Norges Bank Acquires Shares of 1,793,154 Trex Company, Inc. $TREX

Norges Bank purchased a new position in Trex Company, Inc. (NYSE:TREX) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 1,793,154 shares of the construction company’s stock, valued at approximately $62,904,000. Norges Bank owned approximately 1.67% of Trex as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. V Square Quantitative Management LLC bought a new stake in shares of Trex in the 4th quarter worth approximately $27,000. Clearstead Trust LLC bought a new stake in shares of Trex in the 4th quarter worth approximately $33,000. Eurizon Capital SGR S.p.A. bought a new stake in shares of Trex in the 4th quarter worth approximately $47,000. Rothschild Investment LLC bought a new stake in shares of Trex in the 3rd quarter worth approximately $60,000. Finally, Covestor Ltd boosted its position in shares of Trex by 1,365.4% in the 4th quarter. Covestor Ltd now owns 1,905 shares of the construction company’s stock worth $67,000 after purchasing an additional 1,775 shares in the last quarter. 95.96% of the stock is owned by institutional investors.

Trex Trading Down 0.9%

Shares of TREX opened at $39.79 on Friday. The firm has a market cap of $4.13 billion, a PE ratio of 22.23, a P/E/G ratio of 8.03 and a beta of 1.51. The firm has a fifty day simple moving average of $39.37 and a two-hundred day simple moving average of $38.69. Trex Company, Inc. has a 1-year low of $29.77 and a 1-year high of $68.78.

Trex (NYSE:TREX) last announced its earnings results on Thursday, May 7th. The construction company reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.08. The business had revenue of $343.40 million during the quarter, compared to analyst estimates of $339.99 million. Trex had a net margin of 16.25% and a return on equity of 19.66%. The company’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.60 EPS. As a group, research analysts forecast that Trex Company, Inc. will post 1.68 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Citigroup reissued a “neutral” rating and issued a $43.00 price target (down from $46.00) on shares of Trex in a research report on Monday, May 11th. Bank of America dropped their price target on Trex from $43.00 to $42.00 and set an “underperform” rating on the stock in a research report on Monday, April 20th. Benchmark cut Trex from a “buy” rating to a “hold” rating in a research report on Wednesday, February 11th. Zelman & Associates raised Trex from a “neutral” rating to an “outperform” rating and set a $50.00 price target on the stock in a research report on Monday, May 18th. Finally, Wall Street Zen lowered shares of Trex from a “hold” rating to a “sell” rating in a research note on Saturday. Eleven research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $46.42.

Trex Company Profile

Trex Company, Inc is a leading manufacturer of wood-alternative decking and railing systems designed for residential and commercial outdoor living environments. The company’s core offerings feature composite decking products made from a proprietary blend of recycled wood fibers and plastic film, which deliver enhanced durability, resistance to rot and insect damage, and low maintenance compared to traditional wood. Trex also provides matching railing, lighting, fencing and cladding solutions that allow customers to create cohesive, high-performance outdoor spaces.

Trex’s product portfolio is organized into multiple performance tiers, including premium, mid-range and value-oriented lines.