Trex (NYSE:TREX) Upgraded by Bank of America to Buy

Posted by on May 10th, 2023

Bank of America upgraded shares of Trex (NYSE:TREX – Get Rating) from a neutral rating to a buy rating in a research note issued to investors on Tuesday, The Fly reports. They currently have $66.00 target price on the construction company’s stock, up from their previous target price of $54.00.

Several other research analysts have also recently issued reports on the company. Deutsche Bank Aktiengesellschaft dropped their price target on Trex from $75.00 to $70.00 and set a buy rating on the stock in a report on Tuesday, January 10th. Loop Capital raised Trex from a hold rating to a buy rating and upped their price target for the company from $55.00 to $64.00 in a report on Monday, April 24th. Robert W. Baird upped their price target on Trex from $52.00 to $58.00 and gave the company a neutral rating in a report on Tuesday, February 28th. Stephens lifted their price objective on shares of Trex from $53.00 to $65.00 and gave the stock an overweight rating in a research report on Tuesday, February 28th. Finally, Credit Suisse Group reiterated an underperform rating and set a $43.00 price objective on shares of Trex in a research report on Tuesday, February 28th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Hold and an average target price of $62.00.

Trex Price Performance

Shares of NYSE:TREX opened at $60.89 on Tuesday. The stock has a market cap of $6.62 billion, a price-to-earnings ratio of 37.36, a PEG ratio of 7.55 and a beta of 1.49. Trex has a 12 month low of $38.68 and a 12 month high of $67.78. The stock’s 50 day moving average price is $50.79 and its 200 day moving average price is $48.87.

Trex (NYSE:TREX – Get Rating) last posted its quarterly earnings results on Monday, May 8th. The construction company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.05. The company had revenue of $239.00 million for the quarter, compared to analysts’ expectations of $237.65 million. Trex had a return on equity of 29.86% and a net margin of 15.37%. The firm’s revenue was down 29.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.62 earnings per share. On average, sell-side analysts expect that Trex will post 1.54 EPS for the current year.

Institutional Investors Weigh In On Trex

A number of large investors have recently bought and sold shares of the business. Harrington Investments INC boosted its holdings in Trex by 2.6% in the fourth quarter. Harrington Investments INC now owns 9,504 shares of the construction company’s stock worth $402,000 after purchasing an additional 243 shares in the last quarter. Covestor Ltd boosted its holdings in Trex by 178.8% in the first quarter. Covestor Ltd now owns 382 shares of the construction company’s stock worth $25,000 after purchasing an additional 245 shares in the last quarter. MML Investors Services LLC boosted its holdings in Trex by 1.5% in the third quarter. MML Investors Services LLC now owns 17,495 shares of the construction company’s stock worth $769,000 after purchasing an additional 258 shares in the last quarter. American Trust boosted its holdings in Trex by 5.7% in the fourth quarter. American Trust now owns 4,887 shares of the construction company’s stock worth $207,000 after purchasing an additional 264 shares in the last quarter. Finally, Logan Capital Management Inc. boosted its holdings in Trex by 1.6% in the third quarter. Logan Capital Management Inc. now owns 17,252 shares of the construction company’s stock worth $758,000 after purchasing an additional 278 shares in the last quarter. 94.64% of the stock is currently owned by institutional investors.

About Trex

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Trex Co, Inc engages in the manufacture of wood-alternative decking and railing. Its products include deck framing and drainage, outdoor lighting, furniture, pergola and outdoor kitchens, fencing, collections, and accessory hardware. It operates through the following segments Trex Residential Products and Trex Commercial Products.

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