Benchmark Downgrades Trex (NYSE:TREX) to Hold

Trex (NYSE:TREX) was downgraded by equities researchers at Benchmark from a “buy” rating to a “hold” rating in a research note issued on Wednesday, MarketBeat Ratings reports.

Several other research analysts also recently commented on the stock. Vertical Research downgraded shares of Trex from a “buy” rating to a “hold” rating and set a $32.00 target price on the stock. in a report on Wednesday, November 5th. Wall Street Zen downgraded Trex from a “hold” rating to a “sell” rating in a research report on Saturday, January 10th. Stifel Nicolaus reiterated a “hold” rating and issued a $35.00 price objective (down from $61.00) on shares of Trex in a research note on Monday, November 10th. Jefferies Financial Group raised Trex from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $39.00 to $42.00 in a research report on Monday, December 15th. Finally, Bank of America restated an “underperform” rating and set a $36.00 target price (down previously from $67.00) on shares of Trex in a research note on Wednesday, November 5th. Nine research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $47.25.

Trex Stock Down 3.2%

Shares of Trex stock opened at $42.65 on Wednesday. Trex has a 12-month low of $29.77 and a 12-month high of $70.08. The stock has a 50 day moving average price of $39.17 and a two-hundred day moving average price of $47.13. The stock has a market capitalization of $4.57 billion, a P/E ratio of 23.18 and a beta of 1.58.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Trex during the 4th quarter valued at about $62,904,000. AQR Capital Management LLC raised its position in Trex by 17,551.6% in the third quarter. AQR Capital Management LLC now owns 1,598,001 shares of the construction company’s stock worth $81,498,000 after purchasing an additional 1,588,948 shares in the last quarter. Impax Asset Management Group plc lifted its stake in Trex by 93.0% during the third quarter. Impax Asset Management Group plc now owns 1,934,581 shares of the construction company’s stock worth $99,354,000 after purchasing an additional 932,247 shares during the period. Wellington Management Group LLP lifted its stake in Trex by 86.8% during the third quarter. Wellington Management Group LLP now owns 1,974,096 shares of the construction company’s stock worth $102,002,000 after purchasing an additional 917,448 shares during the period. Finally, Federated Hermes Inc. boosted its holdings in Trex by 90.6% during the third quarter. Federated Hermes Inc. now owns 1,469,878 shares of the construction company’s stock valued at $75,949,000 after purchasing an additional 698,628 shares in the last quarter. 95.96% of the stock is owned by institutional investors.

About Trex

Trex Company, Inc is a leading manufacturer of wood-alternative decking and railing systems designed for residential and commercial outdoor living environments. The company’s core offerings feature composite decking products made from a proprietary blend of recycled wood fibers and plastic film, which deliver enhanced durability, resistance to rot and insect damage, and low maintenance compared to traditional wood. Trex also provides matching railing, lighting, fencing and cladding solutions that allow customers to create cohesive, high-performance outdoor spaces.

Trex’s product portfolio is organized into multiple performance tiers, including premium, mid-range and value-oriented lines.