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

Trex (NYSE:TREX) had its price objective lowered by analysts at DA Davidson from $89.00 to $80.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the construction company’s stock. DA Davidson’s price objective would indicate a potential upside of 12.77% from the stock’s previous close.

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

Trex Stock Performance

Shares of TREX stock opened at $70.94 on Wednesday. The stock has a market capitalization of $7.71 billion, a price-to-earnings ratio of 30.45, a PEG ratio of 1.59 and a beta of 1.50. Trex has a one year low of $53.59 and a one year high of $101.91. The company’s 50-day simple moving average is $84.46 and its 200-day simple moving average is $87.39.

Trex (NYSE:TREX) last announced its quarterly earnings data on Thursday, May 9th. The construction company reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.10. The firm had revenue of $373.64 million for 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%. Trex’s revenue for the quarter was up 56.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.38 earnings per share. As a group, research analysts forecast that Trex will post 2.26 EPS for the current year.

Insider Activity at Trex

In other Trex news, SVP Jacob T. Rudolph sold 16,440 shares of the business’s stock in a transaction dated 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 sale, the senior vice president now directly owns 25,746 shares in the company, valued at approximately $2,340,311.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.71% of the company’s stock.

Hedge Funds Weigh In On Trex

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Red Spruce Capital LLC boosted its position in shares of Trex by 2.5% during the 2nd quarter. Red Spruce Capital LLC now owns 15,600 shares of the construction company’s stock valued at $1,156,000 after purchasing an additional 383 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its holdings in Trex by 33.3% during the first quarter. DekaBank Deutsche Girozentrale now owns 200,000 shares of the construction company’s stock worth $19,716,000 after buying an additional 50,000 shares in the last quarter. Cetera Advisors LLC boosted its holdings in Trex by 22.0% during the first quarter. Cetera Advisors LLC now owns 4,452 shares of the construction company’s stock worth $444,000 after buying an additional 803 shares in the last quarter. Comerica Bank grew its position in Trex by 3.8% in the first quarter. Comerica Bank now owns 217,435 shares of the construction company’s stock worth $21,689,000 after buying an additional 8,036 shares during the last quarter. Finally, Tidal Investments LLC increased its holdings in shares of Trex by 10.6% in the first quarter. Tidal Investments LLC now owns 3,179 shares of the construction company’s stock valued at $317,000 after buying an additional 305 shares in the last quarter. 95.96% of the stock is owned by institutional investors.

Trex Company 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.