Fred Alger Management LLC Increases Position in Trex Company, Inc. (NYSE:TREX)

Fred Alger Management LLC lifted its position in shares of Trex Company, Inc. (NYSE:TREX - Free Report) by 20.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 509,913 shares of the construction company's stock after buying an additional 86,559 shares during the period. Fred Alger Management LLC owned approximately 0.47% of Trex worth $37,795,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in Trex by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 10,314,078 shares of the construction company's stock valued at $1,028,829,000 after purchasing an additional 65,428 shares during the last quarter. Conestoga Capital Advisors LLC boosted its position in Trex by 3.2% in the 2nd quarter. Conestoga Capital Advisors LLC now owns 1,973,668 shares of the construction company's stock valued at $146,288,000 after buying an additional 60,405 shares during the period. American Century Companies Inc. boosted its position in Trex by 7.1% in the 2nd quarter. American Century Companies Inc. now owns 1,843,376 shares of the construction company's stock valued at $136,631,000 after buying an additional 122,658 shares during the period. TD Asset Management Inc boosted its position in Trex by 516.8% in the 4th quarter. TD Asset Management Inc now owns 1,600,980 shares of the construction company's stock valued at $132,545,000 after buying an additional 1,341,419 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in Trex by 8.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,224,351 shares of the construction company's stock valued at $90,752,000 after buying an additional 92,563 shares during the period. Institutional investors and hedge funds own 95.96% of the company's stock.

Trex Stock Down 4.9 %

TREX traded down $3.40 on Wednesday, reaching $66.41. The company had a trading volume of 1,506,612 shares, compared to its average volume of 940,151. Trex Company, Inc. has a 1 year low of $53.59 and a 1 year high of $101.91. The stock has a market capitalization of $7.22 billion, a PE ratio of 28.50, a P/E/G ratio of 2.37 and a beta of 1.50. The stock has a 50-day moving average price of $69.10 and a 200-day moving average price of $81.02.

Trex (NYSE:TREX - Get Free Report) last announced its earnings results on Tuesday, August 6th. The construction company reported $0.80 EPS for the quarter, beating analysts' consensus estimates of $0.78 by $0.02. Trex had a net margin of 21.07% and a return on equity of 33.53%. The business had revenue of $376.47 million during the quarter, compared to analysts' expectations of $387.87 million. During the same period in the prior year, the company earned $0.71 earnings per share. The business's revenue was up 5.6% compared to the same quarter last year. As a group, analysts expect that Trex Company, Inc. will post 2.03 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have commented on TREX. Robert W. Baird decreased their price target on shares of Trex from $88.00 to $70.00 and set a "neutral" rating for the company in a research report on Wednesday, August 7th. JPMorgan Chase & Co. decreased their price target on shares of Trex from $95.00 to $69.00 and set a "neutral" rating for the company in a research report on Monday, August 12th. StockNews.com raised shares of Trex from a "sell" rating to a "hold" rating in a research report on Thursday, September 19th. The Goldman Sachs Group decreased their price objective on shares of Trex from $114.00 to $93.00 and set a "buy" rating for the company in a research report on Wednesday, July 10th. Finally, Citigroup decreased their price objective on shares of Trex from $94.00 to $80.00 and set a "neutral" rating for the company in a research report on Thursday, July 11th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $80.88.

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.