Stock Buyback Plan Approved by Trex (TREX) Board
Trex (NYSE:TREX) announced that its Board of Directors has approved a stock buyback program, which permits the company to buyback 2,900,000 outstanding shares on Wednesday, February 21st, EventVestor reports. This buyback authorization permits the construction company to buy shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
Several brokerages have recently commented on TREX. Zacks Investment Research raised Trex from a “hold” rating to a “buy” rating and set a $125.00 price target on the stock in a research note on Thursday, January 11th. Stifel Nicolaus boosted their price target on Trex from $100.00 to $110.00 and gave the stock a “hold” rating in a research note on Thursday. B. Riley boosted their price target on Trex from $125.00 to $126.00 and gave the stock a “buy” rating in a research note on Thursday. SunTrust Banks reissued a “hold” rating and set a $95.00 price target on shares of Trex in a research note on Wednesday, November 1st. Finally, FBR & Co boosted their price target on Trex from $80.00 to $96.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 31st. Five research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $102.14.
Trex (NYSE:TREX) traded down $5.89 during mid-day trading on Thursday, reaching $105.92. The company had a trading volume of 178,046 shares, compared to its average volume of 246,941. Trex has a 12-month low of $61.57 and a 12-month high of $120.40. The stock has a market cap of $3,287.35, a price-to-earnings ratio of 36.90 and a beta of 2.31.
In related news, Director Jay M. Gratz sold 1,058 shares of the company’s stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $116.95, for a total value of $123,733.10. Following the sale, the director now owns 8,801 shares of the company’s stock, valued at approximately $1,029,276.95. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Jay M. Gratz sold 2,322 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $111.79, for a total value of $259,576.38. Following the completion of the sale, the director now directly owns 7,643 shares in the company, valued at approximately $854,410.97. The disclosure for this sale can be found here. In the last ninety days, insiders sold 4,798 shares of company stock worth $540,778. 0.95% of the stock is owned by corporate insiders.
ILLEGAL ACTIVITY WARNING: This piece of content was first published by Daily Political and is the property of of Daily Political. If you are viewing this piece of content on another site, it was copied illegally and reposted in violation of US and international copyright laws. The legal version of this piece of content can be read at https://www.dailypolitical.com/2018/02/22/stock-buyback-plan-approved-by-trex-trex-board.html.
Trex Company Profile
Trex Company, Inc is a manufacturer of wood-alternative decking and railing products. The Company’s products are marketed under the brand name Trex and are manufactured in the United States. It offers a set of outdoor living products in the decking, railing, porch, fencing, trim, steel deck framing and outdoor lighting categories.
Receive News & Ratings for Trex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Trex and related companies with MarketBeat.com's FREE daily email newsletter.