KLP Kapitalforvaltning AS Invests $1.52 Million in Trex Company, Inc. (NYSE:TREX)

KLP Kapitalforvaltning AS acquired a new stake in shares of Trex Company, Inc. (NYSE:TREX - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 22,000 shares of the construction company's stock, valued at approximately $1,519,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. JPMorgan Chase & Co. grew its position in Trex by 97.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 797,513 shares of the construction company's stock worth $53,098,000 after purchasing an additional 393,850 shares during the period. Atomi Financial Group Inc. acquired a new stake in shares of Trex during the 4th quarter worth approximately $247,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Trex by 3.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 902,070 shares of the construction company's stock valued at $60,060,000 after purchasing an additional 27,992 shares in the last quarter. SG Americas Securities LLC lifted its stake in shares of Trex by 298.5% in the 4th quarter. SG Americas Securities LLC now owns 6,137 shares of the construction company's stock valued at $424,000 after purchasing an additional 4,597 shares during the period. Finally, Point72 Asset Management L.P. boosted its holdings in Trex by 100.0% during the third quarter. Point72 Asset Management L.P. now owns 1,022,459 shares of the construction company's stock worth $68,075,000 after buying an additional 511,163 shares in the last quarter. 95.96% of the stock is owned by hedge funds and other institutional investors.

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Insiders Place Their Bets

In other news, Director Melkeya Mcduffie sold 1,420 shares of the stock in a transaction that occurred on 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 sale, the director now owns 1,705 shares of the company's stock, valued at $105,505.40. This represents a 45.44 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.71% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts have weighed in on TREX shares. JPMorgan Chase & Co. decreased their price objective on shares of Trex from $79.00 to $73.00 and set a "neutral" rating for the company in a research report on Wednesday, March 5th. Bank of America reduced their price target on Trex from $85.00 to $79.00 and set a "buy" rating for the company in a report on Tuesday, February 25th. Truist Financial cut their price objective on Trex from $100.00 to $90.00 and set a "buy" rating for the company in a research report on Tuesday, February 25th. DA Davidson reaffirmed a "neutral" rating and set a $74.00 target price on shares of Trex in a research note on Tuesday, February 25th. Finally, Benchmark reissued a "buy" rating and issued a $80.00 price target on shares of Trex in a report on Monday, March 3rd. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, Trex presently has a consensus rating of "Hold" and a consensus price target of $79.00.

Trex Stock Up 2.6 %

TREX traded up $1.54 during trading on Wednesday, reaching $60.00. The company's stock had a trading volume of 1,294,725 shares, compared to its average volume of 1,241,927. The firm has a fifty day simple moving average of $63.73 and a two-hundred day simple moving average of $67.82. The company has a market cap of $6.43 billion, a price-to-earnings ratio of 27.40, a PEG ratio of 2.51 and a beta of 1.60. Trex Company, Inc. has a 1 year low of $52.75 and a 1 year high of $97.69.

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