Freestone Grove Partners LP Buys Shares of 723,354 Trex Company, Inc. $TREX

Freestone Grove Partners LP purchased a new stake in Trex Company, Inc. (NYSE:TREX) in the 2nd quarter, HoldingsChannel.com reports. The firm purchased 723,354 shares of the construction company’s stock, valued at approximately $36,197,000.

Several other hedge funds have also recently modified their holdings of TREX. Clearstead Trust LLC bought a new position in shares of Trex during the fourth quarter valued at approximately $33,000. Ascentis Independent Advisors bought a new position in Trex in the first quarter worth approximately $44,000. Eurizon Capital SGR S.p.A. bought a new position in Trex in the fourth quarter worth approximately $47,000. Empowered Funds LLC purchased a new stake in Trex during the fourth quarter worth $50,000. Finally, Versant Capital Management Inc purchased a new stake in Trex during the second quarter worth $58,000. Hedge funds and other institutional investors own 95.96% of the company’s stock.

Trex Stock Performance

Shares of TREX opened at $46.75 on Thursday. The stock has a 50-day moving average of $46.76 and a two-hundred day moving average of $42.45. Trex Company, Inc. has a one year low of $29.77 and a one year high of $66.06. The stock has a market cap of $4.86 billion, a P/E ratio of 27.83, a P/E/G ratio of 3.23 and a beta of 1.48.

Trex (NYSE:TREX) last released its quarterly earnings data on Tuesday, August 4th. The construction company reported $0.62 EPS for the quarter, missing the consensus estimate of $0.63 by ($0.01). Trex had a net margin of 14.68% and a return on equity of 18.03%. The business had revenue of $418.02 million during the quarter, compared to analysts’ expectations of $415.71 million. During the same period last year, the company earned $0.71 earnings per share. The firm’s revenue was up 7.8% on a year-over-year basis. Analysts predict that Trex Company, Inc. will post 1.76 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

TREX has been the topic of a number of analyst reports. Zelman & Associates upgraded Trex from a “neutral” rating to an “outperform” rating and set a $50.00 price target on the stock in a report on Monday, May 18th. Citigroup restated a “neutral” rating and set a $52.00 price objective (up from $43.00) on shares of Trex in a research note on Wednesday, July 15th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $56.00 price objective (up from $49.00) on shares of Trex in a research report on Friday, July 10th. Stifel Nicolaus set a $49.00 target price on Trex and gave the company a “hold” rating in a research note on Tuesday, August 11th. Finally, Bank of America boosted their target price on shares of Trex from $42.00 to $44.00 and gave the stock an “underperform” rating in a report on Tuesday, July 14th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $49.30.

Insiders Place Their Bets

In related news, SVP Jacob T. Rudolph sold 1,400 shares of Trex stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $50.00, for a total value of $70,000.00. Following the completion of the transaction, the senior vice president owned 36,631 shares in the company, valued at $1,831,550. The trade was a 3.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Amy M. Fernandez sold 1,050 shares of the business’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $50.07, for a total value of $52,573.50. Following the completion of the sale, the senior vice president owned 67,794 shares of the company’s stock, valued at $3,394,445.58. This trade represents a 1.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.93% of the stock is currently owned by insiders.

About Trex

Trex Company, Inc is a leading manufacturer of wood-alternative decking and railing systems designed for residential and commercial outdoor living environments. The company’s core offerings feature composite decking products made from a proprietary blend of recycled wood fibers and plastic film, which deliver enhanced durability, resistance to rot and insect damage, and low maintenance compared to traditional wood. Trex also provides matching railing, lighting, fencing and cladding solutions that allow customers to create cohesive, high-performance outdoor spaces.

Trex’s product portfolio is organized into multiple performance tiers, including premium, mid-range and value-oriented lines.