Premier Fund Managers Ltd Sells 7,248 Shares of Trex Company, Inc. (NYSE:TREX)

Key Points

• Premier Fund Managers Ltd reduced its stake in Trex Company, Inc. by 69.8%, selling 7,248 shares and now owning only 3,130 shares valued at $179,000.
• Institutional investors hold 95.96% of Trex's stock, with several firms increasing their positions significantly in the last quarter, including Price T Rowe Associates which grew its holdings by 463.7%.
• Trex's most recent earnings report showed a EPS of $0.60, exceeding expectations, although revenues were down 9.0% year-over-year, totaling $339.99 million.

Premier Fund Managers Ltd trimmed its holdings in shares of Trex Company, Inc. (NYSE:TREX - Free Report) by 69.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,130 shares of the construction company's stock after selling 7,248 shares during the period. Premier Fund Managers Ltd's holdings in Trex were worth $179,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of TREX. Corient Private Wealth LLC increased its holdings in shares of Trex by 8.6% during the fourth quarter. Corient Private Wealth LLC now owns 3,897 shares of the construction company's stock valued at $269,000 after purchasing an additional 309 shares during the period. LPL Financial LLC grew its holdings in Trex by 28.4% during the fourth quarter. LPL Financial LLC now owns 127,457 shares of the construction company's stock worth $8,798,000 after acquiring an additional 28,176 shares during the period. Norges Bank acquired a new position in Trex during the fourth quarter worth about $54,084,000. Pictet Asset Management Holding SA grew its holdings in Trex by 7.1% during the fourth quarter. Pictet Asset Management Holding SA now owns 14,538 shares of the construction company's stock worth $1,004,000 after acquiring an additional 969 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its holdings in Trex by 123.0% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 383,303 shares of the construction company's stock worth $26,459,000 after acquiring an additional 211,406 shares during the period. 95.96% of the stock is owned by institutional investors and hedge funds.

Trex Trading Down 1.1%

NYSE TREX traded down $0.68 during trading on Friday, reaching $63.56. 1,525,275 shares of the company's stock were exchanged, compared to its average volume of 1,432,934. The firm has a market capitalization of $6.82 billion, a PE ratio of 34.92, a P/E/G ratio of 2.70 and a beta of 1.51. Trex Company, Inc. has a fifty-two week low of $49.01 and a fifty-two week high of $80.74. The company's fifty day simple moving average is $59.07 and its 200-day simple moving average is $60.67.

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

Analysts Set New Price Targets

A number of research analysts recently issued reports on TREX shares. Benchmark reaffirmed a "buy" rating and set a $80.00 target price on shares of Trex in a report on Monday, May 12th. Baird R W upgraded Trex from a "hold" rating to a "strong-buy" rating in a research report on Thursday, July 10th. B. Riley upgraded Trex to a "strong-buy" rating in a research report on Monday, July 21st. Loop Capital increased their price target on Trex from $62.00 to $66.00 and gave the company a "hold" rating in a research report on Thursday, July 10th. Finally, Barclays decreased their price target on Trex from $67.00 to $54.00 and set an "underweight" rating for the company in a research report on Tuesday, April 8th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus 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 Trex stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $60.27, for a total value of $90,405.00. Following the transaction, the senior vice president directly owned 27,527 shares of the company's stock, valued at $1,659,052.29. The trade was a 5.17% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Amy M. Fernandez sold 2,366 shares of Trex stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $61.17, for a total value of $144,728.22. Following the completion of the transaction, the senior vice president directly owned 24,569 shares in the company, valued at approximately $1,502,885.73. This represents a 8.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.71% of the company's stock.

About Trex

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.