Trex (NYSE:TREX) Given New $73.00 Price Target at JPMorgan Chase & Co.

Trex (NYSE:TREX - Get Free Report) had its target price lowered by equities researchers at JPMorgan Chase & Co. from $79.00 to $73.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a "neutral" rating on the construction company's stock. JPMorgan Chase & Co.'s target price would suggest a potential upside of 23.53% from the company's current price.

A number of other brokerages have also weighed in on TREX. Benchmark restated a "buy" rating and set a $80.00 target price on shares of Trex in a research report on Monday. Citigroup decreased their price objective on Trex from $84.00 to $78.00 and set a "neutral" rating on the stock in a research report on Monday, January 6th. UBS Group cut their target price on Trex from $76.00 to $74.00 and set a "neutral" rating on the stock in a research report on Tuesday, February 25th. DA Davidson restated a "neutral" rating and issued a $74.00 target price on shares of Trex in a report on Tuesday, February 25th. Finally, StockNews.com cut Trex from a "hold" rating to a "sell" rating in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $78.63.

Trex Price Performance

Trex stock traded up $0.88 during mid-day trading on Wednesday, reaching $59.10. 149,235 shares of the stock traded hands, compared to its average volume of 1,095,311. The stock has a market capitalization of $6.33 billion, a PE ratio of 26.98, a price-to-earnings-growth ratio of 2.51 and a beta of 1.51. The business's 50-day moving average is $68.47 and its 200-day moving average is $68.70. Trex has a 12-month low of $56.31 and a 12-month high of $100.77.

Trex (NYSE:TREX - Get Free Report) last announced its quarterly earnings data on Monday, February 24th. The construction company reported $0.09 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to the consensus estimate of $160.54 million. Equities analysts anticipate that Trex will post 2.04 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Melkeya Mcduffie sold 1,420 shares of Trex stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $61.88, for a total transaction of $87,869.60. Following the completion of the transaction, the director now directly owns 1,705 shares in the company, valued at approximately $105,505.40. This trade represents a 45.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.71% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Trex

Several hedge funds have recently modified their holdings of TREX. Alliancebernstein L.P. boosted its position in Trex by 54.5% during the fourth quarter. Alliancebernstein L.P. now owns 10,819,326 shares of the construction company's stock worth $746,858,000 after purchasing an additional 3,818,025 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Trex by 463.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,134,849 shares of the construction company's stock valued at $216,400,000 after buying an additional 2,578,734 shares in the last quarter. AustralianSuper Pty Ltd acquired a new stake in Trex in the 4th quarter valued at $110,414,000. Anomaly Capital Management LP lifted its holdings in Trex by 228.2% during the fourth quarter. Anomaly Capital Management LP now owns 1,512,783 shares of the construction company's stock valued at $104,427,000 after purchasing an additional 1,051,888 shares in the last quarter. Finally, Wasatch Advisors LP grew its position in shares of Trex by 33.2% in the third quarter. Wasatch Advisors LP now owns 4,076,408 shares of the construction company's stock valued at $271,407,000 after purchasing an additional 1,015,516 shares during the period. 95.96% of the stock is owned by hedge funds and other institutional investors.

Trex Company 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.

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