Trex (TREX) Board of Directors Authorizes Stock Repurchase Plan

Trex (NYSE:TREX) declared that its Board of Directors has approved a share repurchase program, which allows the company to repurchase 2,900,000 shares on Wednesday, February 21st, EventVestor reports. This repurchase authorization allows the construction company to repurchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

A number of brokerages have commented on TREX. B. Riley lifted their price objective on shares of Trex from $125.00 to $126.00 and gave the stock a “buy” rating in a research note on Thursday. Stifel Nicolaus reissued a “hold” rating and issued a $110.00 price objective (up from $100.00) on shares of Trex in a research note on Thursday. Zacks Investment Research raised shares of Trex from a “hold” rating to a “buy” rating and set a $125.00 price objective for the company in a research note on Thursday, January 11th. SunTrust Banks restated a “hold” rating and issued a $95.00 target price on shares of Trex in a report on Wednesday, November 1st. Finally, FBR & Co raised their target price on shares of Trex from $80.00 to $96.00 and gave the stock a “neutral” rating in a report on Tuesday, October 31st. Five research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $102.14.

Shares of Trex (TREX) opened at $110.57 on Friday. The stock has a market cap of $3,250.00, a PE ratio of 33.71 and a beta of 2.31. Trex has a twelve month low of $61.57 and a twelve month high of $120.40.

Trex (NYSE:TREX) last released its earnings results on Wednesday, February 21st. The construction company reported $0.56 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.54 by $0.02. The firm had revenue of $122.21 million during the quarter, compared to analyst estimates of $118.48 million. Trex had a net margin of 16.83% and a return on equity of 46.94%. The business’s revenue was up 28.2% on a year-over-year basis. During the same quarter last year, the business earned $0.43 EPS. equities analysts forecast that Trex will post 3.58 earnings per share for the current year.

In related news, Director Jay M. Gratz sold 1,058 shares of Trex stock in a transaction dated Tuesday, January 16th. The shares were sold at an average price of $116.95, for a total transaction of $123,733.10. Following the completion of the sale, the director now owns 8,801 shares in the company, valued at approximately $1,029,276.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jay M. Gratz sold 2,322 shares of Trex stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $111.79, for a total transaction of $259,576.38. Following the sale, the director now owns 7,643 shares of the company’s stock, valued at approximately $854,410.97. The disclosure for this sale can be found here. Insiders sold a total of 4,798 shares of company stock valued at $540,778 in the last 90 days. Company insiders own 0.95% of the company’s stock.

ILLEGAL ACTIVITY NOTICE: “Trex (TREX) Board of Directors Authorizes Stock Repurchase Plan” was first published by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are reading this news story on another website, it was stolen and reposted in violation of US and international copyright & trademark laws. The correct version of this news story can be accessed at https://www.dispatchtribunal.com/2018/02/25/trex-trex-board-of-directors-authorizes-stock-repurchase-plan.html.

Trex Company Profile

Trex Company, Inc is a manufacturer of wood-alternative decking and railing products. The Company’s products are marketed under the brand name Trex and are manufactured in the United States. It offers a set of outdoor living products in the decking, railing, porch, fencing, trim, steel deck framing and outdoor lighting categories.

Receive News & Ratings for Trex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Trex and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply