New York State Common Retirement Fund grew its stake in Trex Company, Inc. (NYSE:TREX – Free Report) by 22.4% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 269,637 shares of the construction company’s stock after acquiring an additional 49,385 shares during the quarter. New York State Common Retirement Fund owned about 0.25% of Trex worth $13,123,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. increased its position in shares of Trex by 8.4% during the 1st quarter. BlackRock Inc. now owns 13,421,758 shares of the construction company’s stock worth $653,237,000 after purchasing an additional 1,034,669 shares during the last quarter. Clearbridge Investments LLC increased its position in shares of Trex by 2.0% during the 1st quarter. Clearbridge Investments LLC now owns 4,602,270 shares of the construction company’s stock worth $223,992,000 after purchasing an additional 90,913 shares during the last quarter. State Street Corp increased its position in shares of Trex by 4.9% during the 1st quarter. State Street Corp now owns 3,637,869 shares of the construction company’s stock worth $237,662,000 after purchasing an additional 169,291 shares during the last quarter. Bamco Inc. NY increased its position in shares of Trex by 2.0% during the 4th quarter. Bamco Inc. NY now owns 3,512,925 shares of the construction company’s stock worth $148,702,000 after purchasing an additional 67,219 shares during the last quarter. Finally, Wasatch Advisors Inc. increased its position in shares of Trex by 7.0% during the 1st quarter. Wasatch Advisors Inc. now owns 3,385,680 shares of the construction company’s stock worth $221,186,000 after purchasing an additional 220,344 shares during the last quarter. 96.42% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
TREX has been the subject of a number of recent analyst reports. Barclays raised their price objective on Trex from $62.00 to $72.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 1st. Loop Capital lifted their target price on Trex from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Tuesday, August 1st. Benchmark lifted their target price on Trex from $67.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, August 2nd. TheStreet raised Trex from a “c+” rating to a “b-” rating in a research report on Monday, July 31st. Finally, Citigroup initiated coverage on Trex in a research report on Friday, August 25th. They issued a “neutral” rating and a $72.00 target price for the company. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Trex has a consensus rating of “Hold” and a consensus price target of $75.94.
Trex Stock Down 3.1 %
TREX stock opened at $65.75 on Thursday. The business has a 50 day moving average price of $69.95 and a 200 day moving average price of $59.66. The stock has a market cap of $7.14 billion, a price-to-earnings ratio of 50.19, a PEG ratio of 3.07 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.
Trex (NYSE:TREX – Get Free Report) last released its quarterly earnings results on Monday, July 31st. The construction company reported $0.71 EPS for the quarter, topping the consensus estimate of $0.54 by $0.17. The company had revenue of $356.54 million for the quarter, compared to analyst estimates of $318.89 million. Trex had a return on equity of 28.15% and a net margin of 14.62%. The firm’s revenue was down 7.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.79 earnings per share. As a group, sell-side analysts anticipate that Trex Company, Inc. will post 1.76 EPS for the current 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. 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.
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