Renaissance Technologies LLC Makes New Investment in Trex Company, Inc. (NYSE:TREX)

Renaissance Technologies LLC purchased a new position in Trex Company, Inc. (NYSE:TREX) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 262,752 shares of the construction company’s stock, valued at approximately $19,475,000. Renaissance Technologies LLC owned about 0.24% of Trex at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Eagle Asset Management Inc. raised its holdings in shares of Trex by 0.3% in the fourth quarter. Eagle Asset Management Inc. now owns 46,660 shares of the construction company’s stock worth $3,863,000 after buying an additional 119 shares during the last quarter. Covestor Ltd raised its holdings in shares of Trex by 11.3% in the first quarter. Covestor Ltd now owns 1,213 shares of the construction company’s stock worth $121,000 after buying an additional 123 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Trex by 16.8% in the fourth quarter. EverSource Wealth Advisors LLC now owns 863 shares of the construction company’s stock worth $71,000 after buying an additional 124 shares during the last quarter. Harrington Investments INC raised its holdings in shares of Trex by 1.4% in the second quarter. Harrington Investments INC now owns 9,807 shares of the construction company’s stock worth $727,000 after buying an additional 140 shares during the last quarter. Finally, Avantax Advisory Services Inc. raised its holdings in shares of Trex by 4.6% in the first quarter. Avantax Advisory Services Inc. now owns 3,950 shares of the construction company’s stock worth $394,000 after buying an additional 173 shares during the last quarter. Hedge funds and other institutional investors own 95.96% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on TREX shares. The Goldman Sachs Group reduced their target price on shares of Trex from $114.00 to $93.00 and set a “buy” rating for the company in a report on Wednesday, July 10th. Benchmark reduced their target price on shares of Trex from $105.00 to $80.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Citigroup reduced their target price on shares of Trex from $94.00 to $80.00 and set a “neutral” rating for the company in a report on Thursday, July 11th. JPMorgan Chase & Co. reduced their target price on shares of Trex from $95.00 to $69.00 and set a “neutral” rating for the company in a report on Monday, August 12th. Finally, B. Riley reduced their target price on shares of Trex from $107.00 to $97.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $80.88.

Trex Stock Down 2.9 %

Shares of NYSE TREX opened at $69.15 on Friday. The company’s 50-day simple moving average is $69.65 and its 200-day simple moving average is $81.56. Trex Company, Inc. has a 52-week low of $53.59 and a 52-week high of $101.91. The firm has a market cap of $7.52 billion, a price-to-earnings ratio of 29.68, a price-to-earnings-growth ratio of 2.25 and a beta of 1.50.

Trex (NYSE:TREX) last announced its earnings results on Tuesday, August 6th. The construction company reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.02. The business had revenue of $376.47 million for the quarter, compared to analyst estimates of $387.87 million. Trex had a net margin of 21.07% and a return on equity of 33.53%. The company’s revenue for the quarter was up 5.6% compared to the same quarter last year. During the same quarter last year, the business earned $0.71 earnings per share. Equities research analysts anticipate that Trex Company, Inc. will post 2.03 EPS for the current fiscal year.

Trex 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.