Polar Asset Management Partners Inc. Invests $20.60 Million in Trex Company, Inc. (NYSE:TREX)

Polar Asset Management Partners Inc. acquired a new stake in Trex Company, Inc. (NYSE:TREX) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 309,400 shares of the construction company’s stock, valued at approximately $20,600,000. Polar Asset Management Partners Inc. owned 0.29% of Trex at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Tidal Investments LLC grew its stake in shares of Trex by 10.6% during the first quarter. Tidal Investments LLC now owns 3,179 shares of the construction company’s stock worth $317,000 after purchasing an additional 305 shares during the period. Cetera Advisors LLC increased its stake in shares of Trex by 22.0% in the 1st quarter. Cetera Advisors LLC now owns 4,452 shares of the construction company’s stock valued at $444,000 after acquiring an additional 803 shares during the last quarter. Mather Group LLC. raised its position in shares of Trex by 142.3% in the 2nd quarter. Mather Group LLC. now owns 630 shares of the construction company’s stock valued at $47,000 after acquiring an additional 370 shares during the period. CWM LLC grew its holdings in Trex by 7.8% during the second quarter. CWM LLC now owns 3,356 shares of the construction company’s stock valued at $249,000 after purchasing an additional 242 shares during the period. Finally, SG Americas Securities LLC increased its stake in Trex by 242.0% in the second quarter. SG Americas Securities LLC now owns 9,453 shares of the construction company’s stock valued at $701,000 after purchasing an additional 6,689 shares in the last quarter. 95.96% of the stock is owned by institutional investors.

Analysts Set New Price Targets

TREX has been the subject of several research analyst reports. StockNews.com lowered shares of Trex from a “hold” rating to a “sell” rating in a report on Tuesday, October 29th. Stephens lowered Trex from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $115.00 to $72.00 in a research report on Wednesday, August 7th. Loop Capital cut Trex from a “buy” rating to a “hold” rating and cut their price objective for the company from $95.00 to $75.00 in a report on Wednesday, August 7th. Bank of America lowered their target price on Trex from $97.00 to $85.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Trex from $95.00 to $69.00 and set a “neutral” rating for the company in a report on Monday, August 12th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $79.94.

Trex Stock Performance

Shares of TREX opened at $77.12 on Wednesday. The firm’s 50-day simple moving average is $68.87 and its 200 day simple moving average is $72.51. The firm has a market cap of $8.26 billion, a P/E ratio of 35.21, a price-to-earnings-growth ratio of 3.44 and a beta of 1.49. Trex Company, Inc. has a 52 week low of $58.68 and a 52 week high of $101.91.

Trex (NYSE:TREX) last released its quarterly 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 the consensus estimate of $225.42 million. During the same period in the previous year, the company posted $0.57 EPS. The firm’s quarterly revenue was down 23.1% on a year-over-year basis. As a group, equities analysts forecast that Trex Company, Inc. will post 2.05 earnings per share for the current year.

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.