49,045 Shares in Trex Company, Inc. $TREX Bought by Granite Investment Partners LLC

Granite Investment Partners LLC bought a new position in Trex Company, Inc. (NYSE:TREX) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 49,045 shares of the construction company’s stock, valued at approximately $2,667,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD lifted its stake in shares of Trex by 132.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,297,863 shares of the construction company’s stock valued at $424,007,000 after purchasing an additional 4,163,014 shares during the last quarter. Norges Bank acquired a new stake in shares of Trex in the second quarter worth about $54,795,000. American Century Companies Inc. boosted its stake in shares of Trex by 66.1% during the 1st quarter. American Century Companies Inc. now owns 1,972,125 shares of the construction company’s stock worth $114,580,000 after acquiring an additional 784,820 shares in the last quarter. Wellington Management Group LLP acquired a new position in shares of Trex during the 1st quarter valued at about $39,646,000. Finally, Royal Bank of Canada raised its stake in shares of Trex by 534.0% in the 1st quarter. Royal Bank of Canada now owns 668,280 shares of the construction company’s stock valued at $38,828,000 after acquiring an additional 562,877 shares in the last quarter. 95.96% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Bank of America restated an “underperform” rating and issued a $36.00 price objective (down from $67.00) on shares of Trex in a research note on Wednesday, November 5th. Wall Street Zen upgraded shares of Trex from a “sell” rating to a “hold” rating in a report on Saturday, August 9th. UBS Group lowered their price target on Trex from $74.00 to $50.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 5th. William Blair cut Trex from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 5th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Trex in a research note on Monday. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twelve have issued a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $52.53.

Trex Stock Performance

Shares of NYSE:TREX opened at $34.86 on Wednesday. The business has a fifty day moving average of $43.54 and a 200-day moving average of $54.06. Trex Company, Inc. has a twelve month low of $29.77 and a twelve month high of $80.74. The firm has a market cap of $3.74 billion, a PE ratio of 20.15, a price-to-earnings-growth ratio of 2.02 and a beta of 1.58.

Trex (NYSE:TREX) last announced its quarterly earnings data on Tuesday, November 4th. The construction company reported $0.51 EPS for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.06). The firm had revenue of $285.35 million during the quarter, compared to the consensus estimate of $301.74 million. Trex had a net margin of 16.53% and a return on equity of 21.27%. The firm’s quarterly revenue was up 22.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.37 earnings per share. On average, analysts anticipate that Trex Company, Inc. will post 2.04 EPS for the current fiscal year.

Insider Activity

In related news, CFO Prithvi Gandhi purchased 15,000 shares of the stock in a transaction dated Friday, November 14th. The stock was bought at an average cost of $31.92 per share, with a total value of $478,800.00. Following the purchase, the chief financial officer directly owned 30,664 shares in the company, valued at $978,794.88. The trade was a 95.76% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Insiders own 0.71% 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.