Bank of America Corp DE Sells 206,692 Shares of Trex Company, Inc. (NYSE:TREX)

Bank of America Corp DE lowered its stake in Trex Company, Inc. (NYSE:TREX - Free Report) by 31.1% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 457,825 shares of the construction company's stock after selling 206,692 shares during the period. Bank of America Corp DE owned 0.43% of Trex worth $31,604,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TREX. Atomi Financial Group Inc. bought a new stake in shares of Trex during the fourth quarter valued at approximately $247,000. Pictet Asset Management Holding SA increased its holdings in shares of Trex by 7.1% in the 4th quarter. Pictet Asset Management Holding SA now owns 14,538 shares of the construction company's stock worth $1,004,000 after purchasing an additional 969 shares in the last quarter. SG Americas Securities LLC raised its stake in shares of Trex by 298.5% in the fourth quarter. SG Americas Securities LLC now owns 6,137 shares of the construction company's stock worth $424,000 after purchasing an additional 4,597 shares during the last quarter. Park Avenue Securities LLC lifted its holdings in shares of Trex by 26.6% during the fourth quarter. Park Avenue Securities LLC now owns 7,444 shares of the construction company's stock valued at $514,000 after purchasing an additional 1,566 shares in the last quarter. Finally, Stephens Inc. AR boosted its position in shares of Trex by 10.6% during the fourth quarter. Stephens Inc. AR now owns 6,294 shares of the construction company's stock valued at $434,000 after buying an additional 601 shares during the last quarter. Institutional investors own 95.96% of the company's stock.

Insider Activity

In other Trex news, SVP Amy M. Fernandez sold 2,366 shares of the company's 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 now directly owns 24,569 shares in the company, valued at $1,502,885.73. This represents a 8.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Melkeya Mcduffie sold 1,420 shares of the 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 sale, the director now directly owns 1,705 shares of the company's stock, valued at approximately $105,505.40. This trade represents a 45.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,286 shares of company stock worth $323,003 over the last ninety days. Corporate insiders own 0.71% of the company's stock.

Trex Price Performance

Shares of NYSE:TREX traded down $0.61 during mid-day trading on Thursday, reaching $56.24. 145,232 shares of the company traded hands, compared to its average volume of 1,346,249. The company's 50 day moving average price is $57.68 and its 200-day moving average price is $65.36. The firm has a market cap of $6.03 billion, a PE ratio of 25.67, a PEG ratio of 2.51 and a beta of 1.62. Trex Company, Inc. has a 52 week low of $49.01 and a 52 week high of $88.84.

Trex (NYSE:TREX - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The construction company reported $0.60 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.58 by $0.02. Trex had a net margin of 20.23% and a return on equity of 28.89%. The firm had revenue of $339.99 million during the quarter, compared to analysts' expectations of $329.11 million. During the same period in the prior year, the company posted $0.82 earnings per share. The company's revenue for the quarter was down 9.0% compared to the same quarter last year. On average, research analysts predict that Trex Company, Inc. will post 2.04 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Citigroup decreased their target price on Trex from $78.00 to $60.00 and set a "neutral" rating for the company in a research report on Friday, April 11th. DA Davidson reissued a "neutral" rating and set a $74.00 price objective on shares of Trex in a report on Tuesday, February 25th. Truist Financial lowered their price objective on shares of Trex from $100.00 to $90.00 and set a "buy" rating on the stock in a research report on Tuesday, February 25th. UBS Group cut their target price on shares of Trex from $74.00 to $72.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. Finally, Stephens dropped their price target on Trex from $73.00 to $65.00 and set an "equal weight" rating on the stock in a research note on Monday, May 12th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $76.65.

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.