DAVENPORT & Co LLC Grows Holdings in Trex Company, Inc. (NYSE:TREX)

DAVENPORT & Co LLC raised its position in Trex Company, Inc. (NYSE:TREX) by 1.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 220,222 shares of the construction company’s stock after buying an additional 2,953 shares during the period. DAVENPORT & Co LLC owned approximately 0.20% of Trex worth $21,861,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. V Square Quantitative Management LLC acquired a new stake in Trex during the 4th quarter valued at approximately $25,000. Mather Group LLC. acquired a new stake in shares of Trex during the first quarter worth approximately $26,000. Contravisory Investment Management Inc. bought a new stake in shares of Trex in the fourth quarter worth $28,000. Headinvest LLC bought a new stake in shares of Trex in the third quarter worth $29,000. Finally, Sunbelt Securities Inc. raised its holdings in Trex by 1,744.4% in the first quarter. Sunbelt Securities Inc. now owns 332 shares of the construction company’s stock valued at $33,000 after acquiring an additional 314 shares in the last quarter. 95.96% of the stock is currently owned by institutional investors and hedge funds.

Trex Price Performance

Shares of NYSE TREX traded up $3.60 during midday trading on Thursday, hitting $78.38. 1,302,879 shares of the company’s stock were exchanged, compared to its average volume of 835,371. Trex Company, Inc. has a twelve month low of $53.59 and a twelve month high of $101.91. The firm has a market cap of $8.52 billion, a P/E ratio of 33.48, a PEG ratio of 1.56 and a beta of 1.50. The stock’s 50 day moving average price is $83.08 and its 200-day moving average price is $87.17.

Trex (NYSE:TREX) last announced its quarterly earnings results on Thursday, May 9th. The construction company reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.10. The company had revenue of $373.64 million during the quarter, compared to analyst estimates of $367.31 million. Trex had a return on equity of 35.33% and a net margin of 20.60%. The firm’s quarterly revenue was up 56.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.38 EPS. On average, analysts expect that Trex Company, Inc. will post 2.26 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. DA Davidson decreased their price objective on shares of Trex from $89.00 to $80.00 and set a “neutral” rating for the company in a report on Wednesday, July 3rd. Barclays boosted their price objective on Trex from $93.00 to $94.00 and gave the company an “underweight” rating in a report on Friday, May 10th. Benchmark restated a “buy” rating and set a $105.00 price objective on shares of Trex in a research note on Tuesday, May 14th. Loop Capital decreased their target price on Trex from $110.00 to $95.00 and set a “buy” rating for the company in a research report on Thursday. Finally, Citigroup dropped their price target on Trex from $94.00 to $80.00 and set a “neutral” rating on the stock in a research report on Thursday. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $89.53.

Insider Activity at Trex

In related news, SVP Jacob T. Rudolph sold 16,440 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $90.90, for a total transaction of $1,494,396.00. Following the transaction, the senior vice president now owns 25,746 shares in the company, valued at $2,340,311.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.71% of the stock is currently owned by insiders.

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.