Citigroup Inc. Trims Stock Holdings in Trex Company, Inc. (NYSE:TREX)

Citigroup Inc. decreased its holdings in Trex Company, Inc. (NYSE:TREX) by 9.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 67,016 shares of the construction company’s stock after selling 7,119 shares during the period. Citigroup Inc. owned 0.06% of Trex worth $3,262,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the business. Clearbridge Investments LLC increased its stake in shares of Trex by 0.8% in the first quarter. Clearbridge Investments LLC now owns 4,369,547 shares of the construction company’s stock worth $285,463,000 after purchasing an additional 34,596 shares in the last quarter. State Street Corp grew its stake in Trex by 4.9% during the first quarter. State Street Corp now owns 3,637,869 shares of the construction company’s stock valued at $237,662,000 after acquiring an additional 169,291 shares in the last quarter. Bamco Inc. NY grew its stake in Trex by 2.0% during the fourth quarter. Bamco Inc. NY now owns 3,512,925 shares of the construction company’s stock valued at $148,702,000 after acquiring an additional 67,219 shares in the last quarter. Wasatch Advisors Inc. grew its stake in Trex by 7.0% during the first quarter. Wasatch Advisors Inc. now owns 3,385,680 shares of the construction company’s stock valued at $221,186,000 after acquiring an additional 220,344 shares in the last quarter. Finally, Macquarie Group Ltd. grew its stake in Trex by 1.2% during the fourth quarter. Macquarie Group Ltd. now owns 2,917,703 shares of the construction company’s stock valued at $123,506,000 after acquiring an additional 34,010 shares in the last quarter. Hedge funds and other institutional investors own 96.42% of the company’s stock.

Trex Stock Performance

Shares of TREX opened at $72.75 on Tuesday. The firm has a market cap of $7.90 billion, a price-to-earnings ratio of 55.53, a PEG ratio of 3.23 and a beta of 1.50. Trex Company, Inc. has a fifty-two week low of $38.68 and a fifty-two week high of $76.05. The firm has a 50 day moving average price of $69.43 and a 200-day moving average price of $58.90.

Trex (NYSE:TREX) last posted its quarterly earnings results on Monday, July 31st. The construction company reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $0.17. Trex had a net margin of 14.62% and a return on equity of 28.15%. The company had revenue of $356.54 million during the quarter, compared to analyst estimates of $318.89 million. During the same period in the prior year, the business posted $0.79 EPS. The firm’s revenue was down 7.7% compared to the same quarter last year. As a group, equities research analysts predict that Trex Company, Inc. will post 1.76 earnings per share for the current year.

Wall Street Analysts Forecast Growth

TREX has been the subject of several recent analyst reports. Truist Financial boosted their price objective on shares of Trex from $65.00 to $80.00 and gave the company a “buy” rating in a research note on Tuesday, August 1st. Stephens boosted their price objective on shares of Trex from $70.00 to $85.00 and gave the company an “overweight” rating in a research note on Tuesday, August 1st. Citigroup began coverage on shares of Trex in a research note on Friday, August 25th. They set a “neutral” rating and a $72.00 price objective for the company. BMO Capital Markets lifted their target price on shares of Trex from $70.00 to $74.00 and gave the company a “market perform” rating in a research report on Wednesday, August 2nd. Finally, Credit Suisse Group lifted their target price on shares of Trex from $47.00 to $58.00 and gave the company an “underperform” rating in a research report on Wednesday, August 2nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Trex presently has an average rating of “Hold” and a consensus price target of $75.56.

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. The company operates in two segments, Trex Residential and Trex Commercial. It offers decking products under the names Trex Transcend, Trex Select, 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.