Trex (NYSE:TREX) Given New $74.00 Price Target at DA Davidson

Trex (NYSE:TREX) had its target price raised by DA Davidson from $70.00 to $74.00 in a research report report published on Tuesday, Benzinga reports. DA Davidson currently has a neutral rating on the construction company’s stock.

TREX has been the subject of a number of other reports. Stifel Nicolaus decreased their price objective on Trex from $110.00 to $85.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Stephens cut Trex from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $115.00 to $72.00 in a research note on Wednesday, August 7th. BMO Capital Markets upped their price objective on shares of Trex from $67.00 to $72.00 and gave the stock a “market perform” rating in a report on Tuesday. Citigroup dropped their price target on shares of Trex from $94.00 to $80.00 and set a “neutral” rating on the stock in a research report on Thursday, July 11th. Finally, StockNews.com raised shares of Trex from a “sell” rating to a “hold” rating in a research note on Thursday, September 19th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $79.94.

Trex Trading Up 6.2 %

Shares of NYSE TREX opened at $70.63 on Tuesday. The company has a market cap of $7.68 billion, a price-to-earnings ratio of 29.19, a price-to-earnings-growth ratio of 2.45 and a beta of 1.50. Trex has a 12-month low of $54.57 and a 12-month high of $101.91. The stock’s 50 day simple moving average is $65.23 and its 200 day simple moving average is $75.72.

Trex (NYSE:TREX) last released its quarterly earnings results on Monday, October 28th. The construction company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.32 by $0.05. The business had revenue of $233.72 million during the quarter, compared to analyst estimates of $225.42 million. Trex had a net margin of 21.07% and a return on equity of 33.53%. The company’s quarterly revenue was down 23.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.57 earnings per share. As a group, equities analysts forecast that Trex will post 2.04 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Trex

Institutional investors have recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Trex by 3.6% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 16,512 shares of the construction company’s stock worth $1,647,000 after buying an additional 573 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in Trex by 18.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 124,389 shares of the construction company’s stock worth $12,408,000 after purchasing an additional 19,286 shares during the period. State of Michigan Retirement System grew its position in Trex by 2.3% during the 1st quarter. State of Michigan Retirement System now owns 26,622 shares of the construction company’s stock worth $2,656,000 after purchasing an additional 600 shares in the last quarter. Commonwealth Equity Services LLC raised its stake in Trex by 3.9% during the 1st quarter. Commonwealth Equity Services LLC now owns 35,956 shares of the construction company’s stock valued at $3,587,000 after purchasing an additional 1,344 shares during the period. Finally, Van ECK Associates Corp lifted its holdings in shares of Trex by 36.5% in the first quarter. Van ECK Associates Corp now owns 43,442 shares of the construction company’s stock valued at $4,333,000 after purchasing an additional 11,619 shares in 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.