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

Trex (NYSE:TREX) had its target price decreased by Benchmark from $105.00 to $80.00 in a research note published on Thursday morning, Benzinga reports. Benchmark currently has a buy rating on the construction company’s stock.

Other equities analysts have also recently issued reports about the company. Loop Capital cut Trex from a buy rating to a hold rating and lowered their target price for the company from $95.00 to $75.00 in a report on Wednesday. Robert W. Baird lowered their price objective on shares of Trex from $88.00 to $70.00 and set a neutral rating for the company in a research note on Wednesday. Stifel Nicolaus reduced their target price on shares of Trex from $110.00 to $85.00 and set a buy rating on the stock in a report on Wednesday. DA Davidson cut their price objective on Trex from $89.00 to $80.00 and set a neutral rating on the stock in a research report on Wednesday, July 3rd. Finally, BMO Capital Markets decreased their target price on Trex from $88.00 to $82.00 and set a market perform rating for the company in a report on Thursday. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat, Trex presently has a consensus rating of Hold and an average price target of $82.38.

Trex Price Performance

TREX stock remained flat at $60.70 during mid-day trading on Thursday. 1,836,974 shares of the company’s stock traded hands, compared to its average volume of 919,435. Trex has a one year low of $53.59 and a one year high of $101.91. The stock has a market capitalization of $6.60 billion, a price-to-earnings ratio of 26.05, a P/E/G ratio of 1.83 and a beta of 1.50. The firm’s 50-day simple moving average is $78.29 and its two-hundred day simple moving average is $86.68.

Trex (NYSE:TREX) last issued its quarterly earnings data on Tuesday, August 6th. The construction company reported $0.80 EPS for the quarter, topping the consensus estimate of $0.78 by $0.02. Trex had a net margin of 21.07% and a return on equity of 35.32%. The firm had revenue of $376.47 million for the quarter, compared to analyst estimates of $387.87 million. During the same period in the prior year, the business posted $0.71 EPS. The business’s revenue for the quarter was up 5.6% compared to the same quarter last year. As a group, equities analysts expect that Trex will post 2.26 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Jacob T. Rudolph sold 16,440 shares of the company’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 transaction, the senior vice president now owns 25,746 shares in the company, valued at approximately $2,340,311.40. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.71% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Trex by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 10,314,078 shares of the construction company’s stock worth $1,028,829,000 after purchasing 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 fourth quarter. Artisan Partners Limited Partnership now owns 4,102,402 shares of the construction company’s stock worth $339,638,000 after buying an additional 660,536 shares during the period. Conestoga Capital Advisors LLC grew its holdings in shares of Trex by 3.2% during the second quarter. Conestoga Capital Advisors LLC now owns 1,973,668 shares of the construction company’s stock worth $146,288,000 after buying an additional 60,405 shares during the last quarter. American Century Companies Inc. increased its position in Trex by 7.1% in the 2nd quarter. American Century Companies Inc. now owns 1,843,376 shares of the construction company’s stock valued at $136,631,000 after acquiring an additional 122,658 shares during the period. Finally, TD Asset Management Inc raised its stake in 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 acquiring an additional 1,341,419 shares during the last quarter. Hedge funds and other 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.