Millennium Management LLC Increases Holdings in Trex Company, Inc. (NYSE:TREX)

Millennium Management LLC boosted its stake in shares of Trex Company, Inc. (NYSE:TREX - Free Report) by 93.1% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 484,708 shares of the construction company's stock after buying an additional 233,737 shares during the period. Millennium Management LLC owned approximately 0.45% of Trex worth $33,459,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Alliancebernstein L.P. raised its holdings in Trex by 54.5% during the 4th quarter. Alliancebernstein L.P. now owns 10,819,326 shares of the construction company's stock valued at $746,858,000 after buying an additional 3,818,025 shares during the period. Wasatch Advisors LP raised its holdings in Trex by 12.8% during the 4th quarter. Wasatch Advisors LP now owns 4,599,521 shares of the construction company's stock valued at $317,505,000 after buying an additional 523,113 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Trex by 463.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,134,849 shares of the construction company's stock valued at $216,400,000 after buying an additional 2,578,734 shares during the period. Bamco Inc. NY raised its holdings in Trex by 6.2% during the 4th quarter. Bamco Inc. NY now owns 2,153,133 shares of the construction company's stock valued at $148,631,000 after buying an additional 126,441 shares during the period. Finally, Balyasny Asset Management L.P. raised its holdings in Trex by 86.3% during the 4th quarter. Balyasny Asset Management L.P. now owns 2,029,034 shares of the construction company's stock valued at $140,064,000 after buying an additional 939,960 shares during the period. Hedge funds and other institutional investors own 95.96% of the company's stock.

Trex Trading Down 0.4%

Shares of TREX traded down $0.22 during midday trading on Friday, reaching $56.96. 898,605 shares of the stock were exchanged, compared to its average volume of 1,360,500. Trex Company, Inc. has a 52 week low of $49.01 and a 52 week high of $88.84. The company's 50 day moving average is $57.65 and its two-hundred day moving average is $65.12. The company has a market capitalization of $6.11 billion, a P/E ratio of 26.01, a PEG ratio of 2.51 and a beta of 1.62.

Trex (NYSE:TREX - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The construction company reported $0.60 earnings per share for the quarter, beating analysts' consensus estimates of $0.58 by $0.02. Trex had a return on equity of 28.89% and a net margin of 20.23%. The company had revenue of $339.99 million for the quarter, compared to the consensus estimate of $329.11 million. During the same quarter last year, the company earned $0.82 earnings per share. The firm's revenue for the quarter was down 9.0% compared to the same quarter last year. On average, sell-side analysts expect that Trex Company, Inc. will post 2.04 EPS for the current year.

Insider Activity 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 stock was sold at an average price of $60.27, for a total value of $90,405.00. Following the completion of the sale, the senior vice president now directly owns 27,527 shares in the company, valued at approximately $1,659,052.29. This trade represents a 5.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Melkeya Mcduffie sold 1,420 shares of the stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $61.88, for a total value of $87,869.60. Following the completion of the sale, the director now 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 disclosure for this sale can be found here. Insiders have sold a total of 5,286 shares of company stock valued at $323,003 over the last quarter. 0.71% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

TREX has been the topic of a number of recent analyst reports. Bank of America reduced their target price on Trex from $85.00 to $79.00 and set a "buy" rating on the stock in a research note on Tuesday, February 25th. Truist Financial reduced their target price on Trex from $100.00 to $90.00 and set a "buy" rating on the stock in a research note on Tuesday, February 25th. Citigroup reduced their target price on Trex from $78.00 to $60.00 and set a "neutral" rating on the stock in a research note on Friday, April 11th. 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 note on Monday, May 12th. Finally, Barclays reduced their target price on Trex from $67.00 to $54.00 and set an "underweight" rating on the stock in a research note on Tuesday, April 8th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $76.65.

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.