DA Davidson Cuts Trex (NYSE:TREX) Price Target to $80.00

Trex (NYSE:TREX) had its target price cut by equities research analysts at DA Davidson from $89.00 to $80.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the construction company’s stock. DA Davidson’s price target indicates a potential upside of 12.68% from the stock’s current price.

Other research analysts have also issued reports about the stock. Barclays raised their price target on shares of Trex from $93.00 to $94.00 and gave the company an “underweight” rating in a research report on Friday, May 10th. Robert W. Baird cut their price objective on Trex from $110.00 to $105.00 and set a “neutral” rating on the stock in a research report on Friday, May 10th. Finally, Benchmark reissued a “buy” rating and set a $105.00 target price on shares of Trex in a research report on Tuesday, May 14th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $89.06.

Trex Stock Down 2.2 %

Trex stock traded down $1.59 during trading hours on Wednesday, reaching $71.00. 468,360 shares of the company’s stock were exchanged, compared to its average volume of 818,908. The firm’s 50 day simple moving average is $85.19 and its 200 day simple moving average is $87.62. Trex has a twelve month low of $53.59 and a twelve month high of $101.91. The firm has a market capitalization of $7.72 billion, a PE ratio of 30.39, a PEG ratio of 1.63 and a beta of 1.50.

Trex (NYSE:TREX) last announced its quarterly earnings data on Thursday, May 9th. The construction company reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.10. The firm had revenue of $373.64 million during the quarter, compared to analysts’ expectations of $367.31 million. Trex had a return on equity of 35.33% and a net margin of 20.60%. The company’s revenue for the quarter was up 56.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.38 earnings per share. Analysts anticipate that Trex will post 2.26 EPS for the current year.

Insiders Place Their Bets

In other Trex news, SVP Jacob T. Rudolph sold 16,440 shares of the business’s 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 completion of the sale, the senior vice president now directly owns 25,746 shares of the company’s stock, valued at $2,340,311.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.71% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in Trex by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 10,314,078 shares of the construction company’s stock worth $1,028,829,000 after acquiring an additional 65,428 shares during the last quarter. Artisan Partners Limited Partnership boosted its stake in shares of Trex by 19.2% during the 4th quarter. Artisan Partners Limited Partnership now owns 4,102,402 shares of the construction company’s stock valued at $339,638,000 after purchasing an additional 660,536 shares in the last quarter. Conestoga Capital Advisors LLC boosted its stake in shares of Trex by 1.4% during the 1st quarter. Conestoga Capital Advisors LLC now owns 1,913,263 shares of the construction company’s stock valued at $190,848,000 after purchasing an additional 27,135 shares in the last quarter. TD Asset Management Inc boosted its stake in shares of Trex by 516.8% during the 4th quarter. TD Asset Management Inc now owns 1,600,980 shares of the construction company’s stock valued at $132,545,000 after purchasing an additional 1,341,419 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Trex during the 4th quarter valued at about $113,613,000. 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.