Fred Alger Management LLC Sells 105,807 Shares of Trex Company, Inc. (NYSE:TREX)

Fred Alger Management LLC lowered its holdings in Trex Company, Inc. (NYSE:TREX) by 20.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 404,106 shares of the construction company’s stock after selling 105,807 shares during the period. Fred Alger Management LLC’s holdings in Trex were worth $26,905,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of TREX. The Manufacturers Life Insurance Company raised its holdings in Trex by 462.4% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 529,146 shares of the construction company’s stock valued at $35,231,000 after acquiring an additional 435,055 shares during the period. Renaissance Technologies LLC purchased a new position in shares of Trex in the second quarter valued at $19,475,000. Impax Asset Management Group plc raised its stake in shares of Trex by 44.2% during the 3rd quarter. Impax Asset Management Group plc now owns 822,361 shares of the construction company’s stock valued at $54,753,000 after purchasing an additional 252,262 shares during the period. Federated Hermes Inc. lifted its holdings in Trex by 39.1% during the 2nd quarter. Federated Hermes Inc. now owns 774,083 shares of the construction company’s stock worth $57,375,000 after purchasing an additional 217,767 shares in the last quarter. Finally, Achmea Investment Management B.V. bought a new position in Trex in the 2nd quarter worth about $15,635,000. 95.96% of the stock is currently owned by hedge funds and other institutional investors.

Trex Price Performance

Shares of NYSE TREX opened at $75.03 on Friday. The stock has a market capitalization of $8.04 billion, a P/E ratio of 34.26, a PEG ratio of 3.39 and a beta of 1.49. Trex Company, Inc. has a one year low of $58.68 and a one year high of $101.91. The firm’s 50 day simple moving average is $68.49 and its two-hundred day simple moving average is $73.00.

Trex (NYSE:TREX) last issued its earnings results on Monday, October 28th. The construction company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.05. Trex had a net margin of 20.23% and a return on equity of 28.89%. The company had revenue of $233.72 million for the quarter, compared to analysts’ expectations of $225.42 million. During the same quarter last year, the company earned $0.57 EPS. The firm’s revenue was down 23.1% compared to the same quarter last year. As a group, equities analysts expect that Trex Company, Inc. will post 2.05 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

TREX has been the topic of several analyst reports. BMO Capital Markets upped their price target on Trex from $67.00 to $72.00 and gave the company a “market perform” rating in a research report on Tuesday, October 29th. DA Davidson upped their target price on shares of Trex from $70.00 to $74.00 and gave the stock a “neutral” rating in a report on Tuesday, October 29th. Robert W. Baird raised their price target on shares of Trex from $70.00 to $78.00 and gave the company a “neutral” rating in a report on Tuesday, October 29th. JPMorgan Chase & Co. reduced their price target on shares of Trex from $95.00 to $69.00 and set a “neutral” rating for the company in a research report on Monday, August 12th. Finally, Stephens downgraded Trex from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $115.00 to $72.00 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 assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Trex presently has a consensus rating of “Hold” and an average price target of $79.94.

Trex 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.