Trex Company Shares Up 12.9% Following Strong Earnings (TREX)
Trex Company (NASDAQ:TREX) shares shot up 12.9% during mid-day trading on Monday after the company announced better than expected quarterly earnings, AnalystRatingsNetwork reports. The stock traded as high as $33.73 and last traded at $32.36, with a volume of 1,946,804 shares trading hands. The stock had previously closed at $28.67.
The company reported $0.46 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.44 by $0.02. The company had revenue of $121.30 million for the quarter, compared to the consensus estimate of $123.73 million. During the same quarter last year, the company posted $0.86 earnings per share. Trex Company’s revenue was up 23.0% compared to the same quarter last year.
Several analysts have recently commented on the stock. Analysts at Stifel Nicolaus upgraded shares of Trex Company from a “hold” rating to a “buy” rating in a research note on Tuesday, July 22nd. They now have a $37.00 price target on the stock. Separately, analysts at Off Wall Street reiterated a “sell” rating on shares of Trex Company in a research note on Friday, July 11th. Finally, analysts at Zacks upgraded shares of Trex Company from an “underperform” rating to a “neutral” rating in a research note on Tuesday, July 8th. They now have a $30.30 price target on the stock. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $37.30.
The stock has a 50-day moving average of $28.6 and a 200-day moving average of $33.60. The company has a market cap of $1.079 billion and a price-to-earnings ratio of 38.59.
Trex Company, Inc manufactures and distributes wood/plastic composite products, as well as related accessories, primarily for residential and commercial decking and railing applications.
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