Zacks Investment Research Downgrades Trex Company, Inc. (TREX) to Hold
Trex Company, Inc. (NYSE:TREX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.
According to Zacks, “Trex Company, Inc. is a manufacturer of wood-alternative decking and railing. Trex Company, Inc. is based in Winchester, United States. “
TREX has been the topic of several other reports. Wedbush boosted their target price on Trex Company from $55.00 to $58.00 and gave the stock a “neutral” rating in a report on Tuesday, January 17th. Stifel Nicolaus boosted their target price on Trex Company from $56.00 to $58.00 and gave the stock a “hold” rating in a report on Wednesday, November 9th. Seaport Global Securities initiated coverage on Trex Company in a report on Tuesday, November 22nd. They set a “neutral” rating on the stock. Finally, FBR & Co downgraded Trex Company from an “outperform” rating to a “market perform” rating and set a $61.00 price objective on the stock. in a report on Tuesday, November 22nd. Seven investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $63.50.
Trex Company (NYSE:TREX) opened at 70.57 on Wednesday. The firm has a market capitalization of $2.07 billion, a PE ratio of 34.17 and a beta of 2.33. Trex Company has a one year low of $32.59 and a one year high of $72.21. The company has a 50 day moving average price of $68.16 and a 200-day moving average price of $62.85.
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In other Trex Company news, Director Richard E. Posey sold 2,180 shares of the stock in a transaction dated Tuesday, November 22nd. The stock was sold at an average price of $68.44, for a total transaction of $149,199.20. Following the completion of the transaction, the director now owns 16,235 shares in the company, valued at approximately $1,111,123.40. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 1.40% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in TREX. New York State Teachers Retirement System boosted its position in shares of Trex Company by 35.8% in the second quarter. New York State Teachers Retirement System now owns 17,433 shares of the company’s stock valued at $783,000 after buying an additional 4,600 shares during the last quarter. Nordea Investment Management AB boosted its position in shares of Trex Company by 311.1% in the second quarter. Nordea Investment Management AB now owns 15,267 shares of the company’s stock valued at $686,000 after buying an additional 11,553 shares during the last quarter. Shelton Capital Management boosted its position in shares of Trex Company by 17.8% in the second quarter. Shelton Capital Management now owns 16,498 shares of the company’s stock valued at $741,000 after buying an additional 2,498 shares during the last quarter. New Amsterdam Partners LLC NY boosted its position in shares of Trex Company by 40.4% in the second quarter. New Amsterdam Partners LLC NY now owns 168,572 shares of the company’s stock valued at $7,572,000 after buying an additional 48,486 shares during the last quarter. Finally, Lebenthal Lisanti Capital Growth LLC bought a new position in shares of Trex Company during the second quarter valued at $893,000. Hedge funds and other institutional investors own 92.21% of the company’s stock.
About Trex Company
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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