The Manufacturers Life Insurance Company Buys Shares of 639,438 Trex Company, Inc. $TREX

Key Points

• The Manufacturers Life Insurance Company acquired 639,438 Trex shares in the second quarter, worth approximately $32 million and representing a 0.62% stake. Several other institutional investors also initiated positions, while institutions collectively own 95.96% of Trex.
• Trex reported quarterly revenue of $418.0 million, up 7.8% year over year and above estimates, but earnings per share of $0.62 narrowly missed the $0.63 consensus. Two senior vice presidents also sold shares under pre-arranged trading plans.
• Trex shares opened at $46.75, near the $46.76 50-day moving average. Analysts’ consensus rating is Hold, with an average price target of $49.30, though individual targets range from $42 to $60.

The Manufacturers Life Insurance Company purchased a new stake in shares of Trex Company, Inc. (NYSE:TREX - Free Report) in the second quarter, according to its most recent filing with the SEC. The firm purchased 639,438 shares of the construction company's stock, valued at approximately $31,997,000. The Manufacturers Life Insurance Company owned 0.62% of Trex at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the company. Hill City Capital LP acquired a new stake in shares of Trex in the 2nd quarter worth approximately $27,522,000. Cibc World Market Inc. purchased a new position in Trex in the 2nd quarter valued at approximately $801,000. Sanctuary Advisors LLC acquired a new position in Trex during the second quarter worth $373,000. Clear Harbor Asset Management LLC purchased a new stake in Trex during the second quarter worth $271,000. Finally, First Nebraska Trust Co purchased a new stake in Trex during the second quarter worth $2,802,000. Hedge funds and other institutional investors own 95.96% of the company's stock.

Insider Buying and Selling at Trex

In other Trex news, SVP Jacob T. Rudolph sold 1,400 shares of the business's stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $50.00, for a total transaction of $70,000.00. Following the completion of the sale, the senior vice president owned 36,631 shares of the company's stock, valued at approximately $1,831,550. The trade was a 3.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Amy M. Fernandez sold 1,050 shares of the company's stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $50.07, for a total value of $52,573.50. Following the sale, the senior vice president owned 67,794 shares of the company's stock, valued at $3,394,445.58. This represents a 1.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.93% of the stock is owned by insiders.

Trex Trading Down 0.2%

NYSE TREX opened at $46.75 on Thursday. The business's 50-day moving average price is $46.76 and its 200 day moving average price is $42.45. Trex Company, Inc. has a twelve month low of $29.77 and a twelve month high of $66.06. The company has a market capitalization of $4.86 billion, a PE ratio of 27.83, a price-to-earnings-growth ratio of 3.23 and a beta of 1.48.

Trex (NYSE:TREX - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The construction company reported $0.62 EPS 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 company had revenue of $418.02 million for the quarter, compared to analyst estimates of $415.71 million. During the same period in the prior year, the company earned $0.71 EPS. The company's revenue was up 7.8% compared to the same quarter last year. Equities analysts predict that Trex Company, Inc. will post 1.76 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Truist Financial raised their price target on Trex from $55.00 to $60.00 and gave the company a "buy" rating in a research report on Tuesday, July 14th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $51.00 price objective (up from $41.00) on shares of Trex in a research report on Tuesday, July 14th. Stifel Nicolaus set a $49.00 price objective on shares of Trex and gave the company a "hold" rating in a research note on Tuesday, August 11th. Barclays restated an "underweight" rating and set a $42.00 target price (up from $36.00) on shares of Trex in a report on Tuesday, July 14th. Finally, Zacks Research upgraded shares of Trex from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $49.30.

Trex Company Profile

Trex Company, Inc is a leading manufacturer of wood-alternative decking and railing systems designed for residential and commercial outdoor living environments. The company's core offerings feature composite decking products made from a proprietary blend of recycled wood fibers and plastic film, which deliver enhanced durability, resistance to rot and insect damage, and low maintenance compared to traditional wood. Trex also provides matching railing, lighting, fencing and cladding solutions that allow customers to create cohesive, high-performance outdoor spaces.

Trex's product portfolio is organized into multiple performance tiers, including premium, mid-range and value-oriented lines.

Want to see what other hedge funds are holding TREX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Trex Company, Inc. (NYSE:TREX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source