Trex (NYSE:TREX) Stock Picked Up by Analysts at Melius Research

Equities researchers at Melius Research began coverage on shares of Trex (NYSE:TREX) in a research report issued on Tuesday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $62.00 price target on the construction company’s stock. Melius Research’s price target would indicate a potential upside of 41.15% from the company’s previous close.

Several other research firms have also recently commented on TREX. The Goldman Sachs Group reaffirmed a “buy” rating and set a $56.00 price objective (up from $49.00) on shares of Trex in a research report on Friday, July 10th. Weiss Ratings upgraded shares of Trex from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, September 1st. BMO Capital Markets set a $57.00 price target on shares of Trex in a report on Wednesday, August 5th. Citigroup reiterated a “neutral” rating and issued a $52.00 price target (up from $43.00) on shares of Trex in a research note on Wednesday, July 15th. Finally, Stifel Nicolaus set a $49.00 price objective on shares of Trex and gave the company a “hold” rating in a research report on Tuesday, August 11th. Eleven analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $49.90.

Trex Trading Down 2.1%

Shares of NYSE:TREX opened at $43.92 on Tuesday. The stock has a fifty day simple moving average of $45.61 and a two-hundred day simple moving average of $43.24. Trex has a 12-month low of $29.77 and a 12-month high of $54.30. The stock has a market capitalization of $4.56 billion, a price-to-earnings ratio of 26.15, a PEG ratio of 3.09 and a beta of 1.48.

Trex (NYSE:TREX) last released its earnings results on Tuesday, August 4th. The construction company reported $0.62 EPS for the quarter, missing analysts’ consensus estimates of $0.63 by ($0.01). The company had revenue of $418.02 million during the quarter, compared to analysts’ expectations of $415.71 million. Trex had a return on equity of 18.03% and a net margin of 14.68%.The company’s revenue was up 7.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.71 earnings per share. As a group, equities research analysts predict that Trex will post 1.76 EPS for the current year.

Insiders Place Their Bets

In other Trex news, SVP Amy M. Fernandez sold 1,050 shares of the firm’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $50.07, for a total value of $52,573.50. Following the transaction, the senior vice president directly owned 67,794 shares of the company’s stock, valued at approximately $3,394,445.58. This trade represents a 1.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.93% of the company’s stock.

Institutional Investors Weigh In On Trex

Several hedge funds and other institutional investors have recently made changes to their positions in TREX. Versant Capital Management Inc purchased a new position in shares of Trex in the second quarter worth approximately $58,000. Ascentis Independent Advisors purchased a new stake in Trex during the first quarter valued at approximately $44,000. Elevation Wealth Partners LLC raised its position in Trex by 250.7% in the third quarter. Elevation Wealth Partners LLC now owns 1,224 shares of the construction company’s stock worth $53,000 after acquiring an additional 875 shares during the period. IFP Advisors Inc raised its position in Trex by 76.0% in the second quarter. IFP Advisors Inc now owns 1,584 shares of the construction company’s stock worth $79,000 after acquiring an additional 684 shares during the period. Finally, Northwestern Mutual Wealth Management Co. purchased a new position in shares of Trex during the 2nd quarter worth $89,000. Hedge funds and other institutional investors own 95.96% of the company’s stock.

Trex Company Profile

Trex Company, Inc designs, manufactures and distributes composite decking, railing and related outdoor-living products. Its portfolio includes residential and commercial decking systems, railing, outdoor lighting, furniture, and other accessories sold under the Trex brand. The company’s products are positioned as alternatives to traditional wood and are designed to provide durability and lower maintenance.

Trex composite products are made primarily from reclaimed wood fibers and recycled polyethylene film, including materials such as used plastic bags and packaging.