Trex (NYSE:TREX) Shares Down 3% – Here’s What Happened

Trex Company, Inc. (NYSE:TREX) traded down 3% during mid-day trading on Friday . The stock traded as low as $65.54 and last traded at $66.06. 269,596 shares traded hands during trading, a decline of 71% from the average session volume of 941,053 shares. The stock had previously closed at $68.12.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on TREX shares. JPMorgan Chase & Co. reduced their price objective on Trex from $95.00 to $69.00 and set a “neutral” rating on the stock in a research note on Monday, August 12th. Loop Capital cut Trex from a “buy” rating to a “hold” rating and decreased their price target for the stock from $95.00 to $75.00 in a research note on Wednesday, August 7th. Stifel Nicolaus dropped their price objective on Trex from $110.00 to $85.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. B. Riley dropped their target price on shares of Trex from $107.00 to $97.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Finally, Bank of America dropped their price objective on Trex from $97.00 to $85.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $80.88.

Trex Price Performance

The firm has a market cap of $7.26 billion, a PE ratio of 29.24, a price-to-earnings-growth ratio of 2.31 and a beta of 1.50. The firm has a 50-day simple moving average of $67.25 and a 200 day simple moving average of $79.86.

Trex (NYSE:TREX) last posted 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 33.53%. The business had revenue of $376.47 million for the quarter, compared to analyst estimates of $387.87 million. During the same quarter in the previous year, the firm posted $0.71 earnings per share. Trex’s quarterly revenue was up 5.6% on a year-over-year basis. Sell-side analysts forecast that Trex Company, Inc. will post 2.03 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Covestor Ltd grew its stake in shares of Trex by 11.3% in the first quarter. Covestor Ltd now owns 1,213 shares of the construction company’s stock worth $121,000 after acquiring an additional 123 shares during the last quarter. Harrington Investments INC grew its position in Trex by 1.4% during the 2nd quarter. Harrington Investments INC now owns 9,807 shares of the construction company’s stock valued at $727,000 after purchasing an additional 140 shares during the last quarter. Avantax Advisory Services Inc. increased its stake in Trex by 4.6% during the 1st quarter. Avantax Advisory Services Inc. now owns 3,950 shares of the construction company’s stock valued at $394,000 after purchasing an additional 173 shares in the last quarter. First Citizens Bank & Trust Co. raised its holdings in Trex by 2.6% in the second quarter. First Citizens Bank & Trust Co. now owns 7,055 shares of the construction company’s stock worth $523,000 after buying an additional 176 shares during the last quarter. Finally, Values First Advisors Inc. lifted its stake in shares of Trex by 3.6% in the second quarter. Values First Advisors Inc. now owns 6,700 shares of the construction company’s stock worth $497,000 after buying an additional 230 shares in the last quarter. Institutional investors own 95.96% of the company’s stock.

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.