Citigroup Cuts Trex (NYSE:TREX) Price Target to $80.00

Trex (NYSE:TREX) had its price target reduced by Citigroup from $94.00 to $80.00 in a research note released on Thursday, Benzinga reports. They currently have a neutral rating on the construction company’s stock.

A number of other equities research analysts also recently issued reports on the company. Benchmark reiterated a buy rating and issued a $105.00 price objective on shares of Trex in a research report on Tuesday, May 14th. Robert W. Baird lowered their price target on Trex from $110.00 to $105.00 and set a neutral rating on the stock in a report on Friday, May 10th. DA Davidson cut their price objective on Trex from $89.00 to $80.00 and set a neutral rating for the company in a report on Wednesday, July 3rd. Loop Capital lowered their target price on shares of Trex from $110.00 to $95.00 and set a buy rating on the stock in a research note on Thursday. Finally, The Goldman Sachs Group dropped their target price on shares of Trex from $114.00 to $93.00 and set a buy rating for the company in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of Hold and a consensus price target of $88.76.

Trex Stock Performance

Shares of TREX opened at $81.55 on Thursday. The stock has a market capitalization of $8.86 billion, a price-to-earnings ratio of 35.00, a price-to-earnings-growth ratio of 1.72 and a beta of 1.50. Trex has a 52-week low of $53.59 and a 52-week high of $101.91. The stock’s 50-day simple moving average is $82.64 and its 200 day simple moving average is $87.13.

Trex (NYSE:TREX) last released its quarterly earnings data on Thursday, May 9th. The construction company reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.10. The company had revenue of $373.64 million during the quarter, compared to analyst estimates of $367.31 million. Trex had a net margin of 20.60% and a return on equity of 35.33%. Trex’s revenue was up 56.5% compared to the same quarter last year. During the same period last year, the business earned $0.38 earnings per share. On average, research analysts forecast that Trex will post 2.26 earnings per share for the current fiscal year.

Insider Transactions at Trex

In other Trex news, SVP Jacob T. Rudolph sold 16,440 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $90.90, for a total transaction of $1,494,396.00. Following the transaction, the senior vice president now directly owns 25,746 shares of the company’s stock, valued at approximately $2,340,311.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.71% of the company’s stock.

Hedge Funds Weigh In On Trex

Several large investors have recently modified their holdings of TREX. Redwood Investments LLC purchased a new position in Trex in the 4th quarter worth approximately $2,271,000. Broad Bay Capital Management LP boosted its position in shares of Trex by 3.8% during the fourth quarter. Broad Bay Capital Management LP now owns 415,000 shares of the construction company’s stock valued at $34,358,000 after buying an additional 15,000 shares during the last quarter. Fisher Asset Management LLC increased its holdings in Trex by 4.8% in the 4th quarter. Fisher Asset Management LLC now owns 98,720 shares of the construction company’s stock worth $8,173,000 after buying an additional 4,534 shares in the last quarter. WCM Investment Management LLC lifted its stake in Trex by 9.4% during the 4th quarter. WCM Investment Management LLC now owns 251,159 shares of the construction company’s stock valued at $21,027,000 after acquiring an additional 21,486 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Trex by 8.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,152,445 shares of the construction company’s stock valued at $95,415,000 after acquiring an additional 90,025 shares during the last quarter. Hedge funds and other institutional investors own 95.96% of the company’s stock.

Trex Company Profile

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.