Bank of New York Mellon Corp Sells 29,213 Shares of Trex Company, Inc. (NYSE:TREX)

Bank of New York Mellon Corp cut its holdings in shares of Trex Company, Inc. (NYSE:TREX - Free Report) by 3.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 750,350 shares of the construction company's stock after selling 29,213 shares during the period. Bank of New York Mellon Corp owned about 0.70% of Trex worth $43,595,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in TREX. Huntington National Bank increased its position in shares of Trex by 227.2% in the 4th 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. Blue Trust Inc. raised its stake in Trex by 55.9% in the first quarter. Blue Trust Inc. now owns 1,138 shares of the construction company's stock valued at $66,000 after buying an additional 408 shares in the last quarter. GAMMA Investing LLC raised its stake in Trex by 137.7% in the first quarter. GAMMA Investing LLC now owns 1,666 shares of the construction company's stock valued at $97,000 after buying an additional 965 shares in the last quarter. Resona Asset Management Co. Ltd. acquired a new position in Trex in the fourth quarter valued at approximately $122,000. Finally, Bessemer Group Inc. increased its stake in Trex by 9.1% in the fourth quarter. Bessemer Group Inc. now owns 2,034 shares of the construction company's stock valued at $140,000 after purchasing an additional 170 shares during the last quarter. Institutional investors and hedge funds own 95.96% of the company's stock.

Trex Price Performance

Trex stock traded down $1.80 during mid-day trading on Tuesday, hitting $60.87. The company's stock had a trading volume of 1,826,613 shares, compared to its average volume of 1,457,354. Trex Company, Inc. has a 52-week low of $49.01 and a 52-week high of $86.56. The company has a market cap of $6.53 billion, a PE ratio of 33.45, a price-to-earnings-growth ratio of 2.65 and a beta of 1.50. The firm's 50 day moving average is $57.53 and its 200 day moving average is $60.86.

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

Insider Buying and Selling at Trex

In other Trex news, SVP Jacob T. Rudolph sold 1,500 shares of the stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $60.27, for a total transaction of $90,405.00. Following the sale, the senior vice president owned 27,527 shares of the company's stock, valued at $1,659,052.29. This represents a 5.17% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Amy M. Fernandez sold 2,366 shares of the business's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $61.17, for a total value of $144,728.22. Following the transaction, the senior vice president owned 24,569 shares of the company's stock, valued at $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. Corporate insiders own 0.74% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on TREX shares. Robert W. Baird upgraded shares of Trex from a "neutral" rating to an "outperform" rating and boosted their price target for the stock from $65.00 to $75.00 in a research note on Thursday, July 10th. Barclays cut their target price on Trex from $67.00 to $54.00 and set an "underweight" rating for the company in a research note on Tuesday, April 8th. Stephens reduced their price target on Trex from $73.00 to $65.00 and set an "equal weight" rating for the company in a report on Monday, May 12th. BMO Capital Markets raised Trex from a "market perform" rating to an "outperform" rating and set a $72.00 price objective on the stock in a report on Thursday, April 17th. Finally, UBS Group reduced their target price on Trex from $74.00 to $72.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $74.88.

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.