Millrace Asset Group Inc. Purchases New Holdings in Trex Company, Inc. (NYSE:TREX)

Millrace Asset Group Inc. bought a new position in Trex Company, Inc. (NYSE:TREX - Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 30,185 shares of the construction company's stock, valued at approximately $2,010,000. Trex comprises about 2.0% of Millrace Asset Group Inc.'s portfolio, making the stock its 16th largest position.

Other large investors have also recently modified their holdings of the company. Quantbot Technologies LP boosted its position in shares of Trex by 5.2% during the third quarter. Quantbot Technologies LP now owns 49,151 shares of the construction company's stock valued at $3,272,000 after buying an additional 2,430 shares during the last quarter. FMR LLC lifted its stake in Trex by 6.0% during the 3rd quarter. FMR LLC now owns 1,262,920 shares of the construction company's stock valued at $84,085,000 after acquiring an additional 71,761 shares during the period. Dai ichi Life Insurance Company Ltd purchased a new stake in shares of Trex during the 3rd quarter valued at about $1,878,000. The Manufacturers Life Insurance Company grew its stake in shares of Trex by 462.4% in the third quarter. The Manufacturers Life Insurance Company now owns 529,146 shares of the construction company's stock worth $35,231,000 after acquiring an additional 435,055 shares during the period. Finally, Bank of Montreal Can raised its holdings in shares of Trex by 227.7% during the third quarter. Bank of Montreal Can now owns 120,162 shares of the construction company's stock valued at $8,158,000 after purchasing an additional 83,491 shares during the last quarter. Hedge funds and other institutional investors own 95.96% of the company's stock.

Trex Stock Performance

Shares of NYSE TREX traded down $1.96 during mid-day trading on Tuesday, hitting $75.14. The stock had a trading volume of 864,613 shares, compared to its average volume of 1,023,020. Trex Company, Inc. has a twelve month low of $58.68 and a twelve month high of $101.91. The firm has a market cap of $8.05 billion, a PE ratio of 34.31, a PEG ratio of 3.29 and a beta of 1.49. The company has a 50 day moving average of $68.15 and a two-hundred day moving average of $73.07.

Trex (NYSE:TREX - Get Free Report) last posted its earnings results on Monday, October 28th. The construction company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.05. Trex had a net margin of 20.23% and a return on equity of 28.89%. The business had revenue of $233.72 million for the quarter, compared to analyst estimates of $225.42 million. During the same period in the prior year, the company posted $0.57 EPS. The company's revenue for the quarter was down 23.1% on a year-over-year basis. Equities research analysts predict that Trex Company, Inc. will post 2.05 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

TREX has been the subject of a number of research reports. DA Davidson boosted their target price on shares of Trex from $70.00 to $74.00 and gave the company a "neutral" rating in a research note on Tuesday, October 29th. Stephens lowered shares of Trex from an "overweight" rating to an "equal weight" rating and cut their target price for the company from $115.00 to $72.00 in a research report on Wednesday, August 7th. JPMorgan Chase & Co. reduced their target price on shares of Trex from $95.00 to $69.00 and set a "neutral" rating for the company in a report on Monday, August 12th. BMO Capital Markets upped their target price on shares of Trex from $67.00 to $72.00 and gave the company a "market perform" rating in a report on Tuesday, October 29th. Finally, Stifel Nicolaus reduced their target price on shares of Trex from $110.00 to $85.00 and set a "buy" rating for the company in a report on Wednesday, August 7th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $79.94.

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.