Adage Capital Partners GP L.L.C. Acquires New Shares in Trex Company, Inc. (NYSE:TREX)

Adage Capital Partners GP L.L.C. purchased a new position in shares of Trex Company, Inc. (NYSE:TREX - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 424,000 shares of the construction company's stock, valued at approximately $29,269,000. Adage Capital Partners GP L.L.C. owned 0.40% of Trex at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in TREX. Pinebridge Investments L.P. grew its stake in Trex by 3.0% during the 4th quarter. Pinebridge Investments L.P. now owns 26,609 shares of the construction company's stock worth $1,837,000 after purchasing an additional 784 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Trex by 463.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,134,849 shares of the construction company's stock worth $216,400,000 after buying an additional 2,578,734 shares in the last quarter. Anomaly Capital Management LP increased its stake in shares of Trex by 228.2% during the fourth quarter. Anomaly Capital Management LP now owns 1,512,783 shares of the construction company's stock worth $104,427,000 after buying an additional 1,051,888 shares during the period. Southernsun Asset Management LLC raised its holdings in Trex by 1.1% in the fourth quarter. Southernsun Asset Management LLC now owns 58,001 shares of the construction company's stock valued at $4,004,000 after acquiring an additional 658 shares in the last quarter. Finally, Tower Research Capital LLC TRC lifted its stake in Trex by 121.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 19,554 shares of the construction company's stock worth $1,350,000 after acquiring an additional 10,712 shares during the last quarter. Institutional investors and hedge funds own 95.96% of the company's stock.

Trex Trading Down 0.4 %

TREX stock traded down $0.24 during trading on Monday, reaching $57.50. The stock had a trading volume of 1,126,095 shares, compared to its average volume of 1,323,345. The firm has a fifty day moving average price of $57.49 and a 200 day moving average price of $66.16. The company has a market capitalization of $6.17 billion, a P/E ratio of 26.26, a PEG ratio of 2.51 and a beta of 1.62. Trex Company, Inc. has a 1-year low of $49.01 and a 1-year high of $94.00.

Trex (NYSE:TREX - Get Free Report) last issued its quarterly earnings results on Monday, February 24th. The construction company reported $0.09 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analyst estimates of $160.54 million. Sell-side analysts predict that Trex Company, Inc. will post 2.04 EPS for the current year.

Insider Transactions at Trex

In other news, Director Melkeya Mcduffie sold 1,420 shares of Trex stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $61.88, for a total value of $87,869.60. Following the completion of the transaction, the director now directly owns 1,705 shares of the company's stock, valued at approximately $105,505.40. The trade was a 45.44 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.71% of the company's stock.

Analyst Upgrades and Downgrades

TREX has been the topic of a number of analyst reports. UBS Group reduced their price objective on shares of Trex from $76.00 to $74.00 and set a "neutral" rating on the stock in a report on Tuesday, February 25th. Benchmark reaffirmed a "buy" rating and set a $80.00 price target on shares of Trex in a report on Monday, March 3rd. JPMorgan Chase & Co. dropped their price objective on Trex from $79.00 to $73.00 and set a "neutral" rating on the stock in a report on Wednesday, March 5th. Bank of America decreased their target price on Trex from $85.00 to $79.00 and set a "buy" rating for the company in a research note on Tuesday, February 25th. Finally, StockNews.com lowered shares of Trex from a "hold" rating to a "sell" rating in a research note on Wednesday, March 5th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $77.18.

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.