OFI Invest Asset Management Invests $700,000 in Trex Company, Inc. (NYSE:TREX)

OFI Invest Asset Management purchased a new position in shares of Trex Company, Inc. (NYSE:TREX) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 10,500 shares of the construction company’s stock, valued at approximately $700,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in TREX. AustralianSuper Pty Ltd bought a new stake in Trex during the fourth quarter valued at about $110,414,000. Wasatch Advisors LP boosted its position in Trex by 33.2% during the third quarter. Wasatch Advisors LP now owns 4,076,408 shares of the construction company’s stock valued at $271,407,000 after purchasing an additional 1,015,516 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its position in Trex by 6,093.3% during the third quarter. Jacobs Levy Equity Management Inc. now owns 853,620 shares of the construction company’s stock valued at $56,834,000 after purchasing an additional 839,837 shares in the last quarter. Point72 Asset Management L.P. boosted its position in Trex by 100.0% during the third quarter. Point72 Asset Management L.P. now owns 1,022,459 shares of the construction company’s stock valued at $68,075,000 after purchasing an additional 511,163 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in Trex by 462.4% during the third quarter. The Manufacturers Life Insurance Company now owns 529,146 shares of the construction company’s stock valued at $35,231,000 after purchasing an additional 435,055 shares in the last quarter. Institutional investors own 95.96% of the company’s stock.

Trex Stock Down 2.2 %

Shares of NYSE:TREX opened at $56.26 on Monday. The business has a 50-day moving average price of $67.68 and a 200-day moving average price of $68.55. The stock has a market cap of $6.03 billion, a price-to-earnings ratio of 25.69, a PEG ratio of 2.51 and a beta of 1.60. Trex Company, Inc. has a 52-week low of $54.70 and a 52-week high of $100.77.

Trex (NYSE:TREX) last announced its quarterly earnings results on Monday, February 24th. The construction company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.05. The company had revenue of $167.63 million during the quarter, compared to analysts’ expectations of $160.54 million. Trex had a return on equity of 28.89% and a net margin of 20.23%. As a group, equities analysts anticipate that Trex Company, Inc. will post 2.04 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. UBS Group dropped their price objective on Trex from $76.00 to $74.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 25th. DA Davidson reissued a “neutral” rating and issued a $74.00 price target on shares of Trex in a report on Tuesday, February 25th. Truist Financial lowered their price target on Trex from $100.00 to $90.00 and set a “buy” rating for the company in a report on Tuesday, February 25th. Jefferies Financial Group lowered their price target on Trex from $81.00 to $71.00 and set a “hold” rating for the company in a report on Tuesday, February 25th. Finally, JPMorgan Chase & Co. lowered their price target on Trex from $79.00 to $73.00 and set a “neutral” rating for the company in a report on Wednesday, March 5th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, Trex has an average rating of “Hold” and a consensus target price of $78.63.

Insider Activity at Trex

In related news, Director Melkeya Mcduffie sold 1,420 shares of Trex stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $61.88, for a total transaction of $87,869.60. Following the completion of the transaction, the director now directly owns 1,705 shares in the company, valued at approximately $105,505.40. This trade represents a 45.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.71% of the stock is owned by company insiders.

About Trex

Trex Company, Inc manufactures and distributes composite decking, railing, and outdoor living products and accessories for residential and commercial markets in the United States. It offers decking products and accessories under the names Trex Transcend, Trex Select, Trex Signature, Trex Transcend Lineage, and Trex Enhance for protection against fading, staining, mold, and scratching; Trex Hideaway, a hidden fastening system; and Trex DeckLighting, a LED dimmable deck lighting for use on posts, floors, and steps.