Trex Company, Inc. (NYSE:TREX) Holdings Lowered by State of Michigan Retirement System

State of Michigan Retirement System lessened its stake in shares of Trex Company, Inc. (NYSE:TREX) by 1.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 25,422 shares of the construction company’s stock after selling 400 shares during the period. State of Michigan Retirement System’s holdings in Trex were worth $1,755,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Wasatch Advisors LP boosted its stake in Trex by 33.2% in the 3rd quarter. Wasatch Advisors LP now owns 4,076,408 shares of the construction company’s stock worth $271,407,000 after purchasing an additional 1,015,516 shares during the period. State Street Corp grew its holdings in shares of Trex by 1.2% during the third quarter. State Street Corp now owns 3,183,444 shares of the construction company’s stock valued at $211,954,000 after buying an additional 37,436 shares in the last quarter. Conestoga Capital Advisors LLC raised its position in Trex by 0.9% during the fourth quarter. Conestoga Capital Advisors LLC now owns 1,967,748 shares of the construction company’s stock valued at $135,834,000 after buying an additional 17,405 shares during the period. Geode Capital Management LLC lifted its stake in Trex by 1.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,873,455 shares of the construction company’s stock worth $124,766,000 after acquiring an additional 35,039 shares in the last quarter. Finally, AustralianSuper Pty Ltd purchased a new position in Trex during the 4th quarter valued at about $110,414,000. 95.96% of the stock is currently owned by institutional investors and hedge funds.

Trex Trading Down 2.2 %

Shares of Trex stock opened at $56.26 on Friday. Trex Company, Inc. has a 1-year low of $54.70 and a 1-year high of $100.77. The firm has a fifty day simple moving average of $67.68 and a 200-day simple moving average of $68.50. The stock has a market capitalization of $6.03 billion, a price-to-earnings ratio of 25.69, a PEG ratio of 2.51 and a beta of 1.60.

Trex (NYSE:TREX) last released its quarterly earnings results on Monday, February 24th. The construction company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.05. The company had revenue of $167.63 million during the quarter, compared to analysts’ expectations of $160.54 million. Trex had a net margin of 20.23% and a return on equity of 28.89%. As a group, research analysts predict that Trex Company, Inc. will post 2.04 earnings per share for the current year.

Insider Buying and Selling at Trex

In other news, Director Melkeya Mcduffie sold 1,420 shares of the stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $61.88, for a total value of $87,869.60. Following the completion of the sale, the director now directly owns 1,705 shares of the company’s stock, valued at approximately $105,505.40. This represents a 45.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.71% of the company’s stock.

Analyst Upgrades and Downgrades

TREX has been the subject of several research reports. Truist Financial decreased their price target on shares of Trex from $100.00 to $90.00 and set a “buy” rating for the company in a report on Tuesday, February 25th. JPMorgan Chase & Co. decreased their target price on shares of Trex from $79.00 to $73.00 and set a “neutral” rating for the company in a research note on Wednesday. Citigroup cut their price objective on Trex from $84.00 to $78.00 and set a “neutral” rating for the company in a report on Monday, January 6th. Benchmark reissued a “buy” rating and set a $80.00 price objective on shares of Trex in a research report on Monday, March 3rd. Finally, UBS Group dropped their target price on Trex from $76.00 to $74.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 25th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Trex currently has a consensus rating of “Hold” and a consensus target price of $78.63.

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.