• Thu. Aug 11th, 2022

Congress Asset Management Co. MA sells 37,147 shares of Trex Company, Inc. (NYSE: TREX)

ByLinda W. Smith

Jul 3, 2022

Congress Asset Management Co. MA reduced its stake in Trex Company, Inc. (NYSE:TREX – Get Rating) by 90.0% in the first quarter, according to the company in its most recent Form 13F filed with the Securities and Exchange Commission. The institutional investor held 4,115 shares of the construction company after selling 37,147 shares during the period. Congress Asset Management Co. MA’s holdings in Trex were worth $269,000 when it last filed with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently changed their positions in the company. Wedbush Securities Inc. increased its position in Trex shares by 11.3% in the first quarter. Wedbush Securities Inc. now owns 7,569 shares of the construction company valued at $494,000 after acquiring an additional 769 shares during the period. Green Alpha Advisors LLC increased its position in Trex shares by 3.6% in Q1. Green Alpha Advisors LLC now owns 14,026 shares of the construction company valued at $916,000 after acquiring 483 additional shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd increased its position in Trex shares by 19.1% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 99,358 shares of the construction company valued at $6,491,000 after acquiring an additional 15,938 shares during the period. Curbstone Financial Management Corp increased its position in Trex shares by 3.1% in the first quarter. Curbstone Financial Management Corp now owns 29,400 shares of the construction company valued at $1,921,000 after acquiring an additional 880 shares during the period. Finally, Frontier Capital Management Co. LLC increased its position in Trex shares by 49.7% in the first quarter. Frontier Capital Management Co. LLC now owns 206,366 shares of the construction company valued at $13,482,000 after acquiring an additional 68,513 shares during the period. 93.63% of the shares are held by institutional investors.

TREX has been the subject of several analyst reports. Barclays cut its price target on Trex shares from $84.00 to $68.00 in a Tuesday May 10 research report. Loop Capital cut Trex shares from a “buy” rating to a “hold” rating and reduced its target price for the stock from $118.00 to $68.00 in a Monday, April 25 research note. . StockNews.com began covering Trex shares in a research note on Thursday, March 31. They set a “holding” rating for the company. B. Riley moved Trex shares from a “neutral” rating to a “buy” rating and set a target price of $88.00 for the company in a Wednesday, April 6 research note. Finally, Bank of America began covering Trex shares in a research note on Monday, April 25. They set an “underperforming” rating and a target price of $60.00 for the company. Two analysts gave the stock a sell rating, eleven gave the company a hold rating and four gave the company a buy rating. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $89.12.

Shares of Trex opened at $56.30 on Friday. The company has a 50-day simple moving average of $59.19 and a two-hundred-day simple moving average of $79.39. The stock has a market capitalization of $6.37 billion, a price-to-earnings ratio of 28.01, a growth price-to-earnings ratio of 1.36 and a beta of 1.44. Trex Company, Inc. has a 12-month low of $49.31 and a 12-month high of $140.98.

Trex (NYSE:TREX – Get Rating) last released its results on Monday, May 9. The construction company reported EPS of $0.62 for the quarter, beating the consensus estimate of $0.54 by $0.08. The company posted revenue of $339.23 million in the quarter, compared to $326.67 million expected by analysts. Trex had a net margin of 17.90% and a return on equity of 38.31%. The company’s revenue for the quarter increased by 38.2% compared to the same quarter last year. During the same period of the previous year, the company achieved EPS of $0.42. On average, stock analysts expect Trex Company, Inc. to post EPS of 2.47 for the current year.

Profile Trex (Get a rating)

Trex Company, Inc. manufactures and distributes decking, railing, and outdoor living products and accessories for the residential and commercial markets in the United States. The Company operates in two segments, Trex Residential and Trex Commercial. It offers decking products under the Trex Transcend, Trex Select, and Trex Enhance names for protection against fading, stains, mildew, and scratches; Trex Hideaway, a hidden fastening system; and Trex DeckLighting, a dimmable LED deck light for use on posts, floors and steps.

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Want to see which other hedge funds hold TREX? Visit HoldingsChannel.com for the latest 13F filings and insider trading for Trex Company, Inc. (NYSE:TREX – Get Rating).

Institutional ownership by quarter for Trex (NYSE:TREX)



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