Trex (NYSE:TREX) Sees Large Volume Increase After Better-Than-Expected Earnings

Trex Company, Inc. (NYSE:TREX) shares saw unusually-strong trading volume on Monday after the company announced better than expected quarterly earnings. Approximately 2,821,216 shares changed hands 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 the consensus estimate of $0.04 by $0.05. Trex had a net margin of 20.23% and a return on equity of 28.89%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on TREX shares. BMO Capital Markets raised their price objective on Trex from $67.00 to $72.00 and gave the stock a “market perform” 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 research report on Tuesday, October 29th. DA Davidson increased their target price on shares of Trex from $70.00 to $74.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 29th. Robert W. Baird lifted their price target on Trex from $70.00 to $78.00 and gave the company a “neutral” rating in a report on Tuesday, October 29th. Finally, Barclays cut their price target on shares of Trex from $68.00 to $67.00 and set an “underweight” rating on the stock in a report on Tuesday, October 29th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Trex currently has a consensus rating of “Hold” and an average target price of $79.81.

Hedge Funds Weigh In On Trex

A number of hedge funds have recently bought and sold shares of TREX. L & S Advisors Inc acquired a new position in Trex in the third quarter valued at about $1,000,000. Algert Global LLC raised its position in shares of Trex by 81.3% in the 3rd quarter. Algert Global LLC now owns 86,300 shares of the construction company’s stock valued at $5,746,000 after buying an additional 38,700 shares in the last quarter. Curi RMB Capital LLC lifted its holdings in shares of Trex by 27.2% during the 3rd quarter. Curi RMB Capital LLC now owns 68,149 shares of the construction company’s stock worth $4,537,000 after acquiring an additional 14,558 shares during the period. Dynamic Technology Lab Private Ltd boosted its position in shares of Trex by 237.6% during the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 53,084 shares of the construction company’s stock worth $3,534,000 after acquiring an additional 37,362 shares in the last quarter. Finally, Entropy Technologies LP boosted its position in shares of Trex by 287.1% during the 3rd quarter. Entropy Technologies LP now owns 16,811 shares of the construction company’s stock worth $1,119,000 after acquiring an additional 12,468 shares in the last quarter. 95.96% of the stock is owned by institutional investors.

Trex Stock Up 1.9 %

The business’s 50 day moving average is $70.15 and its 200-day moving average is $68.73. The firm has a market capitalization of $6.61 billion, a P/E ratio of 28.18, a PEG ratio of 2.51 and a beta of 1.51.

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.