Cibc World Market Inc. Acquires Shares of 16,000 Trex Company, Inc. $TREX

Cibc World Market Inc. bought a new position in Trex Company, Inc. (NYSE:TREX) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 16,000 shares of the construction company’s stock, valued at approximately $801,000.

Other large investors have also modified their holdings of the company. BlackRock Inc. acquired a new position in Trex during the 2nd quarter worth approximately $525,081,000. Wellington Management Group LLP raised its stake in shares of Trex by 266.0% during the fourth quarter. Wellington Management Group LLP now owns 7,225,393 shares of the construction company’s stock valued at $253,467,000 after purchasing an additional 5,251,297 shares during the period. AQR Capital Management LLC lifted its position in shares of Trex by 143.8% during the fourth quarter. AQR Capital Management LLC now owns 3,895,534 shares of the construction company’s stock worth $136,655,000 after purchasing an additional 2,297,533 shares in the last quarter. Morgan Stanley boosted its stake in shares of Trex by 44.6% in the fourth quarter. Morgan Stanley now owns 2,313,285 shares of the construction company’s stock valued at $81,150,000 after purchasing an additional 713,054 shares during the period. Finally, Geode Capital Management LLC grew its holdings in Trex by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 1,913,263 shares of the construction company’s stock valued at $67,132,000 after purchasing an additional 24,892 shares in the last quarter. Institutional investors and hedge funds own 95.96% of the company’s stock.

Trex Stock Performance

Trex stock opened at $46.15 on Friday. Trex Company, Inc. has a one year low of $29.77 and a one year high of $66.06. The company has a 50-day simple moving average of $46.74 and a 200-day simple moving average of $42.46. The firm has a market capitalization of $4.80 billion, a P/E ratio of 27.47, a P/E/G ratio of 3.22 and a beta of 1.48.

Trex (NYSE:TREX) last issued its quarterly earnings data on Tuesday, August 4th. The construction company reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.63 by ($0.01). The firm had revenue of $418.02 million during the quarter, compared to the consensus estimate of $415.71 million. Trex had a net margin of 14.68% and a return on equity of 18.03%. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.71 earnings per share. As a group, sell-side analysts forecast that Trex Company, Inc. will post 1.76 earnings per share for the current year.

Wall Street Analyst Weigh In

TREX has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $51.00 price objective (up from $41.00) on shares of Trex in a report on Tuesday, July 14th. Truist Financial boosted their price target on Trex from $55.00 to $60.00 and gave the stock a “buy” rating in a research note on Tuesday, July 14th. Weiss Ratings lowered Trex from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, August 18th. Stifel Nicolaus set a $49.00 price objective on Trex and gave the stock a “hold” rating in a report on Tuesday, August 11th. Finally, Barclays reiterated an “underweight” rating and set a $42.00 target price (up from $36.00) on shares of Trex in a research note on Tuesday, July 14th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $49.30.

Insider Activity at Trex

In other news, SVP Jacob T. Rudolph sold 1,400 shares of the business’s stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $50.00, for a total transaction of $70,000.00. Following the completion of the transaction, the senior vice president directly owned 36,631 shares in the company, valued at approximately $1,831,550. The trade was a 3.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Amy M. Fernandez sold 1,050 shares of the business’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $50.07, for a total value of $52,573.50. Following the transaction, the senior vice president owned 67,794 shares of the company’s stock, valued at approximately $3,394,445.58. This represents a 1.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.93% of the stock is currently owned by company insiders.

Trex Company Profile

Trex Company, Inc is a leading manufacturer of wood-alternative decking and railing systems designed for residential and commercial outdoor living environments. The company’s core offerings feature composite decking products made from a proprietary blend of recycled wood fibers and plastic film, which deliver enhanced durability, resistance to rot and insect damage, and low maintenance compared to traditional wood. Trex also provides matching railing, lighting, fencing and cladding solutions that allow customers to create cohesive, high-performance outdoor spaces.

Trex’s product portfolio is organized into multiple performance tiers, including premium, mid-range and value-oriented lines.