Engineers Gate Manager LP purchased a new position in Trex Company, Inc. (NYSE:TREX) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 17,584 shares of the construction company’s stock, valued at approximately $1,913,000. Engineers Gate Manager LP owned approximately 0.06% of Trex as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Schwab Charles Investment Management Inc. increased its stake in Trex by 2.6% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 147,911 shares of the construction company’s stock worth $16,089,000 after buying an additional 3,687 shares in the last quarter. Chicago Equity Partners LLC increased its stake in Trex by 5.8% in the 1st quarter. Chicago Equity Partners LLC now owns 14,160 shares of the construction company’s stock worth $1,540,000 after buying an additional 780 shares in the last quarter. State of Wisconsin Investment Board purchased a new stake in Trex in the 1st quarter worth $6,526,000. Swiss National Bank increased its stake in Trex by 2.4% in the 1st quarter. Swiss National Bank now owns 51,300 shares of the construction company’s stock worth $5,580,000 after buying an additional 1,200 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its stake in Trex by 1.5% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 128,601 shares of the construction company’s stock worth $13,988,000 after buying an additional 1,856 shares in the last quarter. Institutional investors and hedge funds own 90.78% of the company’s stock.

A number of brokerages have issued reports on TREX. Sidoti upgraded Trex from a “neutral” rating to a “buy” rating and set a $127.00 price target for the company in a research note on Tuesday, May 8th. Stifel Nicolaus reiterated a “hold” rating and issued a $110.00 price target (up previously from $100.00) on shares of Trex in a research note on Thursday, February 22nd. B. Riley increased their price target on Trex from $125.00 to $126.00 and gave the stock a “buy” rating in a research note on Thursday, February 22nd. Finally, Zacks Investment Research upgraded Trex from a “hold” rating to a “buy” rating and set a $124.00 price target for the company in a research note on Tuesday, February 27th. Four research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Trex has a consensus rating of “Buy” and an average price target of $108.57.

In related news, insider James E. Cline sold 21,669 shares of Trex stock in a transaction dated 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 completion of the transaction, the insider now owns 68,736 shares in the company, valued at $7,325,882.88. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Bryan Horix Fairbanks sold 2,472 shares of Trex stock in a transaction dated Wednesday, May 9th. The stock was sold at an average price of $113.94, for a total value of $281,659.68. Following the completion of the transaction, the chief financial officer now owns 22,183 shares of the company’s stock, valued at approximately $2,527,531.02. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 67,427 shares of company stock valued at $7,399,571. Company insiders own 0.95% of the company’s stock.

Shares of Trex stock opened at $114.29 on Friday. The stock has a market cap of $3.27 billion, a PE ratio of 32.15 and a beta of 2.27. Trex Company, Inc. has a twelve month low of $109.29 and a twelve month high of $111.27.

Trex’s stock is set to split on the morning of Wednesday, May 30th. The 2-1 split was announced on Monday, May 7th. The newly created shares will be issued to shareholders after the market closes on Friday, June 15th.

Trex (NYSE:TREX) last issued its quarterly earnings data on Monday, May 7th. The construction company reported $1.25 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.19 by $0.06. The firm had revenue of $171.20 million during the quarter, compared to analyst estimates of $172.18 million. Trex had a return on equity of 45.74% and a net margin of 17.63%. The business’s quarterly revenue was up 18.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.95 earnings per share. sell-side analysts forecast that Trex Company, Inc. will post 4.26 EPS for the current year.

Trex declared that its board has approved a stock buyback program on Wednesday, February 21st that authorizes the company to repurchase 2,900,000 shares. This repurchase authorization authorizes the construction company to buy shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

About Trex

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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Institutional Ownership by Quarter for Trex (NYSE:TREX)

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