TIAA CREF Investment Management LLC reduced its position in Trex Company, Inc. (NYSE:TREX) by 6.7% in the 4th quarter, HoldingsChannel reports. The fund owned 89,849 shares of the construction company’s stock after selling 6,494 shares during the period. TIAA CREF Investment Management LLC’s holdings in Trex were worth $9,739,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in TREX. American International Group Inc. raised its holdings in Trex by 5.8% in the third quarter. American International Group Inc. now owns 23,385 shares of the construction company’s stock worth $2,106,000 after purchasing an additional 1,274 shares in the last quarter. Legal & General Group Plc raised its holdings in Trex by 1.9% in the third quarter. Legal & General Group Plc now owns 57,596 shares of the construction company’s stock worth $5,187,000 after purchasing an additional 1,077 shares in the last quarter. Virginia Retirement Systems ET AL raised its holdings in Trex by 61.3% in the third quarter. Virginia Retirement Systems ET AL now owns 10,000 shares of the construction company’s stock worth $901,000 after purchasing an additional 3,800 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Trex by 1.4% in the third quarter. JPMorgan Chase & Co. now owns 465,162 shares of the construction company’s stock worth $41,507,000 after purchasing an additional 6,402 shares in the last quarter. Finally, Wells Fargo & Company MN raised its holdings in Trex by 29.2% in the third quarter. Wells Fargo & Company MN now owns 55,242 shares of the construction company’s stock worth $4,976,000 after purchasing an additional 12,472 shares in the last quarter. Hedge funds and other institutional investors own 91.05% of the company’s stock.
A number of equities analysts have commented on the stock. Stifel Nicolaus reiterated a “hold” rating and issued a $110.00 target price (up from $100.00) on shares of Trex in a report on Thursday, February 22nd. B. Riley boosted their target price on shares of Trex from $125.00 to $126.00 and gave the stock a “buy” rating in a report on Thursday, February 22nd. Finally, Zacks Investment Research upgraded shares of Trex from a “hold” rating to a “buy” rating and set a $124.00 target price for the company in a report on Tuesday, February 27th. Five research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $102.00.
In related news, insider James E. Cline sold 21,669 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $106.58, for a total value of $2,309,482.02. Following the sale, the insider now owns 68,736 shares in the company, valued at $7,325,882.88. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Christopher Paul Gerhard sold 3,500 shares of the company’s stock in a transaction that occurred on Wednesday, March 7th. The shares were sold at an average price of $107.48, for a total value of $376,180.00. Following the completion of the sale, the vice president now owns 15,350 shares in the company, valued at approximately $1,649,818. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 42,592 shares of company stock worth $4,582,460. Corporate insiders own 0.95% of the company’s stock.
TREX opened at $110.10 on Friday. Trex Company, Inc. has a 52-week low of $61.57 and a 52-week high of $120.40. The stock has a market cap of $3,345.73, a PE ratio of 34.84 and a beta of 2.25.
Trex (NYSE:TREX) last posted its quarterly earnings data on Wednesday, February 21st. The construction company reported $0.56 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.54 by $0.02. Trex had a net margin of 16.83% and a return on equity of 46.94%. The firm had revenue of $122.21 million for the quarter, compared to the consensus estimate of $118.48 million. During the same quarter in the prior year, the company posted $0.43 earnings per share. The company’s revenue for the quarter was up 28.2% compared to the same quarter last year. sell-side analysts forecast that Trex Company, Inc. will post 4.2 EPS for the current year.
Trex announced that its Board of Directors has approved a share buyback plan on Wednesday, February 21st that permits the company to repurchase 2,900,000 outstanding shares. This repurchase authorization permits the construction company to buy shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
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Trex Company, Inc manufactures and distributes wood/plastic composite products, and related accessories primarily for the residential and commercial decking, and railing applications in the United States. It offers Trex Transcend, Trex Enhance, and Trex Select protective shells for protection against fading, staining, mold, and scratching; and Trex Hideaway, a hidden fastening system for grooved boards.
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