Trex (NYSE:TREX) Sees Unusually-High Trading Volume Following Earnings Beat

Trex Company, Inc. (NYSE:TREX - Get Free Report) saw unusually-strong trading volume on Monday following a stronger than expected earnings report. Approximately 2,821,216 shares were traded during mid-day trading, an increase of 132% from the previous session's volume of 1,214,726 shares.The stock last traded at $61.44 and had previously closed at $60.58.

The construction company reported $0.09 EPS for the quarter, topping analysts' consensus estimates of $0.04 by $0.05. Trex had a net margin of 20.23% and a return on equity of 28.89%. The business had revenue of $167.63 million for the quarter, compared to analysts' expectations of $160.54 million.

Analysts Set New Price Targets

Several research analysts recently weighed in on TREX shares. Citigroup reduced their price target on shares of Trex from $84.00 to $78.00 and set a "neutral" rating for the company in a research report on Monday, January 6th. Bank of America decreased their target price on shares of Trex from $85.00 to $79.00 and set a "buy" rating on the stock in a report on Tuesday. DA Davidson reissued a "neutral" rating and issued a $74.00 price target on shares of Trex in a research note on Tuesday. Truist Financial dropped their target price on Trex from $100.00 to $90.00 and set a "buy" rating for the company in a research report on Tuesday. Finally, Jefferies Financial Group decreased their target price on Trex from $81.00 to $71.00 and set a "hold" rating for the company in a report on Tuesday. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $78.38.

Hedge Funds Weigh In On Trex

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Alliancebernstein L.P. lifted its stake in shares of Trex by 54.5% in the 4th quarter. Alliancebernstein L.P. now owns 10,819,326 shares of the construction company's stock worth $746,858,000 after acquiring an additional 3,818,025 shares during the period. Wasatch Advisors LP lifted its position in Trex by 12.8% in the fourth quarter. Wasatch Advisors LP now owns 4,599,521 shares of the construction company's stock valued at $317,505,000 after purchasing an additional 523,113 shares during the period. State Street Corp boosted its holdings in Trex by 1.2% in the 3rd quarter. State Street Corp now owns 3,183,444 shares of the construction company's stock valued at $211,954,000 after purchasing an additional 37,436 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in 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 worth $216,400,000 after purchasing an additional 2,578,734 shares during the period. Finally, Bamco Inc. NY raised its stake in shares of Trex by 6.2% during the 4th quarter. Bamco Inc. NY now owns 2,153,133 shares of the construction company's stock worth $148,631,000 after buying an additional 126,441 shares in the last quarter. 95.96% of the stock is currently owned by hedge funds and other institutional investors.

Trex Stock Performance

The firm has a fifty day moving average price of $69.34 and a 200 day moving average price of $68.69. The firm has a market capitalization of $6.57 billion, a price-to-earnings ratio of 28.06, a PEG ratio of 2.51 and a beta of 1.51.

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.