Bank of America Lowers Trex (NYSE:TREX) Price Target to $85.00

Trex (NYSE:TREX) had its price objective lowered by investment analysts at Bank of America from $97.00 to $85.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the construction company’s stock. Bank of America‘s price target would indicate a potential upside of 41.38% from the stock’s current price.

Other equities analysts have also issued reports about the stock. Barclays dropped their price target on shares of Trex from $94.00 to $81.00 and set an “underweight” rating for the company in a research report on Friday, July 12th. Robert W. Baird dropped their price target on shares of Trex from $88.00 to $70.00 and set a “neutral” rating for the company in a research report on Wednesday. Truist Financial dropped their price target on shares of Trex from $120.00 to $100.00 and set a “buy” rating for the company in a research report on Wednesday. UBS Group dropped their price target on shares of Trex from $104.00 to $79.00 and set a “neutral” rating for the company in a research report on Wednesday. Finally, Loop Capital lowered shares of Trex from a “buy” rating to a “hold” rating and dropped their price target for the stock from $95.00 to $75.00 in a research report on Wednesday. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Trex presently has an average rating of “Hold” and an average price target of $83.31.

Trex Trading Down 21.5 %

NYSE TREX traded down $16.44 during trading hours on Wednesday, hitting $60.12. 4,696,815 shares of the company’s stock traded hands, compared to its average volume of 887,093. The business’s fifty day moving average price is $79.82 and its two-hundred day moving average price is $87.17. The firm has a market capitalization of $6.53 billion, a P/E ratio of 26.18, a P/E/G ratio of 1.85 and a beta of 1.50. Trex has a 52 week low of $53.59 and a 52 week high of $101.91.

Trex (NYSE:TREX) last announced its earnings results on Tuesday, August 6th. The construction company reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.02. The company had revenue of $376.47 million during the quarter, compared to analyst estimates of $387.87 million. Trex had a net margin of 20.60% and a return on equity of 35.33%. The firm’s quarterly revenue was up 5.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.71 earnings per share. On average, sell-side analysts expect that Trex will post 2.26 EPS for the current fiscal year.

Insider Activity

In other news, SVP Jacob T. Rudolph sold 16,440 shares of the stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $90.90, for a total value of $1,494,396.00. Following the sale, the senior vice president now owns 25,746 shares of the company’s stock, valued at $2,340,311.40. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.71% of the company’s stock.

Institutional Investors Weigh In On Trex

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vident Advisory LLC bought a new position in shares of Trex in the first quarter worth about $4,013,000. Comerica Bank grew its holdings in shares of Trex by 3.8% in the first quarter. Comerica Bank now owns 217,435 shares of the construction company’s stock worth $21,689,000 after purchasing an additional 8,036 shares during the last quarter. Broad Bay Capital Management LP grew its holdings in shares of Trex by 3.8% in the fourth quarter. Broad Bay Capital Management LP now owns 415,000 shares of the construction company’s stock worth $34,358,000 after purchasing an additional 15,000 shares during the last quarter. Fisher Asset Management LLC grew its holdings in shares of Trex by 4.8% in the fourth quarter. Fisher Asset Management LLC now owns 98,720 shares of the construction company’s stock worth $8,173,000 after purchasing an additional 4,534 shares during the last quarter. Finally, WCM Investment Management LLC grew its holdings in shares of Trex by 9.4% in the fourth quarter. WCM Investment Management LLC now owns 251,159 shares of the construction company’s stock worth $21,027,000 after purchasing an additional 21,486 shares during the last quarter. 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.