Stifel Nicolaus Cuts Trex (NYSE:TREX) Price Target to $85.00

Trex (NYSE:TREX) had its target price lowered by Stifel Nicolaus from $110.00 to $85.00 in a research report released on Wednesday, Benzinga reports. The firm currently has a buy rating on the construction company’s stock.

Several other analysts also recently issued reports on the company. Truist Financial cut their price target on Trex from $120.00 to $100.00 and set a buy rating on the stock in a report on Wednesday. The Goldman Sachs Group lowered their price target on shares of Trex from $114.00 to $93.00 and set a buy rating for the company in a research report on Wednesday, July 10th. Barclays cut their price objective on shares of Trex from $94.00 to $81.00 and set an underweight rating on the stock in a research report on Friday, July 12th. Robert W. Baird decreased their target price on shares of Trex from $88.00 to $70.00 and set a neutral rating for the company in a research report on Wednesday. Finally, Loop Capital cut Trex from a buy rating to a hold rating and cut their price target for the company from $95.00 to $75.00 in a report on Wednesday. One research analyst has rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of Hold and an average price target of $82.38.

Trex Stock Performance

Shares of TREX remained flat at $60.70 during midday trading on Wednesday. 1,836,974 shares of the stock traded hands, compared to its average volume of 919,435. The stock has a market cap of $6.60 billion, a PE ratio of 26.05, a price-to-earnings-growth ratio of 1.83 and a beta of 1.50. The firm has a 50 day moving average price of $78.29 and a 200 day moving average price of $86.64. Trex has a one year low of $53.59 and a one year high of $101.91.

Trex (NYSE:TREX) last announced its quarterly earnings data on Tuesday, August 6th. The construction company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.02. Trex had a return on equity of 35.32% and a net margin of 21.07%. The firm had revenue of $376.47 million during the quarter, compared to analyst estimates of $387.87 million. During the same period in the previous year, the company earned $0.71 earnings per share. Trex’s quarterly revenue was up 5.6% on a year-over-year basis. On average, research analysts predict that Trex will post 2.26 EPS for the current fiscal year.

Insider Activity

In related news, SVP Jacob T. Rudolph sold 16,440 shares of Trex stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $90.90, for a total value of $1,494,396.00. Following the transaction, the senior vice president now owns 25,746 shares of the company’s stock, valued at approximately $2,340,311.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.71% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Trex

Several institutional investors and hedge funds have recently modified their holdings of TREX. Virtu Financial LLC acquired a new stake in Trex during the second quarter valued at $721,000. Edgestream Partners L.P. purchased a new stake in shares of Trex during the 2nd quarter worth about $2,521,000. Renaissance Technologies LLC purchased a new stake in shares of Trex during the 2nd quarter worth about $19,475,000. Quantbot Technologies LP lifted its holdings in shares of Trex by 130.5% during the 2nd quarter. Quantbot Technologies LP now owns 46,721 shares of the construction company’s stock valued at $3,463,000 after buying an additional 26,451 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Trex by 8.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,224,351 shares of the construction company’s stock valued at $90,752,000 after buying an additional 92,563 shares in the last quarter. 95.96% of the stock is currently owned by hedge funds and other institutional investors.

About Trex

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.