Bank of New York Mellon Corp Sells 13,377 Shares of Trex Company, Inc. (NYSE:TREX)

Bank of New York Mellon Corp lessened its stake in Trex Company, Inc. (NYSE:TREX) by 1.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 779,563 shares of the construction company’s stock after selling 13,377 shares during the period. Bank of New York Mellon Corp owned about 0.73% of Trex worth $53,813,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Impax Asset Management Group plc raised its position in Trex by 10.3% in the fourth quarter. Impax Asset Management Group plc now owns 907,109 shares of the construction company’s stock worth $62,618,000 after purchasing an additional 84,748 shares in the last quarter. First Horizon Advisors Inc. raised its position in Trex by 16.0% in the fourth quarter. First Horizon Advisors Inc. now owns 2,648 shares of the construction company’s stock worth $183,000 after purchasing an additional 366 shares in the last quarter. Alberta Investment Management Corp raised its position in Trex by 10.3% in the fourth quarter. Alberta Investment Management Corp now owns 7,320 shares of the construction company’s stock worth $505,000 after purchasing an additional 685 shares in the last quarter. Global Retirement Partners LLC raised its position in Trex by 14.0% in the fourth quarter. Global Retirement Partners LLC now owns 3,806 shares of the construction company’s stock worth $263,000 after purchasing an additional 467 shares in the last quarter. Finally, Empower Advisory Group LLC raised its position in Trex by 7.0% in the fourth quarter. Empower Advisory Group LLC now owns 113,838 shares of the construction company’s stock worth $7,858,000 after purchasing an additional 7,416 shares in the last quarter. Institutional investors own 95.96% of the company’s stock.

Insider Activity at Trex

In other Trex news, Director Melkeya Mcduffie sold 1,420 shares of the firm’s stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $61.88, for a total value of $87,869.60. Following the transaction, the director now directly owns 1,705 shares of the company’s stock, 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 the SEC website. 0.71% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms recently issued reports on TREX. DA Davidson reissued a “neutral” rating and issued a $74.00 price target on shares of Trex in a research report on Tuesday, February 25th. Bank of America dropped their price target on shares of Trex from $85.00 to $79.00 and set a “buy” rating for the company in a research report on Tuesday, February 25th. JPMorgan Chase & Co. dropped their price target on shares of Trex from $79.00 to $73.00 and set a “neutral” rating for the company in a research report on Wednesday. Jefferies Financial Group dropped their price objective on shares of Trex from $81.00 to $71.00 and set a “hold” rating for the company in a report on Tuesday, February 25th. Finally, Truist Financial dropped their price objective on shares of Trex from $100.00 to $90.00 and set a “buy” rating for the company in a report on Tuesday, February 25th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $78.63.

Trex Price Performance

Shares of Trex stock opened at $58.78 on Thursday. The firm has a market cap of $6.30 billion, a P/E ratio of 26.84, a P/E/G ratio of 2.51 and a beta of 1.51. The firm has a 50 day simple moving average of $68.47 and a 200 day simple moving average of $68.70. Trex Company, Inc. has a fifty-two week low of $56.31 and a fifty-two week high of $100.77.

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