Municipal Employees Retirement System of Michigan raised its holdings in Trex Company, Inc. (NYSE:TREX) by 5.6% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,750 shares of the construction company’s stock after buying an additional 620 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Trex were worth $1,278,000 at the end of the most recent quarter.
A number of other large investors have also added to or reduced their stakes in TREX. USA Mutuals Advisors Inc. bought a new position in shares of Trex during the fourth quarter worth approximately $104,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Trex by 33.7% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,986 shares of the construction company’s stock worth $216,000 after purchasing an additional 501 shares during the period. Commerce Bank bought a new position in shares of Trex during the fourth quarter worth approximately $217,000. IPG Investment Advisors LLC bought a new position in shares of Trex during the fourth quarter worth approximately $219,000. Finally, Wedbush Securities Inc. bought a new position in shares of Trex during the fourth quarter worth approximately $222,000. Hedge funds and other institutional investors own 89.27% of the company’s stock.
TREX has been the topic of a number of recent research reports. Zacks Investment Research upgraded Trex from a “hold” rating to a “buy” rating and set a $124.00 target price on the stock in a research note on Tuesday, February 27th. B. Riley increased their price target on Trex from $125.00 to $126.00 and gave the stock a “buy” rating in a research report on Thursday, February 22nd. Stifel Nicolaus reissued a “hold” rating and set a $110.00 price target (up previously from $100.00) on shares of Trex in a research report on Thursday, February 22nd. Finally, Sidoti raised Trex from a “neutral” rating to a “buy” rating and set a $127.00 price target on the stock in a research report on Tuesday, May 8th. Four analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $108.57.
Shares of NYSE:TREX opened at $117.41 on Monday. The company has a market cap of $3.46 billion, a P/E ratio of 37.16 and a beta of 2.27. Trex Company, Inc. has a 1 year low of $61.57 and a 1 year high of $125.93.
Trex shares are set to split before the market opens on Wednesday, May 30th. The 2-1 split was announced on Monday, May 7th. The newly minted shares will be payable to shareholders after the closing bell on Friday, June 15th.
Trex (NYSE:TREX) last issued its quarterly earnings results on Monday, May 7th. The construction company reported $1.25 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.19 by $0.06. The business had revenue of $171.20 million for the quarter, compared to the consensus estimate of $172.18 million. Trex had a return on equity of 45.74% and a net margin of 17.63%. The firm’s quarterly revenue was up 18.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.95 earnings per share. analysts forecast that Trex Company, Inc. will post 4.26 EPS for the current fiscal year.
Trex announced that its Board of Directors has authorized a share buyback plan on Wednesday, February 21st that allows the company to repurchase 2,900,000 outstanding shares. This repurchase authorization allows the construction company to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
Trex Company, Inc manufactures and distributes wood/plastic composite products, and related accessories primarily for the residential and commercial decking, and railing applications in the United States. It offers Trex Transcend, Trex Enhance, and Trex Select protective shells for protection against fading, staining, mold, and scratching; and Trex Hideaway, a hidden fastening system for grooved boards.
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