Peloton Wealth Strategists Lowers Position in Trex Company, Inc. (NYSE:TREX)

Peloton Wealth Strategists cut its holdings in Trex Company, Inc. (NYSE:TREX) by 2.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 37,105 shares of the construction company’s stock after selling 1,125 shares during the quarter. Peloton Wealth Strategists’ holdings in Trex were worth $2,750,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in TREX. Scientech Research LLC lifted its position in shares of Trex by 302.0% during the second quarter. Scientech Research LLC now owns 13,581 shares of the construction company’s stock valued at $1,007,000 after buying an additional 10,203 shares during the last quarter. Millennium Management LLC lifted its position in shares of Trex by 354.7% during the second quarter. Millennium Management LLC now owns 206,206 shares of the construction company’s stock valued at $15,284,000 after buying an additional 160,853 shares during the last quarter. Alpha DNA Investment Management LLC lifted its position in shares of Trex by 9.7% during the second quarter. Alpha DNA Investment Management LLC now owns 5,734 shares of the construction company’s stock valued at $425,000 after buying an additional 505 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Trex during the second quarter valued at about $445,000. Finally, Fred Alger Management LLC lifted its position in shares of Trex by 20.4% during the second quarter. Fred Alger Management LLC now owns 509,913 shares of the construction company’s stock valued at $37,795,000 after buying an additional 86,559 shares during the last quarter. 95.96% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have commented on TREX. Stifel Nicolaus decreased their price target on shares of Trex from $110.00 to $85.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Benchmark cut their price objective on shares of Trex from $105.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Bank of America cut their price objective on shares of Trex from $97.00 to $85.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Loop Capital downgraded shares of Trex from a “buy” rating to a “hold” rating and cut their price objective for the company from $95.00 to $75.00 in a report on Wednesday, August 7th. Finally, Robert W. Baird cut their price objective on shares of Trex from $88.00 to $70.00 and set a “neutral” rating on the stock in a report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, ten have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $80.88.

Trex Trading Up 1.3 %

Shares of NYSE:TREX opened at $67.90 on Friday. Trex Company, Inc. has a twelve month low of $53.59 and a twelve month high of $101.91. The company’s 50 day moving average is $68.18 and its 200 day moving average is $80.64. The company has a market cap of $7.38 billion, a PE ratio of 29.14, a price-to-earnings-growth ratio of 2.37 and a beta of 1.50.

Trex (NYSE:TREX) last issued its quarterly earnings results on Tuesday, August 6th. The construction company reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.02. The company had revenue of $376.47 million for the quarter, compared to the consensus estimate of $387.87 million. Trex had a net margin of 21.07% and a return on equity of 33.53%. Trex’s quarterly revenue was up 5.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.71 EPS. Equities research analysts predict that Trex Company, Inc. will post 2.03 earnings per share for the current fiscal year.

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.