New York Life Investment Management LLC increased its stake in shares of Trex Company, Inc. (NYSE:TREX – Free Report) by 111.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,551 shares of the construction company’s stock after buying an additional 6,080 shares during the quarter. New York Life Investment Management LLC’s holdings in Trex were worth $712,000 at the end of the most recent reporting period.
A number of other large investors have also added to or reduced their stakes in TREX. Covestor Ltd lifted its stake in Trex by 178.8% during the first quarter. Covestor Ltd now owns 382 shares of the construction company’s stock worth $25,000 after purchasing an additional 245 shares during the last quarter. Quarry LP bought a new stake in Trex during the first quarter worth $31,000. Larson Financial Group LLC lifted its stake in Trex by 6,100.0% during the third quarter. Larson Financial Group LLC now owns 682 shares of the construction company’s stock worth $42,000 after purchasing an additional 671 shares during the last quarter. Belpointe Asset Management LLC lifted its stake in Trex by 120.8% during the first quarter. Belpointe Asset Management LLC now owns 797 shares of the construction company’s stock worth $39,000 after purchasing an additional 436 shares during the last quarter. Finally, BluePath Capital Management LLC bought a new stake in Trex during the third quarter worth $60,000. Institutional investors and hedge funds own 96.42% of the company’s stock.
Wall Street Analyst Weigh In
TREX has been the subject of a number of research reports. Stifel Nicolaus increased their price target on Trex from $82.00 to $90.00 and gave the company a “buy” rating in a research note on Tuesday, December 19th. Truist Financial decreased their price objective on Trex from $80.00 to $70.00 and set a “buy” rating for the company in a report on Tuesday, October 17th. BMO Capital Markets increased their price objective on Trex from $70.00 to $72.00 and gave the company a “market perform” rating in a report on Tuesday, October 31st. Benchmark restated a “buy” rating and issued a $85.00 price objective on shares of Trex in a report on Tuesday, October 31st. Finally, Jefferies Financial Group decreased their price objective on Trex from $79.00 to $66.00 in a report on Thursday, October 12th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $75.89.
Trex Price Performance
Shares of TREX stock opened at $90.38 on Friday. The company’s fifty day simple moving average is $80.41 and its two-hundred day simple moving average is $70.58. Trex Company, Inc. has a 1 year low of $44.90 and a 1 year high of $92.25. The stock has a market capitalization of $9.82 billion, a price-to-earnings ratio of 50.78, a PEG ratio of 2.71 and a beta of 1.58.
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.
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