Baird Financial Group Inc. Trims Stake in Trex Company, Inc. $TREX

Baird Financial Group Inc. cut its holdings in shares of Trex Company, Inc. (NYSE:TREX) by 15.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 489,744 shares of the construction company’s stock after selling 88,548 shares during the quarter. Baird Financial Group Inc. owned about 0.46% of Trex worth $26,632,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Red Spruce Capital LLC increased its position in shares of Trex by 276.5% during the second quarter. Red Spruce Capital LLC now owns 56,973 shares of the construction company’s stock valued at $3,098,000 after acquiring an additional 41,841 shares during the last quarter. Voya Investment Management LLC boosted its position in shares of Trex by 24.0% during the 1st quarter. Voya Investment Management LLC now owns 395,913 shares of the construction company’s stock worth $23,003,000 after purchasing an additional 76,562 shares during the period. Campbell & CO Investment Adviser LLC acquired a new stake in Trex in the 2nd quarter valued at approximately $3,015,000. Advantage Alpha Capital Partners LP increased its holdings in Trex by 169.2% in the 2nd quarter. Advantage Alpha Capital Partners LP now owns 75,013 shares of the construction company’s stock valued at $4,079,000 after purchasing an additional 47,143 shares during the last quarter. Finally, Pembroke Management LTD raised its position in Trex by 23.7% in the second quarter. Pembroke Management LTD now owns 427,238 shares of the construction company’s stock valued at $23,233,000 after purchasing an additional 81,970 shares during the period. 95.96% of the stock is owned by institutional investors and hedge funds.

Trex Trading Up 0.9%

Shares of TREX opened at $34.56 on Friday. The firm has a market capitalization of $3.71 billion, a price-to-earnings ratio of 18.78 and a beta of 1.58. The firm’s fifty day simple moving average is $42.56 and its 200-day simple moving average is $53.61. Trex Company, Inc. has a twelve month low of $29.77 and a twelve month high of $80.74.

Trex (NYSE:TREX) last issued its earnings results on Tuesday, November 4th. The construction company reported $0.51 EPS for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.06). Trex had a return on equity of 21.90% and a net margin of 16.76%.The firm had revenue of $285.35 million for the quarter, compared to analyst estimates of $301.74 million. During the same quarter in the previous year, the firm posted $0.37 EPS. The business’s revenue for the quarter was up 22.1% on a year-over-year basis. On average, analysts predict that Trex Company, Inc. will post 2.04 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on TREX. Zelman & Associates lowered Trex from an “outperform” rating to a “neutral” rating in a research report on Wednesday, November 5th. Deutsche Bank Aktiengesellschaft cut Trex from a “buy” rating to a “hold” rating and set a $40.00 target price for the company. in a report on Wednesday, November 5th. B. Riley reiterated a “buy” rating and set a $57.00 price target (down from $80.00) on shares of Trex in a research note on Wednesday, November 5th. William Blair cut shares of Trex from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 5th. Finally, Barclays dropped their price objective on shares of Trex from $54.00 to $35.00 and set an “underweight” rating for the company in a report on Thursday, November 6th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twelve have issued a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $52.53.

Insider Activity

In other Trex news, CFO Prithvi Gandhi acquired 15,000 shares of the company’s stock in a transaction dated Friday, November 14th. The shares were acquired at an average price of $31.92 per share, for a total transaction of $478,800.00. Following the acquisition, the chief financial officer owned 30,664 shares in the company, valued at $978,794.88. The trade was a 95.76% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.71% of the company’s stock.

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.