Trex (NYSE:TREX) Price Target Cut to $81.00 by Analysts at Barclays

Trex (NYSE:TREX) had its price target cut by equities researchers at Barclays from $94.00 to $81.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has an “underweight” rating on the construction company’s stock. Barclays‘s price objective would indicate a potential downside of 0.60% from the company’s current price.

A number of other brokerages also recently commented on TREX. Citigroup reduced their price target on Trex from $94.00 to $80.00 and set a “neutral” rating for the company in a report on Thursday. DA Davidson decreased their price target on shares of Trex from $89.00 to $80.00 and set a “neutral” rating for the company in a research report on Wednesday, July 3rd. Benchmark reaffirmed a “buy” rating and issued a $105.00 price target on shares of Trex in a report on Tuesday, May 14th. The Goldman Sachs Group reduced their price objective on shares of Trex from $114.00 to $93.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, Robert W. Baird dropped their target price on shares of Trex from $110.00 to $105.00 and set a “neutral” rating for the company in a research report on Friday, May 10th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $88.76.

Trex Trading Up 4.0 %

NYSE:TREX traded up $3.11 during trading hours on Friday, hitting $81.49. The stock had a trading volume of 348,379 shares, compared to its average volume of 833,970. The business has a 50 day simple moving average of $82.85 and a two-hundred day simple moving average of $87.11. Trex has a 1-year low of $53.59 and a 1-year high of $101.91. The company has a market cap of $8.86 billion, a PE ratio of 34.90, a price-to-earnings-growth ratio of 1.64 and a beta of 1.50.

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

Insider Transactions at Trex

In other Trex 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 value of $1,494,396.00. Following the sale, the senior vice president now owns 25,746 shares in the company, valued at $2,340,311.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.71% of the company’s stock.

Institutional Trading of Trex

Several large investors have recently added to or reduced their stakes in the business. Norges Bank bought a new stake in shares of Trex during the 4th quarter worth about $113,613,000. TD Asset Management Inc increased its stake in shares of Trex by 516.8% during the fourth quarter. TD Asset Management Inc now owns 1,600,980 shares of the construction company’s stock valued at $132,545,000 after acquiring an additional 1,341,419 shares during the period. Epoch Investment Partners Inc. raised its holdings in Trex by 250.4% during the fourth quarter. Epoch Investment Partners Inc. now owns 938,544 shares of the construction company’s stock worth $77,702,000 after purchasing an additional 670,665 shares in the last quarter. Artisan Partners Limited Partnership raised its holdings in Trex by 19.2% during the fourth quarter. Artisan Partners Limited Partnership now owns 4,102,402 shares of the construction company’s stock worth $339,638,000 after purchasing an additional 660,536 shares in the last quarter. Finally, Motley Fool Asset Management LLC lifted its position in Trex by 287.5% in the first quarter. Motley Fool Asset Management LLC now owns 324,808 shares of the construction company’s stock worth $32,400,000 after purchasing an additional 240,989 shares during the period. 95.96% of the stock is currently owned by institutional investors and hedge funds.

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.