Trex Company, Inc. (NYSE:TREX – Get Free Report) shares hit a new 52-week high during mid-day trading on Tuesday after Loop Capital raised their price target on the stock from $65.00 to $75.00. The stock traded as high as $71.48 and last traded at $70.74, with a volume of 61196 shares trading hands. The stock had previously closed at $70.70.
A number of other equities analysts have also weighed in on the company. StockNews.com upgraded Trex from a “sell” rating to a “hold” rating in a research note on Saturday. Bank of America upgraded Trex from a “neutral” rating to a “buy” rating and upped their target price for the stock from $54.00 to $66.00 in a research note on Tuesday, May 9th. Deutsche Bank Aktiengesellschaft upped their target price on Trex from $71.00 to $72.00 in a research note on Tuesday, May 9th. DA Davidson upped their target price on Trex from $48.00 to $58.00 in a research note on Tuesday, May 9th. Finally, Robert W. Baird upped their price objective on Trex from $58.00 to $62.00 in a report on Tuesday, May 9th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $64.07.
Institutional Inflows and Outflows
Institutional investors have recently made changes to their positions in the company. Louisiana State Employees Retirement System increased its position in Trex by 9.3% during the 2nd quarter. Louisiana State Employees Retirement System now owns 31,800 shares of the construction company’s stock valued at $2,085,000 after buying an additional 2,700 shares in the last quarter. Cutler Group LLC CA bought a new position in Trex during the 2nd quarter valued at approximately $32,000. Allspring Global Investments Holdings LLC increased its position in Trex by 1.7% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,334,048 shares of the construction company’s stock valued at $87,460,000 after buying an additional 22,761 shares in the last quarter. Bennett Selby Investments LP increased its position in Trex by 2.9% during the 2nd quarter. Bennett Selby Investments LP now owns 47,117 shares of the construction company’s stock valued at $3,089,000 after buying an additional 1,309 shares in the last quarter. Finally, New Mexico Educational Retirement Board increased its position in Trex by 12.6% during the 2nd quarter. New Mexico Educational Retirement Board now owns 22,400 shares of the construction company’s stock valued at $1,469,000 after buying an additional 2,500 shares in the last quarter. Institutional investors own 94.81% of the company’s stock.
Trex Stock Performance
Trex (NYSE:TREX – Get Free Report) last posted its quarterly earnings results on Monday, May 8th. The construction company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.05. Trex had a return on equity of 30.02% and a net margin of 15.37%. The firm had revenue of $239.00 million during the quarter, compared to analysts’ expectations of $237.65 million. During the same quarter in the previous year, the business earned $0.62 earnings per share. The company’s revenue was down 29.5% on a year-over-year basis. Research analysts predict that Trex Company, Inc. will post 1.61 EPS for the current year.
About Trex
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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