, Inc. (NYSE:TREX)

by · The Cerbat Gem

DAVENPORT & Co LLC raised its holdings in shares of Trex Company, Inc. (NYSE:TREX – Free Report) by 4.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 417,035 shares of the construction company’s stock after purchasing an additional 19,302 shares during the period. DAVENPORT & Co LLC owned 0.39% of Trex worth $24,230,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. State of Alaska Department of Revenue increased its position in Trex by 2.7% during the 1st quarter. State of Alaska Department of Revenue now owns 12,546 shares of the construction company’s stock valued at $728,000 after buying an additional 330 shares in the last quarter. Pictet Asset Management Holding SA grew its stake in shares of Trex by 7.1% during the fourth quarter. Pictet Asset Management Holding SA now owns 14,538 shares of the construction company’s stock worth $1,004,000 after acquiring an additional 969 shares during the last quarter. Blue Trust Inc. increased its holdings in shares of Trex by 55.9% during the first quarter. Blue Trust Inc. now owns 1,138 shares of the construction company’s stock valued at $66,000 after acquiring an additional 408 shares in the last quarter. Janney Montgomery Scott LLC raised its position in shares of Trex by 26.0% in the 1st quarter. Janney Montgomery Scott LLC now owns 70,990 shares of the construction company’s stock valued at $4,125,000 after purchasing an additional 14,670 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Trex by 2.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 926,624 shares of the construction company’s stock valued at $63,965,000 after purchasing an additional 24,554 shares during the last quarter. Hedge funds and other institutional investors own 95.96% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on TREX. Stephens cut their price target on shares of Trex from $73.00 to $65.00 and set an “equal weight” rating on the stock in a research note on Monday, May 12th. Citigroup reduced their target price on Trex from $78.00 to $60.00 and set a “neutral” rating for the company in a research note on Friday, April 11th. Benchmark reiterated a “buy” rating and set a $80.00 price target on shares of Trex in a research note on Monday, May 12th. BMO Capital Markets upgraded Trex from a “market perform” rating to an “outperform” rating and set a $72.00 price objective for the company in a research note on Thursday, April 17th. Finally, JPMorgan Chase & Co. decreased their target price on Trex from $79.00 to $73.00 and set a “neutral” rating for the company in a report on Wednesday, March 5th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $76.65.

Read Our Latest Stock Analysis on Trex

Trex Stock Performance

Shares of NYSE TREX opened at $57.64 on Wednesday. The company has a market capitalization of $6.18 billion, a PE ratio of 31.67, a price-to-earnings-growth ratio of 2.30 and a beta of 1.50. The company’s fifty day moving average price is $57.08 and its 200 day moving average price is $61.66. Trex Company, Inc. has a 1 year low of $49.01 and a 1 year high of $86.56.

Trex (NYSE:TREX – Get Free Report) last posted its earnings results on Thursday, May 8th. The construction company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.02. Trex had a net margin of 17.69% and a return on equity of 22.78%. The business had revenue of $339.99 million for the quarter, compared to analyst estimates of $329.11 million. During the same period in the prior year, the company posted $0.82 EPS. The company’s revenue for the quarter was down 9.0% on a year-over-year basis. On average, equities analysts expect that Trex Company, Inc. will post 2.04 EPS for the current year.

Insider Activity at Trex

In other news, SVP Amy M. Fernandez sold 2,366 shares of the company’s stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $61.17, for a total transaction of $144,728.22. Following the completion of the transaction, the senior vice president directly owned 24,569 shares of the company’s stock, valued at $1,502,885.73. This represents a 8.78% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Jacob T. Rudolph sold 1,500 shares of Trex stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $60.27, for a total transaction of $90,405.00. Following the completion of the sale, the senior vice president directly owned 27,527 shares in the company, valued at $1,659,052.29. This represents a 5.17% decrease in their position. The disclosure for this sale can be found here. 0.74% of the stock is currently owned by company insiders.

Trex Company Profile

(Free Report)

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.

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