Trex (NYSE:TREX) Cut to “Hold” at Benchmark

Benchmark downgraded shares of Trex (NYSE:TREX) from a buy rating to a hold rating in a report released on Wednesday morning, MarketBeat reports.

TREX has been the topic of several other reports. BMO Capital Markets reiterated an “outperform” rating and set a $54.00 target price on shares of Trex in a research report on Thursday, January 8th. Zacks Research raised shares of Trex from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 3rd. Stifel Nicolaus restated a “hold” rating and issued a $35.00 target price (down previously from $61.00) on shares of Trex in a research note on Monday, November 10th. Barclays set a $32.00 target price on Trex in a research note on Monday, December 8th. Finally, Wolfe Research upgraded Trex from a “peer perform” rating to an “outperform” rating and set a $47.00 target price on the stock in a research report on Wednesday, January 7th. Nine research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, Trex presently has a consensus rating of “Hold” and a consensus target price of $47.25.

Trex Price Performance

Shares of Trex stock opened at $42.84 on Wednesday. The stock has a market capitalization of $4.59 billion, a price-to-earnings ratio of 23.28 and a beta of 1.58. The firm’s fifty day simple moving average is $39.33 and its 200-day simple moving average is $46.96. Trex has a 12 month low of $29.77 and a 12 month high of $70.08.

Hedge Funds Weigh In On Trex

Several hedge funds have recently bought and sold shares of the business. Norges Bank acquired a new stake in shares of Trex in the fourth quarter worth about $62,904,000. AQR Capital Management LLC raised its stake in shares of Trex by 17,551.6% in the 3rd quarter. AQR Capital Management LLC now owns 1,598,001 shares of the construction company’s stock valued at $81,498,000 after acquiring an additional 1,588,948 shares in the last quarter. Impax Asset Management Group plc lifted its holdings in Trex by 93.0% in the 3rd quarter. Impax Asset Management Group plc now owns 1,934,581 shares of the construction company’s stock worth $99,354,000 after purchasing an additional 932,247 shares during the last quarter. Wellington Management Group LLP boosted its position in Trex by 86.8% during the third quarter. Wellington Management Group LLP now owns 1,974,096 shares of the construction company’s stock worth $102,002,000 after purchasing an additional 917,448 shares during the period. Finally, Jacobs Levy Equity Management Inc. boosted its position in Trex by 120.6% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,326,379 shares of the construction company’s stock worth $46,529,000 after purchasing an additional 725,090 shares during the period. 95.96% of the stock is owned by institutional investors and hedge funds.

About Trex

Trex Company, Inc is a leading manufacturer of wood-alternative decking and railing systems designed for residential and commercial outdoor living environments. The company’s core offerings feature composite decking products made from a proprietary blend of recycled wood fibers and plastic film, which deliver enhanced durability, resistance to rot and insect damage, and low maintenance compared to traditional wood. Trex also provides matching railing, lighting, fencing and cladding solutions that allow customers to create cohesive, high-performance outdoor spaces.

Trex’s product portfolio is organized into multiple performance tiers, including premium, mid-range and value-oriented lines.