Fort Washington Investment Advisors Inc. OH Makes New Investment in Trex Company, Inc. $TREX

Key Points

• Fort Washington Investment Advisors acquired 754,311 Trex shares worth approximately $32.9 million, representing a 0.73% stake. Institutional investors collectively own 95.96% of Trex.
• Trex shares were trading at $46.23, up 4.2%, with a market capitalization of $4.8 billion. The company’s latest quarterly revenue rose 7.8% year over year to $418.0 million, though earnings per share slightly missed estimates.
• Analyst sentiment is mixed: Trex has a consensus “Hold” rating and an average price target of $50.19, despite several firms raising their targets and maintaining Buy ratings.

Fort Washington Investment Advisors Inc. OH bought a new position in Trex Company, Inc. (NYSE:TREX - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 754,311 shares of the construction company's stock, valued at approximately $32,858,000. Fort Washington Investment Advisors Inc. OH owned 0.73% of Trex at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TREX. NorthCrest Asset Manangement LLC increased its position in shares of Trex by 31.5% in the third quarter. NorthCrest Asset Manangement LLC now owns 15,162 shares of the construction company's stock worth $674,000 after acquiring an additional 3,635 shares in the last quarter. Wedmont Private Capital acquired a new position in shares of Trex during the 3rd quarter valued at $204,000. GAMMA Investing LLC lifted its holdings in shares of Trex by 104.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,269 shares of the construction company's stock valued at $55,000 after acquiring an additional 649 shares in the last quarter. Green Alpha Advisors LLC boosted its position in Trex by 21.1% during the 3rd quarter. Green Alpha Advisors LLC now owns 21,498 shares of the construction company's stock worth $936,000 after purchasing an additional 3,753 shares during the period. Finally, Elevation Wealth Partners LLC boosted its position in Trex by 250.7% during the 3rd quarter. Elevation Wealth Partners LLC now owns 1,224 shares of the construction company's stock worth $53,000 after purchasing an additional 875 shares during the period. Institutional investors and hedge funds own 95.96% of the company's stock.

Trex Trading Up 4.2%

NYSE TREX opened at $46.23 on Friday. The company's fifty day simple moving average is $45.45 and its 200-day simple moving average is $43.60. Trex Company, Inc. has a 52 week low of $29.77 and a 52 week high of $52.63. The stock has a market cap of $4.80 billion, a P/E ratio of 25.21, a PEG ratio of 2.59 and a beta of 1.48.

Trex (NYSE:TREX - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The construction company reported $0.62 earnings per share for the quarter, missing analysts' consensus estimates of $0.63 by ($0.01). Trex had a net margin of 14.68% and a return on equity of 18.03%. The firm had revenue of $418.02 million for the quarter, compared to analyst estimates of $415.71 million. During the same period in the previous year, the business posted $0.71 earnings per share. Trex's revenue for the quarter was up 7.8% on a year-over-year basis. On average, research analysts expect that Trex Company, Inc. will post 1.76 EPS for the current fiscal year.

Insiders Place Their Bets

In other Trex news, SVP Amy M. Fernandez sold 1,050 shares of the company's stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $50.07, for a total value of $52,573.50. Following the completion of the transaction, the senior vice president directly owned 67,794 shares of the company's stock, valued at $3,394,445.58. This represents a 1.53% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.93% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on TREX. Zacks Research downgraded Trex from a "strong-buy" rating to a "hold" rating in a report on Monday, September 14th. The Goldman Sachs Group restated a "buy" rating and set a $56.00 price objective (up from $49.00) on shares of Trex in a research note on Friday, July 10th. Barclays reaffirmed an "underweight" rating and issued a $42.00 target price (up from $36.00) on shares of Trex in a research report on Tuesday, July 14th. Truist Financial increased their target price on Trex from $55.00 to $60.00 and gave the company a "buy" rating in a research note on Tuesday, July 14th. Finally, Stephens increased their target price on Trex from $45.00 to $50.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 28th. Twelve investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Trex currently has a consensus rating of "Hold" and an average target price of $50.19.

Trex Company Profile

Trex Company, Inc designs, manufactures and distributes composite decking, railing and related outdoor-living products. Its portfolio includes residential and commercial decking systems, railing, outdoor lighting, furniture, and other accessories sold under the Trex brand. The company's products are positioned as alternatives to traditional wood and are designed to provide durability and lower maintenance.

Trex composite products are made primarily from reclaimed wood fibers and recycled polyethylene film, including materials such as used plastic bags and packaging.

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