Envestnet Asset Management Inc. Boosts Position in Trex Company, Inc. (NYSE:TREX)

Envestnet Asset Management Inc. boosted its holdings in Trex Company, Inc. (NYSE:TREX – Get Rating) by 1.8% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 205,531 shares of the construction company’s stock after buying an additional 3,732 shares during the period. Envestnet Asset Management Inc.’s holdings in Trex were worth $13,427,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of TREX. GHP Investment Advisors Inc. purchased a new stake in shares of Trex during the first quarter valued at approximately $54,000. LPL Financial LLC raised its stake in shares of Trex by 16.3% during the fourth quarter. LPL Financial LLC now owns 179,428 shares of the construction company’s stock valued at $24,228,000 after purchasing an additional 25,086 shares during the period. Oppenheimer Asset Management Inc. raised its stake in shares of Trex by 6.0% during the fourth quarter. Oppenheimer Asset Management Inc. now owns 32,650 shares of the construction company’s stock valued at $4,408,000 after purchasing an additional 1,860 shares during the period. Steward Partners Investment Advisory LLC raised its stake in shares of Trex by 3.2% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 6,827 shares of the construction company’s stock valued at $922,000 after purchasing an additional 210 shares during the period. Finally, Mercer Global Advisors Inc. ADV purchased a new stake in shares of Trex during the fourth quarter valued at approximately $239,000. Hedge funds and other institutional investors own 93.63% of the company’s stock.

Trex Stock Up 2.6 %

Shares of NYSE TREX opened at $64.61 on Friday. Trex Company, Inc. has a fifty-two week low of $49.31 and a fifty-two week high of $140.98. The firm’s 50-day simple moving average is $59.13 and its 200 day simple moving average is $68.47. The stock has a market cap of $7.31 billion, a P/E ratio of 32.14, a P/E/G ratio of 1.48 and a beta of 1.48.

Trex (NYSE:TREX – Get Rating) last issued its quarterly earnings results on Monday, May 9th. The construction company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.54 by $0.08. Trex had a net margin of 17.90% and a return on equity of 38.31%. The firm had revenue of $339.23 million for the quarter, compared to analysts’ expectations of $326.67 million. During the same period in the previous year, the business earned $0.42 earnings per share. Trex’s revenue for the quarter was up 38.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Trex Company, Inc. will post 2.47 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. BNP Paribas upgraded shares of Trex from an “underperform” rating to a “neutral” rating and set a $75.00 price objective on the stock in a research note on Friday, May 20th. Loop Capital lowered shares of Trex from a “buy” rating to a “hold” rating and dropped their price objective for the company from $118.00 to $68.00 in a research note on Monday, April 25th. JPMorgan Chase & Co. dropped their price target on shares of Trex from $66.00 to $54.00 in a research note on Friday, July 15th. Truist Financial dropped their price target on shares of Trex from $120.00 to $90.00 in a research note on Tuesday, May 10th. Finally, Barclays dropped their price target on shares of Trex from $68.00 to $63.00 and set an “equal weight” rating for the company in a research note on Thursday, July 14th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $87.94.

About Trex

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Trex Company, Inc manufactures and distributes decking, railing, and outdoor living products and accessories for residential and commercial markets in the United States. The company operates in two segments, Trex Residential and Trex Commercial. It offers decking products under the names Trex Transcend, Trex Select, 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.