Allianz Asset Management GmbH Sells 564,873 Shares of Trex Company, Inc. (NYSE:TREX)

Key Points

• Allianz Asset Management GmbH significantly reduced its stake in Trex Company, decreasing holdings by 84.4% to approximately 104,078 shares valued at about $6 million.
• Despite the drop in Allianz's shares, other investors such as Huntington National Bank and GAMMA Investing LLC have increased their positions, indicating mixed sentiments among institutional investors.
• Trex reported a quarterly earnings per share (EPS) of $0.60, surpassing analyst expectations but reflecting a 9% year-over-year revenue decline.

Allianz Asset Management GmbH lessened its stake in Trex Company, Inc. (NYSE:TREX - Free Report) by 84.4% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 104,078 shares of the construction company's stock after selling 564,873 shares during the quarter. Allianz Asset Management GmbH owned about 0.10% of Trex worth $6,047,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Alliancebernstein L.P. increased its position in Trex by 54.5% in the 4th quarter. Alliancebernstein L.P. now owns 10,819,326 shares of the construction company's stock valued at $746,858,000 after acquiring an additional 3,818,025 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in Trex by 463.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,134,849 shares of the construction company's stock worth $216,400,000 after purchasing an additional 2,578,734 shares during the period. Anomaly Capital Management LP grew its stake in shares of Trex by 228.2% in the fourth quarter. Anomaly Capital Management LP now owns 1,512,783 shares of the construction company's stock valued at $104,427,000 after acquiring an additional 1,051,888 shares in the last quarter. Balyasny Asset Management L.P. lifted its position in Trex by 86.3% during the fourth quarter. Balyasny Asset Management L.P. now owns 2,029,034 shares of the construction company's stock worth $140,064,000 after purchasing an additional 939,960 shares during the period. Finally, Point72 Asset Management L.P. lifted its position in Trex by 87.4% during the fourth quarter. Point72 Asset Management L.P. now owns 1,916,134 shares of the construction company's stock worth $132,271,000 after purchasing an additional 893,675 shares during the period. Institutional investors own 95.96% of the company's stock.

Analyst Ratings Changes

TREX has been the topic of several analyst reports. Robert W. Baird upgraded Trex from a "neutral" rating to an "outperform" rating and upped their price target for the company from $65.00 to $75.00 in a research report on Thursday, July 10th. Stephens reduced their target price on Trex from $73.00 to $65.00 and set an "equal weight" rating on the stock in a research report on Monday, May 12th. BMO Capital Markets upgraded Trex from a "market perform" rating to an "outperform" rating and set a $72.00 target price on the stock in a research report on Thursday, April 17th. Baird R W upgraded Trex from a "hold" rating to a "strong-buy" rating in a research report on Thursday, July 10th. Finally, UBS Group reduced their price target on Trex from $74.00 to $72.00 and set a "neutral" rating on the stock in a research note on Friday, May 9th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $74.88.

Insider Activity at Trex

In other Trex news, SVP Jacob T. Rudolph sold 1,500 shares of the firm's stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $60.27, for a total value of $90,405.00. Following the completion of the transaction, the senior vice president directly owned 27,527 shares of the company's stock, valued at $1,659,052.29. This trade represents a 5.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Amy M. Fernandez sold 2,366 shares of the firm's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $61.17, for a total transaction of $144,728.22. Following the completion of the transaction, the senior vice president directly owned 24,569 shares of the company's stock, valued at approximately $1,502,885.73. The trade was a 8.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.71% of the stock is owned by insiders.

Trex Stock Performance

Shares of TREX stock traded down $1.81 during trading hours on Thursday, hitting $64.43. The company had a trading volume of 142,194 shares, compared to its average volume of 1,586,529. The firm has a market capitalization of $6.91 billion, a price-to-earnings ratio of 35.49, a PEG ratio of 2.83 and a beta of 1.50. Trex Company, Inc. has a 12 month low of $49.01 and a 12 month high of $86.56. The firm's fifty day moving average is $58.61 and its 200 day moving average is $60.67.

Trex (NYSE:TREX - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The construction company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.58 by $0.02. The business had revenue of $339.99 million for the quarter, compared to the consensus estimate of $329.11 million. Trex had a return on equity of 22.78% and a net margin of 17.69%. The firm's revenue was down 9.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.82 EPS. On average, sell-side analysts expect that Trex Company, Inc. will post 2.04 EPS for the current fiscal 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.