Clearbridge Investments LLC Lowers Stock Position in Trex Company, Inc. (NYSE:TREX)

Clearbridge Investments LLC trimmed its position in shares of Trex Company, Inc. (NYSE:TREX - Free Report) by 14.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,347,062 shares of the construction company's stock after selling 576,490 shares during the period. Clearbridge Investments LLC owned about 3.12% of Trex worth $231,048,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the business. AustralianSuper Pty Ltd bought a new stake in Trex during the 4th quarter valued at approximately $110,414,000. Jacobs Levy Equity Management Inc. increased its holdings in shares of Trex by 6,093.3% during the third quarter. Jacobs Levy Equity Management Inc. now owns 853,620 shares of the construction company's stock valued at $56,834,000 after acquiring an additional 839,837 shares in the last quarter. Norges Bank purchased a new position in shares of Trex in the 4th quarter worth about $54,084,000. Point72 Asset Management L.P. boosted its stake in Trex by 100.0% in the 3rd quarter. Point72 Asset Management L.P. now owns 1,022,459 shares of the construction company's stock worth $68,075,000 after purchasing an additional 511,163 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Trex by 97.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 797,513 shares of the construction company's stock valued at $53,098,000 after purchasing an additional 393,850 shares in the last quarter. 95.96% of the stock is currently owned by institutional investors.

Insider Transactions at Trex

In other news, Director Melkeya Mcduffie sold 1,420 shares of the company's 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 transaction, the director now directly owns 1,705 shares in the company, valued at approximately $105,505.40. This represents a 45.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.71% of the company's stock.

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Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Truist Financial lowered their price objective on Trex from $100.00 to $90.00 and set a "buy" rating on the stock in a research report on Tuesday, February 25th. UBS Group decreased their target price on Trex from $76.00 to $74.00 and set a "neutral" rating for the company in a research report on Tuesday, February 25th. Bank of America decreased their price objective on shares of Trex from $85.00 to $79.00 and set a "buy" rating for the company in a report on Tuesday, February 25th. Deutsche Bank Aktiengesellschaft began coverage on shares of Trex in a report on Tuesday. They issued a "buy" rating and a $85.00 target price on the stock. Finally, DA Davidson restated a "neutral" rating and issued a $74.00 price target on shares of Trex in a research note on Tuesday, February 25th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $79.00.

Trex Stock Performance

Shares of TREX traded down $4.19 during midday trading on Thursday, hitting $55.81. 1,542,775 shares of the company traded hands, compared to its average volume of 1,243,314. Trex Company, Inc. has a 52 week low of $52.75 and a 52 week high of $97.69. The firm has a 50 day moving average of $63.73 and a 200-day moving average of $67.82. The stock has a market cap of $5.98 billion, a price-to-earnings ratio of 25.47, a PEG ratio of 2.51 and a beta of 1.60.

Trex (NYSE:TREX - Get Free Report) last released its quarterly earnings results on Monday, February 24th. The construction company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.04 by $0.05. The company had revenue of $167.63 million during the quarter, compared to analyst estimates of $160.54 million. Trex had a return on equity of 28.89% and a net margin of 20.23%. Sell-side analysts predict that Trex Company, Inc. will post 2.04 earnings per share 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.