Trex (NYSE:TREX) Given New $72.00 Price Target at BMO Capital Markets

Trex (NYSE:TREX) had its target price boosted by BMO Capital Markets from $67.00 to $72.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has a “market perform” rating on the construction company’s stock. BMO Capital Markets’ target price would suggest a potential upside of 2.06% from the stock’s current price.

Several other research firms also recently weighed in on TREX. Barclays dropped their price target on Trex from $68.00 to $67.00 and set an “underweight” rating on the stock in a research note on Tuesday. UBS Group lowered their target price on Trex from $104.00 to $79.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. Citigroup lowered their target price on Trex from $94.00 to $80.00 and set a “neutral” rating on the stock in a research note on Thursday, July 11th. Stifel Nicolaus lowered their target price on Trex from $110.00 to $85.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Finally, Bank of America lowered their target price on Trex from $97.00 to $85.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $79.94.

Trex Stock Performance

Trex stock opened at $70.55 on Tuesday. The business’s 50-day simple moving average is $65.36 and its two-hundred day simple moving average is $75.57. The company has a market cap of $7.67 billion, a PE ratio of 29.15, a PEG ratio of 2.45 and a beta of 1.50. Trex has a fifty-two week low of $55.67 and a fifty-two week high of $101.91.

Trex (NYSE:TREX) last posted its quarterly earnings results on Monday, October 28th. The construction company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.05. The business had revenue of $233.72 million for the quarter, compared to the consensus estimate of $225.42 million. Trex had a return on equity of 33.53% and a net margin of 21.07%. The company’s quarterly revenue was down 23.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.57 EPS. As a group, analysts predict that Trex will post 2.04 EPS for the current fiscal year.

Institutional Investors Weigh In On Trex

A number of large investors have recently made changes to their positions in TREX. Wealth Enhancement Advisory Services LLC grew its position in shares of Trex by 3.6% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 16,512 shares of the construction company’s stock valued at $1,647,000 after purchasing an additional 573 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in Trex by 18.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 124,389 shares of the construction company’s stock worth $12,408,000 after acquiring an additional 19,286 shares during the period. State of Michigan Retirement System grew its position in Trex by 2.3% in the first quarter. State of Michigan Retirement System now owns 26,622 shares of the construction company’s stock worth $2,656,000 after acquiring an additional 600 shares during the period. Commonwealth Equity Services LLC grew its position in Trex by 3.9% in the first quarter. Commonwealth Equity Services LLC now owns 35,956 shares of the construction company’s stock worth $3,587,000 after acquiring an additional 1,344 shares during the period. Finally, Van ECK Associates Corp grew its position in Trex by 36.5% in the first quarter. Van ECK Associates Corp now owns 43,442 shares of the construction company’s stock worth $4,333,000 after acquiring an additional 11,619 shares during the period. 95.96% of the stock is currently owned by hedge funds and other institutional investors.

Trex Company 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.