PineBridge Investments L.P. held its stake in shares of Trex Co. (NYSE:TREX) during the second quarter, Holdings Channel reports. The fund owned 3,776 shares of the company’s stock at the end of the second quarter. PineBridge Investments L.P.’s holdings in Trex were worth $170,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in the stock. Victory Capital Management Inc. raised its stake in shares of Trex by 34.3% in the second quarter. Victory Capital Management Inc. now owns 2,462 shares of the company’s stock valued at $111,000 after buying an additional 629 shares in the last quarter. BlackRock Inc. raised its stake in shares of Trex by 152.8% in the first quarter. BlackRock Inc. now owns 2,690 shares of the company’s stock valued at $129,000 after buying an additional 1,626 shares in the last quarter. Nisa Investment Advisors LLC raised its stake in shares of Trex by 500.0% in the second quarter. Nisa Investment Advisors LLC now owns 3,000 shares of the company’s stock valued at $135,000 after buying an additional 2,500 shares in the last quarter. Riverhead Capital Management LLC purchased a new stake in shares of Trex during the first quarter valued at $188,000. Finally, Teacher Retirement System of Texas raised its stake in shares of Trex by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 4,311 shares of the company’s stock valued at $194,000 after buying an additional 523 shares in the last quarter. 97.35% of the stock is owned by hedge funds and other institutional investors.
Trex Co. (NYSE:TREX) opened at 58.72 on Friday. The stock’s 50 day moving average price is $59.82 and its 200 day moving average price is $50.08. The firm has a market capitalization of $1.72 billion, a P/E ratio of 30.62 and a beta of 2.00. Trex Co. has a 12 month low of $31.11 and a 12 month high of $64.36.
Trex (NYSE:TREX) last issued its quarterly earnings results on Monday, August 1st. The company reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.08. Trex had a net margin of 12.68% and a return on equity of 61.76%. The firm had revenue of $146.45 million for the quarter, compared to analyst estimates of $145.19 million. During the same period in the previous year, the business earned $0.58 EPS. The company’s revenue was up 7.1% compared to the same quarter last year. On average, analysts forecast that Trex Co. will post $2.31 earnings per share for the current year.
Several equities analysts have recently commented on TREX shares. Zacks Investment Research raised Trex from a “hold” rating to a “buy” rating and set a $65.00 target price for the company in a report on Thursday, August 4th. CL King lowered Trex from a “buy” rating to a “neutral” rating in a report on Wednesday, August 3rd. They noted that the move was a valuation call. Wedbush lowered Trex from an “outperform” rating to a “neutral” rating and upped their target price for the company from $50.00 to $53.00 in a report on Wednesday, August 3rd. They noted that the move was a valuation call. Finally, FBR & Co upped their target price on Trex from $50.00 to $60.00 and gave the company an “outperform” rating in a report on Tuesday, August 2nd. Four equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $59.33.
In other news, VP Adam Dante Zambanini sold 5,730 shares of the business’s stock in a transaction dated Wednesday, September 7th. The shares were sold at an average price of $61.61, for a total transaction of $353,025.30. Following the transaction, the vice president now directly owns 34,396 shares in the company, valued at approximately $2,119,137.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider James E. Cline sold 6,873 shares of the business’s stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $55.49, for a total transaction of $381,382.77. Following the transaction, the insider now owns 100,543 shares in the company, valued at $5,579,131.07. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by company insiders.
Trex Company, Inc is a manufacturer of wood-alternative decking and railing products. The Company markets its products under the brand name Trex. The Company offers a set of outdoor living products in the decking, railing, porch, fencing, trim, steel deck framing and outdoor lighting categories. Its decking products include Trex Transcend, Trex Enhance and Trex Select.
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