Norges Bank Buys Shares of 783,492 Trex Company, Inc. (NYSE:TREX)

Norges Bank purchased a new position in Trex Company, Inc. (NYSE:TREX) in the fourth quarter, HoldingsChannel reports. The institutional investor purchased 783,492 shares of the construction company’s stock, valued at approximately $54,084,000.

A number of other institutional investors have also recently made changes to their positions in TREX. AustralianSuper Pty Ltd bought a new stake in Trex in the 4th quarter worth approximately $110,414,000. JPMorgan Chase & Co. raised its stake in shares of Trex by 97.6% during the third quarter. JPMorgan Chase & Co. now owns 797,513 shares of the construction company’s stock worth $53,098,000 after acquiring an additional 393,850 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of Trex in the 4th quarter worth approximately $17,677,000. Fisher Asset Management LLC boosted its stake in shares of Trex by 83.2% in the 4th quarter. Fisher Asset Management LLC now owns 218,519 shares of the construction company’s stock valued at $15,084,000 after purchasing an additional 99,223 shares in the last quarter. Finally, Impax Asset Management Group plc grew its holdings in shares of Trex by 10.3% during the 4th quarter. Impax Asset Management Group plc now owns 907,109 shares of the construction company’s stock valued at $62,618,000 after purchasing an additional 84,748 shares during the last quarter. Institutional investors own 95.96% of the company’s stock.

Insiders Place Their Bets

In other news, Director Melkeya Mcduffie sold 1,420 shares of the firm’s stock in a transaction 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 $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 is available through the SEC website. Corporate insiders own 0.71% of the company’s stock.

Analyst Ratings Changes

TREX has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft started coverage on shares of Trex in a research note on Tuesday. They issued a “buy” rating and a $85.00 price target for the company. DA Davidson restated a “neutral” rating and set a $74.00 target price on shares of Trex in a report on Tuesday, February 25th. JPMorgan Chase & Co. decreased their price target on Trex from $79.00 to $73.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 5th. Bank of America dropped their price objective on Trex from $85.00 to $79.00 and set a “buy” rating for the company in a research note on Tuesday, February 25th. Finally, Benchmark reaffirmed a “buy” rating and issued a $80.00 target price on shares of Trex in a research note on Monday, March 3rd. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Trex has an average rating of “Hold” and an average target price of $79.00.

Trex Stock Performance

Trex stock opened at $54.96 on Friday. Trex Company, Inc. has a fifty-two week low of $50.35 and a fifty-two week high of $97.69. The stock has a market cap of $5.89 billion, a price-to-earnings ratio of 25.10, a PEG ratio of 2.51 and a beta of 1.60. The stock’s 50 day simple moving average is $62.97 and its two-hundred day simple moving average is $67.66.

Trex (NYSE:TREX) last posted its quarterly earnings data on Monday, February 24th. The construction company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.05. The business had revenue of $167.63 million during the quarter, compared to the consensus estimate of $160.54 million. Trex had a return on equity of 28.89% and a net margin of 20.23%. On average, analysts predict that Trex Company, Inc. will post 2.04 earnings per share for the current year.

Trex Company Profile

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.