Ausbil Investment Management Ltd Sells 2,621 Shares of Trex Company, Inc. (NYSE:TREX)

Ausbil Investment Management Ltd cut its stake in Trex Company, Inc. (NYSE:TREX) by 15.4% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,433 shares of the construction company’s stock after selling 2,621 shares during the quarter. Ausbil Investment Management Ltd’s holdings in Trex were worth $946,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Raymond James Financial Services Advisors Inc. increased its position in Trex by 21.5% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 28,795 shares of the construction company’s stock valued at $1,881,000 after acquiring an additional 5,105 shares during the last quarter. Bank of Montreal Can grew its position in shares of Trex by 38.1% during the 1st quarter. Bank of Montreal Can now owns 18,867 shares of the construction company’s stock valued at $1,353,000 after acquiring an additional 5,210 shares during the period. D.A. Davidson & CO. purchased a new stake in shares of Trex in the 1st quarter worth $204,000. Great West Life Assurance Co. Can grew its holdings in Trex by 7.6% during the first quarter. Great West Life Assurance Co. Can now owns 62,354 shares of the construction company’s stock valued at $4,190,000 after purchasing an additional 4,387 shares during the period. Finally, Raymond James Trust N.A. raised its stake in shares of Trex by 23.3% in the first quarter. Raymond James Trust N.A. now owns 5,111 shares of the construction company’s stock worth $334,000 after buying an additional 966 shares during the period. 96.42% of the stock is owned by hedge funds and other institutional investors.

Trex Stock Performance

TREX stock traded up $0.85 during trading on Monday, hitting $65.76. 158,158 shares of the company’s stock traded hands, compared to its average volume of 1,020,759. The business has a fifty day simple moving average of $70.10 and a 200 day simple moving average of $59.93. Trex Company, Inc. has a 52 week low of $38.68 and a 52 week high of $76.05. The stock has a market capitalization of $7.14 billion, a price-to-earnings ratio of 49.55, a P/E/G ratio of 2.97 and a beta of 1.50.

Trex (NYSE:TREX) last posted its quarterly earnings data on Monday, July 31st. The construction company reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.17. The business had revenue of $356.54 million during the quarter, compared to analyst estimates of $318.89 million. Trex had a return on equity of 28.15% and a net margin of 14.62%. The company’s revenue for the quarter was down 7.7% on a year-over-year basis. During the same period last year, the company earned $0.79 EPS. Research analysts forecast that Trex Company, Inc. will post 1.76 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on TREX shares. BMO Capital Markets raised their target price on shares of Trex from $70.00 to $74.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 2nd. StockNews.com started coverage on shares of Trex in a report on Thursday, August 17th. They issued a “hold” rating for the company. Truist Financial raised their price target on Trex from $65.00 to $80.00 and gave the company a “buy” rating in a report on Tuesday, August 1st. Bank of America upped their price objective on Trex from $76.00 to $82.00 and gave the stock a “buy” rating in a research note on Tuesday, August 1st. Finally, B. Riley lifted their target price on Trex from $81.00 to $87.00 and gave the company a “buy” rating in a research note on Friday, September 8th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $75.94.

Trex Company Profile

Trex Company, Inc manufactures and distributes composite 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.