Truist Financial Boosts Trex (NYSE:TREX) Price Target to $60.00

Trex (NYSE:TREX) had its target price lifted by analysts at Truist Financial from $55.00 to $60.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the construction company’s stock. Truist Financial’s target price indicates a potential upside of 30.41% from the stock’s previous close.

A number of other brokerages have also recently issued reports on TREX. UBS Group reiterated a “buy” rating and set a $59.00 price objective (up from $58.00) on shares of Trex in a research note on Friday, May 8th. DA Davidson reissued a “buy” rating and set a $51.00 price target on shares of Trex in a research report on Friday, June 5th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $51.00 price objective on shares of Trex in a research report on Tuesday. Wall Street Zen raised Trex from a “sell” rating to a “hold” rating in a report on Sunday. Finally, Zelman & Associates upgraded Trex from a “neutral” rating to an “outperform” rating and set a $50.00 price target on the stock in a research note on Monday, May 18th. Ten equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $48.11.

Trex Stock Performance

NYSE:TREX opened at $46.01 on Tuesday. The company has a market cap of $4.78 billion, a PE ratio of 26.68, a PEG ratio of 9.58 and a beta of 1.46. Trex has a 52-week low of $29.77 and a 52-week high of $68.78. The stock has a 50-day simple moving average of $43.41 and a 200 day simple moving average of $41.09.

Trex (NYSE:TREX) last released its earnings results on Thursday, May 7th. The construction company reported $0.59 EPS for the quarter, beating the consensus estimate of $0.51 by $0.08. Trex had a return on equity of 19.66% and a net margin of 16.25%.The firm had revenue of $343.40 million for the quarter, compared to analysts’ expectations of $339.99 million. During the same quarter in the previous year, the business posted $0.60 EPS. The business’s quarterly revenue was up 1.0% compared to the same quarter last year. On average, research analysts predict that Trex will post 1.68 earnings per share for the current fiscal year.

Insider Activity

In other news, SVP Jacob T. Rudolph sold 1,400 shares of the company’s stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $50.00, for a total value of $70,000.00. Following the transaction, the senior vice president owned 36,631 shares of the company’s stock, valued at approximately $1,831,550. This represents a 3.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.93% of the stock is currently owned by corporate insiders.

Institutional Trading of Trex

Hedge funds have recently added to or reduced their stakes in the company. Aquatic Capital Management LLC lifted its holdings in shares of Trex by 194.4% during the third quarter. Aquatic Capital Management LLC now owns 93,815 shares of the construction company’s stock worth $4,847,000 after buying an additional 61,950 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new position in shares of Trex in the fourth quarter valued at about $4,748,000. M&T Bank Corp acquired a new position in shares of Trex in the fourth quarter valued at about $917,000. CWM LLC increased its position in Trex by 182.0% during the fourth quarter. CWM LLC now owns 85,995 shares of the construction company’s stock worth $3,017,000 after acquiring an additional 55,495 shares during the period. Finally, Osborne Partners Capital Management LLC bought a new position in Trex during the fourth quarter worth about $5,256,000. 95.96% of the stock is owned by institutional investors and hedge funds.

Trex Company Profile

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.