Trex Company, Inc. $TREX Shares Bought by Corient Private Wealth LP

Key Points

• Corient Private Wealth LP increased its Trex holdings by 433% in the second quarter, purchasing 71,282 additional shares to own 87,744 shares valued at approximately $4.4 million. Institutional investors collectively own 95.96% of Trex.
• Trex reported quarterly EPS of $0.62, slightly below the $0.63 analyst consensus, while revenue of $418.02 million exceeded expectations and rose 7.8% year over year.
• Several Trex insiders sold shares, while Wall Street analysts remain mixed; the stock has a consensus “Hold” rating and an average price target of $49.30, versus a recent price of $42.67.

Corient Private Wealth LP grew its holdings in shares of Trex Company, Inc. (NYSE:TREX - Free Report) by 433.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 87,744 shares of the construction company's stock after purchasing an additional 71,282 shares during the period. Corient Private Wealth LP owned about 0.08% of Trex worth $4,391,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. California State Teachers Retirement System raised its stake in shares of Trex by 26.6% in the first quarter. California State Teachers Retirement System now owns 129,321 shares of the construction company's stock valued at $4,710,000 after acquiring an additional 27,189 shares in the last quarter. BlackRock Inc. acquired a new position in Trex during the 2nd quarter worth $525,081,000. EFG International AG acquired a new position in Trex during the 2nd quarter worth $7,197,000. The Manufacturers Life Insurance Company purchased a new stake in Trex during the 2nd quarter worth about $31,997,000. Finally, Havemeyer Place LP acquired a new stake in Trex in the 4th quarter valued at about $1,417,000. Institutional investors and hedge funds own 95.96% of the company's stock.

Insider Activity at Trex

In other Trex news, SVP Amy M. Fernandez sold 1,050 shares of the stock in a transaction on Friday, August 7th. The stock was 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 owned 67,794 shares in the company, valued at approximately $3,394,445.58. This represents a 1.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Jacob Rudolph sold 1,400 shares of the firm's stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $50.00, for a total value of $70,000.00. Following the completion of the sale, the senior vice president directly owned 36,631 shares of the company's stock, valued at approximately $1,831,550. This trade represents a 3.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.93% of the company's stock.

Trex Trading Down 1.7%

NYSE:TREX opened at $42.67 on Friday. Trex Company, Inc. has a 12-month low of $29.77 and a 12-month high of $54.30. The stock's 50 day simple moving average is $45.58 and its 200-day simple moving average is $42.69. The firm has a market cap of $4.43 billion, a P/E ratio of 25.40, a PEG ratio of 2.94 and a beta of 1.47.

Trex (NYSE:TREX - Get Free Report) last announced 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). The firm had revenue of $418.02 million for the quarter, compared to analysts' expectations of $415.71 million. Trex had a return on equity of 18.03% and a net margin of 14.68%.The firm's quarterly revenue was up 7.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.71 EPS. Research analysts forecast that Trex Company, Inc. will post 1.76 EPS for the current fiscal year.

Wall Street Analyst Weigh In

TREX has been the subject of several recent research reports. Stephens lifted their price objective on Trex from $45.00 to $50.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 28th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $51.00 target price (up from $41.00) on shares of Trex in a research note on Tuesday, July 14th. Citigroup reissued a "neutral" rating and issued a $52.00 target price (up from $43.00) on shares of Trex in a report on Wednesday, July 15th. DA Davidson restated a "buy" rating and issued a $55.00 price target on shares of Trex in a research note on Tuesday, July 14th. Finally, Zacks Research downgraded Trex from a "strong-buy" rating to a "hold" rating in a report on Monday, September 14th. Ten research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Trex presently has a consensus rating of "Hold" and an average price target of $49.30.

Trex Company Profile

Trex Company, Inc designs, manufactures and markets wood-alternative composite decking and outdoor living products. Its product portfolio includes decking boards, railing systems, outdoor lighting, deck drainage and related accessories sold under the Trex brand. The company's composite products are made primarily from recycled materials and are positioned as lower-maintenance alternatives to traditional wood decking.

Trex serves residential and commercial customers through a network of dealers, distributors, retailers, contractors and building professionals.

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.