Truist Financial Corp Trims Stake in Trex Company, Inc. (NYSE:TREX)

Truist Financial Corp lowered its holdings in Trex Company, Inc. (NYSE:TREXGet Rating) by 21.7% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,072 shares of the construction company’s stock after selling 2,796 shares during the quarter. Truist Financial Corp’s holdings in Trex were worth $443,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Covestor Ltd raised its holdings in shares of Trex by 178.8% in the 1st quarter. Covestor Ltd now owns 382 shares of the construction company’s stock valued at $25,000 after buying an additional 245 shares during the period. Spire Wealth Management purchased a new stake in shares of Trex in the 2nd quarter valued at $26,000. Parallel Advisors LLC raised its holdings in shares of Trex by 30.4% in the 2nd quarter. Parallel Advisors LLC now owns 773 shares of the construction company’s stock valued at $42,000 after buying an additional 180 shares during the period. Quadrant Capital Group LLC raised its holdings in shares of Trex by 110.0% in the 2nd quarter. Quadrant Capital Group LLC now owns 857 shares of the construction company’s stock valued at $47,000 after buying an additional 449 shares during the period. Finally, Lazard Asset Management LLC purchased a new stake in shares of Trex in the 1st quarter valued at $67,000. Hedge funds and other institutional investors own 94.64% of the company’s stock.

Trex Stock Performance

Trex stock opened at $51.96 on Tuesday. Trex Company, Inc. has a fifty-two week low of $38.68 and a fifty-two week high of $96.77. The company has a market capitalization of $5.70 billion, a P/E ratio of 29.52, a PEG ratio of 11.53 and a beta of 1.43. The stock has a 50-day simple moving average of $45.60 and a 200-day simple moving average of $49.03.

Trex (NYSE:TREXGet Rating) last posted its earnings results on Monday, October 31st. The construction company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.01). Trex had a net margin of 16.39% and a return on equity of 36.18%. The firm had revenue of $188.47 million during the quarter, compared to analysts’ expectations of $194.74 million. As a group, analysts forecast that Trex Company, Inc. will post 1.77 earnings per share for the current year.

Wall Street Analyst Weigh In

TREX has been the topic of several research analyst reports. BMO Capital Markets cut their price objective on Trex from $65.00 to $58.00 and set a “market perform” rating on the stock in a report on Wednesday, November 2nd. Barclays lowered their target price on Trex from $53.00 to $51.00 in a research note on Wednesday, December 14th. Credit Suisse Group cut Trex from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $65.00 to $43.00 in a research note on Friday, October 14th. Truist Financial lowered their target price on Trex from $85.00 to $65.00 and set a “buy” rating for the company in a research note on Thursday, October 6th. Finally, B. Riley lowered their target price on Trex from $62.00 to $58.00 and set a “buy” rating for the company in a research note on Tuesday, November 1st. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $63.88.

Trex Profile

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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.

Further Reading

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Institutional Ownership by Quarter for Trex (NYSE:TREX)

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