Bank of New York Mellon Corp reduced its holdings in Trex Company Inc (NYSE:TREX) by 2.4% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 365,402 shares of the construction company’s stock after selling 8,875 shares during the quarter. Bank of New York Mellon Corp owned about 1.24% of Trex worth $39,607,000 as of its most recent filing with the SEC.
Other large investors have also modified their holdings of the company. U S Global Investors Inc. acquired a new stake in shares of Trex in the third quarter valued at about $1,441,000. Bamco Inc. NY grew its position in shares of Trex by 4.4% in the third quarter. Bamco Inc. NY now owns 1,185,205 shares of the construction company’s stock valued at $106,751,000 after purchasing an additional 49,870 shares during the last quarter. Wells Fargo & Company MN grew its position in shares of Trex by 29.2% in the third quarter. Wells Fargo & Company MN now owns 55,242 shares of the construction company’s stock valued at $4,976,000 after purchasing an additional 12,472 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Trex by 1.4% in the third quarter. JPMorgan Chase & Co. now owns 465,162 shares of the construction company’s stock valued at $41,507,000 after purchasing an additional 6,402 shares during the last quarter. Finally, Legal & General Group Plc grew its position in shares of Trex by 1.9% in the third quarter. Legal & General Group Plc now owns 57,596 shares of the construction company’s stock valued at $5,187,000 after purchasing an additional 1,077 shares during the last quarter. 90.99% of the stock is currently owned by institutional investors.
A number of equities research analysts recently weighed in on TREX shares. Stifel Nicolaus decreased their target price on Trex from $100.00 to $89.00 and set a “hold” rating on the stock in a research report on Friday, December 8th. B. Riley raised Trex from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $96.00 to $125.00 in a research report on Wednesday, January 3rd. Finally, Zacks Investment Research raised Trex from a “hold” rating to a “buy” rating and set a $125.00 target price on the stock in a research report on Thursday, January 11th. Five analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $102.00.
Trex (NYSE:TREX) last released its earnings results on Wednesday, February 21st. The construction company reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $0.02. Trex had a return on equity of 46.94% and a net margin of 16.83%. The business had revenue of $122.21 million for the quarter, compared to the consensus estimate of $118.48 million. During the same period last year, the business earned $0.43 earnings per share. The firm’s revenue for the quarter was up 28.2% compared to the same quarter last year. equities research analysts anticipate that Trex Company Inc will post 4.09 EPS for the current fiscal year.
Trex declared that its Board of Directors has approved a share repurchase program on Wednesday, February 21st that allows the company to buyback 2,900,000 shares. This buyback authorization allows the construction company to buy shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
In other Trex news, Director Patricia B. Robinson sold 3,255 shares of the firm’s stock in a transaction dated Wednesday, March 7th. The shares were sold at an average price of $105.00, for a total transaction of $341,775.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Christopher Paul Gerhard sold 3,500 shares of the firm’s stock in a transaction dated Wednesday, March 7th. The stock was sold at an average price of $107.48, for a total transaction of $376,180.00. Following the transaction, the vice president now owns 15,350 shares of the company’s stock, valued at approximately $1,649,818. The disclosure for this sale can be found here. Over the last three months, insiders have sold 39,355 shares of company stock worth $4,219,463. 0.95% of the stock is owned by company insiders.
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Trex Company Profile
Trex Company, Inc is a manufacturer of wood-alternative decking and railing products. The Company’s products are marketed under the brand name Trex and are manufactured in the United States. It offers a set of outdoor living products in the decking, railing, porch, fencing, trim, steel deck framing and outdoor lighting categories.
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