State Street Corp Grows Stock Holdings in Trex Company, Inc. (NYSE:TREX)

State Street Corp lifted its stake in shares of Trex Company, Inc. (NYSE:TREX - Free Report) by 1.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,183,444 shares of the construction company's stock after acquiring an additional 37,436 shares during the quarter. State Street Corp owned approximately 2.97% of Trex worth $211,954,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Wasatch Advisors LP raised its holdings in Trex by 33.2% during the third quarter. Wasatch Advisors LP now owns 4,076,408 shares of the construction company's stock valued at $271,407,000 after acquiring an additional 1,015,516 shares during the period. Jacobs Levy Equity Management Inc. grew its position 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 worth $56,834,000 after purchasing an additional 839,837 shares in the last quarter. Point72 Asset Management L.P. raised its stake in Trex by 100.0% during the 3rd quarter. Point72 Asset Management L.P. now owns 1,022,459 shares of the construction company's stock valued at $68,075,000 after purchasing an additional 511,163 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in Trex by 462.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 529,146 shares of the construction company's stock worth $35,231,000 after purchasing an additional 435,055 shares in the last quarter. Finally, Polar Asset Management Partners Inc. bought a new position in Trex in the 3rd quarter worth approximately $20,600,000. 95.96% of the stock is currently owned by institutional investors.

Trex Trading Down 1.8 %

Shares of TREX stock traded down $1.38 during trading hours on Friday, reaching $76.98. 1,700,686 shares of the stock were exchanged, compared to its average volume of 1,040,310. Trex Company, Inc. has a 12-month low of $58.68 and a 12-month high of $101.91. The firm has a market capitalization of $8.25 billion, a price-to-earnings ratio of 35.15, a price-to-earnings-growth ratio of 3.63 and a beta of 1.49. The company's 50-day moving average price is $70.53 and its 200-day moving average price is $72.15.

Trex (NYSE:TREX - Get Free Report) last announced its earnings results on Monday, October 28th. The construction company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.05. Trex had a return on equity of 28.89% and a net margin of 20.23%. The business had revenue of $233.72 million during the quarter, compared to analyst estimates of $225.42 million. During the same quarter in the previous year, the business earned $0.57 earnings per share. The company's revenue for the quarter was down 23.1% compared to the same quarter last year. On average, sell-side analysts expect that Trex Company, Inc. will post 2.05 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Robert W. Baird lifted their price objective on shares of Trex from $70.00 to $78.00 and gave the company a "neutral" rating in a research report on Tuesday, October 29th. StockNews.com downgraded shares of Trex from a "hold" rating to a "sell" rating in a report on Tuesday, October 29th. Jefferies Financial Group decreased their price target on shares of Trex from $77.00 to $73.00 and set a "hold" rating on the stock in a research note on Wednesday, October 9th. DA Davidson raised their price objective on Trex from $70.00 to $74.00 and gave the company a "neutral" rating in a research report on Tuesday, October 29th. Finally, Barclays decreased their target price on Trex from $68.00 to $67.00 and set an "underweight" rating on the stock in a research report on Tuesday, October 29th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Trex 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.