Trex Company, Inc. (NYSE:TREX) Shares Sold by TD Asset Management Inc

Key Points

• TD Asset Management Inc reduced its stake in Trex Company by 39.1%, selling 381,492 shares, and now holds approximately 0.55% of the firm valued at $34.5 million.
• Several other institutional investors significantly increased their holdings in Trex, with Price T Rowe Associates growing its position by 463.7% in the last quarter.
• Wall Street analysts have mixed views on Trex, with a consensus rating of "Moderate Buy" and an average price target of $74.88, though Citigroup recently downgraded the target price to $60.00.

TD Asset Management Inc decreased its position in shares of Trex Company, Inc. (NYSE:TREX - Free Report) by 39.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 594,346 shares of the construction company's stock after selling 381,492 shares during the quarter. TD Asset Management Inc owned 0.55% of Trex worth $34,532,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in TREX. Huntington National Bank grew its holdings in shares of Trex by 227.2% during the fourth quarter. Huntington National Bank now owns 566 shares of the construction company's stock valued at $39,000 after buying an additional 393 shares during the last quarter. Blue Trust Inc. boosted its holdings in Trex by 55.9% in the first quarter. Blue Trust Inc. now owns 1,138 shares of the construction company's stock worth $66,000 after purchasing an additional 408 shares during the last quarter. GAMMA Investing LLC raised its position in Trex by 137.7% in the first quarter. GAMMA Investing LLC now owns 1,666 shares of the construction company's stock worth $97,000 after acquiring an additional 965 shares during the period. Resona Asset Management Co. Ltd. bought a new position in Trex in the fourth quarter worth approximately $122,000. Finally, Bessemer Group Inc. raised its position in shares of Trex by 9.1% during the 4th 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 period. Hedge funds and other institutional investors own 95.96% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. UBS Group reduced their price target on shares of Trex from $74.00 to $72.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. B. Riley raised shares of Trex to a "strong-buy" rating in a research note on Monday, July 21st. BMO Capital Markets raised shares of Trex from a "market perform" rating to an "outperform" rating and set a $72.00 price target for the company in a research note on Thursday, April 17th. Citigroup lowered their price objective on shares of Trex from $78.00 to $60.00 and set a "neutral" rating for the company in a research report on Friday, April 11th. Finally, Barclays reduced their price target on shares of Trex from $67.00 to $54.00 and set an "underweight" rating for the company in a report on Tuesday, April 8th. Two 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $74.88.

Trex Trading Down 1.5%

Trex stock traded down $0.97 during midday trading on Friday, hitting $63.27. 778,766 shares of the stock were exchanged, compared to its average volume of 1,588,906. Trex Company, Inc. has a fifty-two week low of $49.01 and a fifty-two week high of $80.74. The stock has a market capitalization of $6.78 billion, a price-to-earnings ratio of 34.78, a PEG ratio of 2.79 and a beta of 1.50. The stock's 50-day simple moving average is $58.94 and its 200 day simple moving average is $60.71.

Trex (NYSE:TREX - Get Free Report) last announced its quarterly earnings results 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 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 analysts' expectations of $329.11 million. During the same period last year, the business earned $0.82 earnings per share. The business's revenue for the quarter was down 9.0% on a year-over-year basis. Equities analysts anticipate that Trex Company, Inc. will post 2.04 EPS for the current fiscal year.

Insider Transactions at Trex

In related news, SVP Jacob T. Rudolph sold 1,500 shares of Trex stock in a transaction that occurred 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 owned 27,527 shares in the company, valued at approximately $1,659,052.29. The trade was a 5.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 transaction of $144,728.22. Following the completion of the transaction, the senior vice president owned 24,569 shares of the company's stock, valued at $1,502,885.73. This represents a 8.78% decrease in their position. The disclosure for this sale can be found here. 0.71% of the stock is owned by company insiders.

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.