Connable Office Inc. Makes New $272,000 Investment in Trex Company, Inc. (NYSE:TREX)

Connable Office Inc. bought a new position in Trex Company, Inc. (NYSE:TREX) in the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 3,934 shares of the construction company’s stock, valued at approximately $272,000.

A number of other hedge funds and other institutional investors have also modified their holdings of TREX. AustralianSuper Pty Ltd acquired a new stake in shares of Trex in the 4th quarter worth $110,414,000. Wasatch Advisors LP increased its position in shares of Trex by 33.2% during the 3rd quarter. Wasatch Advisors LP now owns 4,076,408 shares of the construction company’s stock worth $271,407,000 after purchasing an additional 1,015,516 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its position in shares of Trex by 6,093.3% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 853,620 shares of the construction company’s stock worth $56,834,000 after purchasing an additional 839,837 shares during the last quarter. Point72 Asset Management L.P. increased its position in shares of Trex by 100.0% during the 3rd quarter. Point72 Asset Management L.P. now owns 1,022,459 shares of the construction company’s stock worth $68,075,000 after purchasing an additional 511,163 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of Trex by 462.4% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 529,146 shares of the construction company’s stock worth $35,231,000 after purchasing an additional 435,055 shares during the last quarter. 95.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. UBS Group cut their price objective on Trex from $76.00 to $74.00 and set a “neutral” rating for the company in a research report on Tuesday. StockNews.com raised Trex from a “sell” rating to a “hold” rating in a research report on Tuesday. Truist Financial cut their price objective on Trex from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Tuesday. Citigroup cut their price objective on Trex from $84.00 to $78.00 and set a “neutral” rating for the company in a research report on Monday, January 6th. Finally, Jefferies Financial Group cut their price objective on Trex from $81.00 to $71.00 and set a “hold” rating for the company in a research report on Tuesday. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $78.38.

Insider Activity

In other news, Director Melkeya Mcduffie sold 1,420 shares of Trex stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $61.88, for a total value of $87,869.60. Following the completion of the transaction, the director now owns 1,705 shares in the company, valued at approximately $105,505.40. This trade represents a 45.44 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.71% of the company’s stock.

Trex Stock Performance

Shares of TREX opened at $61.71 on Friday. The stock has a 50-day simple moving average of $69.13 and a 200-day simple moving average of $68.64. The stock has a market capitalization of $6.61 billion, a PE ratio of 28.18, a PEG ratio of 2.51 and a beta of 1.51. Trex Company, Inc. has a 1 year low of $58.68 and a 1 year high of $100.77.

Trex (NYSE:TREX) last announced its quarterly earnings data on Monday, February 24th. The construction company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.05. The business 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%. Analysts predict that Trex Company, Inc. will post 2.04 EPS for the current year.

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.