Trex (NYSE:TREX) Trading Down 3.4% Following Analyst Downgrade

Shares of Trex Company, Inc. (NYSE:TREX) traded down 3.4% during trading on Wednesday after DA Davidson lowered their price target on the stock from $89.00 to $80.00. DA Davidson currently has a neutral rating on the stock. Trex traded as low as $69.99 and last traded at $70.12. 200,705 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 816,800 shares. The stock had previously closed at $72.59.

TREX has been the topic of a number of other reports. Barclays lifted their price objective on shares of Trex from $93.00 to $94.00 and gave the company an “underweight” rating in a research note on Friday, May 10th. Robert W. Baird decreased their price target on Trex from $110.00 to $105.00 and set a “neutral” rating on the stock in a research note on Friday, May 10th. Finally, Benchmark restated a “buy” rating and set a $105.00 price objective on shares of Trex in a research report on Tuesday, May 14th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $89.06.

Insider Buying and Selling

In other news, SVP Jacob T. Rudolph sold 16,440 shares of the firm’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 completion of the transaction, the senior vice president now owns 25,746 shares of the company’s stock, valued at $2,340,311.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.71% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Trex

Several large investors have recently modified their holdings of TREX. Red Spruce Capital LLC raised its holdings in shares of Trex by 2.5% in the 2nd quarter. Red Spruce Capital LLC now owns 15,600 shares of the construction company’s stock worth $1,156,000 after acquiring an additional 383 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in Trex by 33.3% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 200,000 shares of the construction company’s stock worth $19,716,000 after purchasing an additional 50,000 shares in the last quarter. Cetera Advisors LLC boosted its holdings in Trex by 22.0% in the 1st quarter. Cetera Advisors LLC now owns 4,452 shares of the construction company’s stock valued at $444,000 after purchasing an additional 803 shares during the period. Comerica Bank increased its stake in Trex by 3.8% in the 1st quarter. Comerica Bank now owns 217,435 shares of the construction company’s stock worth $21,689,000 after acquiring an additional 8,036 shares during the last quarter. Finally, Tidal Investments LLC raised its position in shares of Trex by 10.6% during the 1st quarter. Tidal Investments LLC now owns 3,179 shares of the construction company’s stock valued at $317,000 after buying an additional 305 shares in the last quarter. 95.96% of the stock is currently owned by institutional investors and hedge funds.

Trex Stock Performance

The stock has a market capitalization of $7.69 billion, a P/E ratio of 30.39, a price-to-earnings-growth ratio of 1.63 and a beta of 1.50. The firm has a 50-day moving average price of $85.19 and a 200 day moving average price of $87.62.

Trex (NYSE:TREX) last announced its earnings results on Thursday, May 9th. The construction company reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.10. Trex had a return on equity of 35.33% and a net margin of 20.60%. The company had revenue of $373.64 million during the quarter, compared to the consensus estimate of $367.31 million. During the same quarter in the prior year, the company earned $0.38 earnings per share. The firm’s revenue for the quarter was up 56.5% on a year-over-year basis. On average, equities analysts anticipate that Trex Company, Inc. will post 2.26 earnings per share for the current fiscal year.

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.