Trex (NYSE:TREX) Sees Large Volume Increase After Strong Earnings

Trex Company, Inc. (NYSE:TREX) saw unusually-strong trading volume on Monday following a stronger than expected earnings report. Approximately 2,821,216 shares traded hands during mid-day trading, an increase of 132% from the previous session’s volume of 1,214,726 shares.The stock last traded at $61.44 and had previously closed at $60.58.

The construction company reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.05. Trex had a return on equity of 28.89% and a net margin of 20.23%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on TREX shares. BMO Capital Markets lifted their price target on Trex from $67.00 to $72.00 and gave the stock a “market perform” rating in a research report on Tuesday, October 29th. DA Davidson boosted their target price on Trex from $70.00 to $74.00 and gave the company a “neutral” rating in a report on Tuesday, October 29th. Barclays dropped their target price on Trex from $68.00 to $67.00 and set an “underweight” rating on the stock in a report on Tuesday, October 29th. StockNews.com lowered Trex from a “hold” rating to a “sell” rating in a report on Tuesday, October 29th. Finally, Citigroup dropped their target price on Trex from $84.00 to $78.00 and set a “neutral” rating on the stock in a report on Monday, January 6th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $79.81.

Hedge Funds Weigh In On Trex

Several institutional investors have recently added to or reduced their stakes in TREX. Wilmington Savings Fund Society FSB acquired a new position in Trex in the third quarter valued at $30,000. Mather Group LLC. increased its stake in Trex by 73.5% in the fourth quarter. Mather Group LLC. now owns 451 shares of the construction company’s stock valued at $31,000 after purchasing an additional 191 shares during the last quarter. Avior Wealth Management LLC increased its stake in Trex by 1,212.8% in the fourth quarter. Avior Wealth Management LLC now owns 512 shares of the construction company’s stock valued at $35,000 after purchasing an additional 473 shares during the last quarter. Huntington National Bank increased its stake in Trex by 227.2% in the fourth quarter. Huntington National Bank now owns 566 shares of the construction company’s stock valued at $39,000 after purchasing an additional 393 shares during the last quarter. Finally, Eagle Bay Advisors LLC acquired a new stake in Trex during the fourth quarter worth about $41,000. 95.96% of the stock is currently owned by institutional investors and hedge funds.

Trex Stock Up 1.9 %

The company has a market capitalization of $6.61 billion, a price-to-earnings ratio of 28.18, a price-to-earnings-growth ratio of 2.51 and a beta of 1.51. The company has a 50 day simple moving average of $69.83 and a 200 day simple moving average of $68.73.

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.