Trex (NYSE:TREX) Stock Price Up 6.7% – What’s Next?

Trex Company, Inc. (NYSE:TREX) shares rose 6.7% during mid-day trading on Monday . The company traded as high as $77.46 and last traded at $77.06. 234,605 shares were traded during mid-day trading, a decline of 77% from the average session volume of 1,017,560 shares. The stock had previously closed at $72.25.

Analyst Upgrades and Downgrades

A number of research firms recently commented on TREX. DA Davidson boosted their price objective on shares of Trex from $70.00 to $74.00 and gave the stock a “neutral” rating in a report on Tuesday, October 29th. JPMorgan Chase & Co. dropped their price objective on Trex from $95.00 to $69.00 and set a “neutral” rating for the company in a research note on Monday, August 12th. Stifel Nicolaus decreased their target price on Trex from $110.00 to $85.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Barclays lowered their target price on Trex from $68.00 to $67.00 and set an “underweight” rating on the stock in a report on Tuesday, October 29th. Finally, Truist Financial decreased their price objective on shares of Trex from $120.00 to $100.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $79.94.

Trex Price Performance

The stock has a 50-day moving average price of $68.30 and a 200 day moving average price of $72.98. The firm has a market cap of $7.97 billion, a PE ratio of 34.31, a P/E/G ratio of 3.51 and a beta of 1.49.

Trex (NYSE:TREX) last announced its quarterly earnings data on Monday, October 28th. The construction company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.05. Trex had a net margin of 20.23% and a return on equity of 28.89%. The business had revenue of $233.72 million for the quarter, compared to analyst estimates of $225.42 million. During the same period in the prior year, the firm posted $0.57 EPS. The company’s revenue was down 23.1% on a year-over-year basis. As a group, equities research analysts anticipate that Trex Company, Inc. will post 2.05 earnings per share for the current year.

Institutional Investors Weigh In On Trex

A number of institutional investors have recently added to or reduced their stakes in the company. Wasatch Advisors LP lifted its stake in shares of Trex by 33.2% in the 3rd quarter. Wasatch Advisors LP now owns 4,076,408 shares of the construction company’s stock valued at $271,407,000 after purchasing an additional 1,015,516 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its holdings in Trex by 6,093.3% in the third quarter. Jacobs Levy Equity Management Inc. now owns 853,620 shares of the construction company’s stock valued at $56,834,000 after buying an additional 839,837 shares during the period. Point72 Asset Management L.P. lifted its position in Trex by 100.0% during the third quarter. Point72 Asset Management L.P. now owns 1,022,459 shares of the construction company’s stock valued at $68,075,000 after buying an additional 511,163 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in Trex by 462.4% during the third quarter. The Manufacturers Life Insurance Company now owns 529,146 shares of the construction company’s stock worth $35,231,000 after buying an additional 435,055 shares during the period. Finally, Polar Asset Management Partners Inc. acquired a new stake in shares of Trex in the third quarter worth $20,600,000. Hedge funds and other institutional investors own 95.96% of the company’s stock.

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.