Corebridge Financial Inc. Trims Stake in Trex Company, Inc. (NYSE:TREX)

Corebridge Financial Inc. cut its position in shares of Trex Company, Inc. (NYSE:TREX) by 5.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 122,461 shares of the construction company’s stock after selling 7,361 shares during the period. Corebridge Financial Inc.’s holdings in Trex were worth $8,453,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. Wasatch Advisors LP boosted its position in shares of Trex by 33.2% during the third quarter. Wasatch Advisors LP now owns 4,076,408 shares of the construction company’s stock valued at $271,407,000 after buying an additional 1,015,516 shares during the period. State Street Corp lifted its position in shares of Trex by 1.2% during the third quarter. State Street Corp now owns 3,183,444 shares of the construction company’s stock worth $211,954,000 after purchasing an additional 37,436 shares during the last quarter. Conestoga Capital Advisors LLC boosted its stake in shares of Trex by 0.9% during the fourth quarter. Conestoga Capital Advisors LLC now owns 1,967,748 shares of the construction company’s stock valued at $135,834,000 after purchasing an additional 17,405 shares during the period. Geode Capital Management LLC grew its holdings in shares of Trex by 1.9% in the third quarter. Geode Capital Management LLC now owns 1,873,455 shares of the construction company’s stock worth $124,766,000 after purchasing an additional 35,039 shares during the last quarter. Finally, AustralianSuper Pty Ltd purchased a new position in shares of Trex during the fourth quarter worth approximately $110,414,000. 95.96% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on TREX shares. UBS Group dropped their price objective on Trex from $76.00 to $74.00 and set a “neutral” rating on the stock in a research note 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 for the company in a research note on Tuesday, February 25th. Citigroup cut their price objective on shares of Trex from $84.00 to $78.00 and set a “neutral” rating on the stock in a report on Monday, January 6th. DA Davidson restated a “neutral” rating and set a $74.00 target price on shares of Trex in a report on Tuesday, February 25th. Finally, StockNews.com downgraded Trex from a “hold” rating to a “sell” rating in a report on Wednesday, March 5th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $78.63.

Insider Buying and Selling

In other news, Director Melkeya Mcduffie sold 1,420 shares of the stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $61.88, for a total value of $87,869.60. Following the transaction, the director now directly owns 1,705 shares of the company’s stock, valued at approximately $105,505.40. This represents a 45.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.71% of the stock is currently owned by company insiders.

Trex Stock Down 2.7 %

TREX opened at $59.41 on Friday. The company has a market cap of $6.37 billion, a P/E ratio of 27.13, a price-to-earnings-growth ratio of 2.51 and a beta of 1.60. The firm’s 50-day moving average price is $64.83 and its 200-day moving average price is $67.94. Trex Company, Inc. has a 52-week low of $52.75 and a 52-week high of $100.33.

Trex (NYSE:TREX) last issued its quarterly earnings results on Monday, February 24th. The construction company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.05. Trex had a net margin of 20.23% and a return on equity of 28.89%. The business had revenue of $167.63 million for the quarter, compared to analyst estimates of $160.54 million. On average, research analysts anticipate that Trex Company, Inc. will post 2.04 EPS for the current fiscal 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.