Citigroup Lowers Trex (NYSE:TREX) Price Target to $80.00

Trex (NYSE:TREX) had its target price decreased by analysts at Citigroup from $94.00 to $80.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has a “neutral” rating on the construction company’s stock. Citigroup’s target price would suggest a potential upside of 2.51% from the stock’s current price.

A number of other research firms have also recently commented on TREX. The Goldman Sachs Group lowered their target price on shares of Trex from $114.00 to $93.00 and set a “buy” rating for the company in a research note on Wednesday. DA Davidson reduced 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. Loop Capital reduced their price target on shares of Trex from $110.00 to $95.00 and set a “buy” rating for the company in a research report on Thursday. Barclays lifted their target price on shares of Trex from $93.00 to $94.00 and gave the company an “underweight” rating in a report on Friday, May 10th. Finally, Benchmark reissued a “buy” rating and issued a $105.00 price target on shares of Trex in a research note on Tuesday, May 14th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $89.53.

Trex Trading Up 4.4 %

Shares of NYSE:TREX traded up $3.26 during trading on Thursday, reaching $78.04. The stock had a trading volume of 713,515 shares, compared to its average volume of 832,971. Trex has a one year low of $53.59 and a one year high of $101.91. The company has a market capitalization of $8.48 billion, a P/E ratio of 33.48, a PEG ratio of 1.56 and a beta of 1.50. The firm’s 50-day simple moving average is $83.08 and its 200 day simple moving average is $87.17.

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 for the quarter, compared to analysts’ expectations of $367.31 million. During the same period last year, the business earned $0.38 EPS. The company’s revenue was up 56.5% compared to the same quarter last year. Equities research analysts forecast that Trex will post 2.26 earnings per share for the current fiscal year.

Insider Transactions at Trex

In other 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 directly owns 25,746 shares in the company, valued at $2,340,311.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.71% of the company’s stock.

Hedge Funds Weigh In On Trex

Hedge funds and other institutional investors have recently bought and sold shares of the company. Redwood Investments LLC acquired a new stake in Trex in the fourth quarter valued at $2,271,000. Broad Bay Capital Management LP raised its stake in Trex by 3.8% in the 4th quarter. Broad Bay Capital Management LP now owns 415,000 shares of the construction company’s stock valued at $34,358,000 after purchasing an additional 15,000 shares during the last quarter. Fisher Asset Management LLC raised its stake in Trex by 4.8% in the 4th quarter. Fisher Asset Management LLC now owns 98,720 shares of the construction company’s stock valued at $8,173,000 after purchasing an additional 4,534 shares during the last quarter. WCM Investment Management LLC raised its stake in Trex by 9.4% in the 4th quarter. WCM Investment Management LLC now owns 251,159 shares of the construction company’s stock valued at $21,027,000 after purchasing an additional 21,486 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Trex by 8.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,152,445 shares of the construction company’s stock valued at $95,415,000 after purchasing an additional 90,025 shares during the last quarter. 95.96% of the stock is currently owned by hedge funds and other institutional investors.

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.