Panagora Asset Management Inc. Lowers Stake in Trex Company Inc (NYSE:TREX)

Panagora Asset Management Inc. reduced its position in shares of Trex Company Inc (NYSE:TREX) by 94.8% during the 2nd quarter, HoldingsChannel reports. The fund owned 4,480 shares of the construction company’s stock after selling 82,393 shares during the period. Panagora Asset Management Inc.’s holdings in Trex were worth $321,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of TREX. William Blair Investment Management LLC boosted its stake in shares of Trex by 69.1% during the 1st quarter. William Blair Investment Management LLC now owns 2,864,456 shares of the construction company’s stock worth $176,221,000 after acquiring an additional 1,170,545 shares in the last quarter. State of New Jersey Common Pension Fund D purchased a new stake in shares of Trex during the 2nd quarter worth about $25,812,000. SG Capital Management LLC purchased a new stake in shares of Trex during the 2nd quarter worth about $21,195,000. Handelsbanken Fonder AB boosted its stake in shares of Trex by 151.3% during the 2nd quarter. Handelsbanken Fonder AB now owns 490,000 shares of the construction company’s stock worth $35,133,000 after acquiring an additional 295,000 shares in the last quarter. Finally, Wasatch Advisors Inc. boosted its stake in shares of Trex by 11.0% during the 1st quarter. Wasatch Advisors Inc. now owns 2,108,330 shares of the construction company’s stock worth $129,704,000 after acquiring an additional 208,121 shares in the last quarter. 96.86% of the stock is currently owned by institutional investors and hedge funds.

Several equities research analysts have recently issued reports on TREX shares. William Blair started coverage on shares of Trex in a research note on Thursday, August 22nd. They set an “outperform” rating on the stock. SunTrust Banks increased their target price on shares of Trex to $70.00 and gave the stock a “hold” rating in a research note on Tuesday, July 30th. DA Davidson set a $96.00 target price on shares of Trex and gave the stock a “buy” rating in a research note on Thursday, August 29th. Stephens set a $90.00 target price on shares of Trex and gave the stock a “hold” rating in a research note on Wednesday, July 31st. Finally, Berenberg Bank reissued a “buy” rating and set a $80.00 target price on shares of Trex in a research note on Tuesday, July 30th. Seven research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Trex has an average rating of “Hold” and an average target price of $78.78.

Shares of TREX traded up $0.59 during mid-day trading on Friday, hitting $89.60. 6,300 shares of the company were exchanged, compared to its average volume of 531,801. Trex Company Inc has a 1-year low of $50.88 and a 1-year high of $90.12. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.99 and a current ratio of 3.51. The company has a 50 day moving average of $82.15 and a 200-day moving average of $72.23. The stock has a market cap of $5.12 billion, a price-to-earnings ratio of 38.13, a price-to-earnings-growth ratio of 3.71 and a beta of 1.99.

Trex (NYSE:TREX) last released its quarterly earnings results on Monday, July 29th. The construction company reported $0.64 earnings per share for the quarter, hitting the consensus estimate of $0.64. Trex had a net margin of 17.61% and a return on equity of 35.94%. The firm had revenue of $206.45 million during the quarter, compared to the consensus estimate of $201.70 million. During the same quarter in the prior year, the firm earned $0.73 EPS. The company’s revenue for the quarter was down .1% on a year-over-year basis. Research analysts anticipate that Trex Company Inc will post 2.36 earnings per share for the current fiscal year.

In other Trex news, Director Richard E. Posey sold 3,133 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $79.19, for a total value of $248,102.27. Following the completion of the sale, the director now owns 18,840 shares in the company, valued at approximately $1,491,939.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Jay M. Gratz sold 2,817 shares of the stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $86.67, for a total transaction of $244,149.39. Following the completion of the sale, the director now owns 16,515 shares of the company’s stock, valued at approximately $1,431,355.05. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 66,330 shares of company stock valued at $5,087,092. Insiders own 0.93% of the company’s stock.

Trex Profile

Trex Co, Inc engages in the manufacture of wood-alternative decking and railing. Its products include deck framing and drainage, outdoor lighting, furniture, pergola and outdoor kitchens, fencing, collections, and accessory hardware. It operates through the following segments Trex Residential Products and Trex Commercial Products.

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Institutional Ownership by Quarter for Trex (NYSE:TREX)

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