Trex (NYSE:TREX) Shares Gap Up - Here's What Happened

Trex Company, Inc. (NYSE:TREX - Get Free Report) gapped up prior to trading on Monday . The stock had previously closed at $59.43, but opened at $62.53. Trex shares last traded at $63.41, with a volume of 278,115 shares.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on TREX. JPMorgan Chase & Co. decreased their price objective on shares of Trex from $79.00 to $73.00 and set a "neutral" rating on the stock in a research report on Wednesday, March 5th. Citigroup reduced their target price on Trex from $84.00 to $78.00 and set a "neutral" rating on the stock in a research note on Monday, January 6th. UBS Group dropped their price target on Trex from $76.00 to $74.00 and set a "neutral" rating for the company in a research note on Tuesday, February 25th. Benchmark reiterated a "buy" rating and set a $80.00 price objective on shares of Trex in a research report on Monday, March 3rd. Finally, Truist Financial cut their target price on Trex from $100.00 to $90.00 and set a "buy" rating for the company in a research note on Tuesday, February 25th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Trex currently has a consensus rating of "Hold" and an average price target of $78.63.

Trex Stock Performance

The company has a 50 day moving average of $64.83 and a 200 day moving average of $67.94. The stock has a market capitalization of $6.12 billion, a price-to-earnings ratio of 26.13, a P/E/G ratio of 2.51 and a beta of 1.60.

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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 net margin of 20.23% and a return on equity of 28.89%. The firm had revenue of $167.63 million during the quarter, compared to analyst estimates of $160.54 million. On average, equities analysts predict that Trex Company, Inc. will post 2.04 EPS for the current fiscal year.

Insider Activity at Trex

In other Trex news, Director Melkeya Mcduffie sold 1,420 shares of the firm's stock in a transaction 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 owns 1,705 shares of the company's stock, valued at approximately $105,505.40. This trade represents a 45.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.71% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Trex

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB bought a new position in Trex in the third quarter worth about $30,000. Mather Group LLC. lifted its holdings in shares of Trex by 73.5% during the fourth quarter. Mather Group LLC. now owns 451 shares of the construction company's stock valued at $31,000 after purchasing an additional 191 shares during the last quarter. Avior Wealth Management LLC boosted its position in shares of Trex by 1,212.8% in the 4th quarter. Avior Wealth Management LLC now owns 512 shares of the construction company's stock valued at $35,000 after purchasing an additional 473 shares during the period. Huntington National Bank lifted its position in shares of Trex by 227.2% in the 4th quarter. Huntington National Bank now owns 566 shares of the construction company's stock valued at $39,000 after acquiring an additional 393 shares in the last quarter. Finally, Eagle Bay Advisors LLC acquired a new stake in Trex in the fourth quarter valued at approximately $41,000. Hedge funds and other institutional investors own 95.96% of the company's stock.

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.