Fred Alger Management LLC Sells 85,405 Shares of Trex Company, Inc. (NYSE:TREX)

Fred Alger Management LLC lowered its stake in Trex Company, Inc. (NYSE:TREX - Free Report) by 21.1% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 318,701 shares of the construction company's stock after selling 85,405 shares during the quarter. Fred Alger Management LLC owned about 0.30% of Trex worth $22,000,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Xponance Inc. lifted its position in shares of Trex by 0.7% during the 4th quarter. Xponance Inc. now owns 21,605 shares of the construction company's stock worth $1,491,000 after purchasing an additional 143 shares during the last quarter. Principal Securities Inc. grew its holdings in shares of Trex by 5.0% during the fourth quarter. Principal Securities Inc. now owns 3,082 shares of the construction company's stock valued at $213,000 after purchasing an additional 147 shares during the last quarter. Pacer Advisors Inc. grew its stake in shares of Trex by 0.9% in the 4th quarter. Pacer Advisors Inc. now owns 15,970 shares of the construction company's stock worth $1,102,000 after purchasing an additional 148 shares during the last quarter. Harrington Investments INC lifted its position in shares of Trex by 1.8% in the 4th quarter. Harrington Investments INC now owns 9,106 shares of the construction company's stock valued at $629,000 after acquiring an additional 159 shares in the last quarter. Finally, Bessemer Group Inc. boosted its stake 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 worth $140,000 after acquiring an additional 170 shares in the last quarter. 95.96% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. DA Davidson reaffirmed a "neutral" rating and issued a $74.00 target price on shares of Trex in a report on Tuesday, February 25th. Barclays reduced their price objective on Trex from $67.00 to $54.00 and set an "underweight" rating for the company in a research note on Tuesday, April 8th. Stephens dropped their target price on Trex from $73.00 to $65.00 and set an "equal weight" rating on the stock in a report on Monday. StockNews.com downgraded Trex from a "hold" rating to a "sell" rating in a report on Wednesday, March 5th. Finally, Citigroup dropped their price target on Trex from $78.00 to $60.00 and set a "neutral" rating on the stock in a research report on Friday, April 11th. 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 stock. According to MarketBeat.com, Trex currently has an average rating of "Hold" and an average target price of $76.65.

Insiders Place Their Bets

In related news, SVP Amy M. Fernandez sold 2,366 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $61.17, for a total transaction of $144,728.22. Following the completion of the sale, the senior vice president now owns 24,569 shares of the company's stock, valued at $1,502,885.73. This trade represents a 8.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Melkeya Mcduffie sold 1,420 shares of the business's stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $61.88, for a total transaction of $87,869.60. Following the transaction, the director now directly owns 1,705 shares of the company's stock, valued at $105,505.40. The trade was a 45.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.71% of the stock is currently owned by insiders.

Trex Trading Down 1.3%

Shares of NYSE:TREX traded down $0.83 during mid-day trading on Wednesday, hitting $60.84. 547,909 shares of the company traded hands, compared to its average volume of 1,343,036. The stock has a 50-day moving average price of $57.11 and a two-hundred day moving average price of $65.75. Trex Company, Inc. has a 12-month low of $49.01 and a 12-month high of $92.02. The stock has a market cap of $6.52 billion, a P/E ratio of 27.78, a P/E/G ratio of 2.51 and a beta of 1.62.

Trex (NYSE:TREX - Get Free Report) last released its quarterly 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. The firm had revenue of $339.99 million for the quarter, compared to analysts' expectations of $329.11 million. Trex had a net margin of 20.23% and a return on equity of 28.89%. The business's quarterly revenue was down 9.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.82 earnings per share. As a group, analysts expect that Trex Company, Inc. will post 2.04 earnings per share for the current year.

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.