Trex (NYSE:TREX) Given New $78.00 Price Target at Citigroup

Trex (NYSE:TREX) had its price objective lowered by Citigroup from $84.00 to $78.00 in a research report report published on Monday,Benzinga reports. The firm currently has a neutral rating on the construction company’s stock.

Several other brokerages have also weighed in on TREX. Barclays dropped their price objective on shares of Trex from $68.00 to $67.00 and set an “underweight” rating on the stock in a research report on Tuesday, October 29th. Jefferies Financial Group lowered their price target on shares of Trex from $77.00 to $73.00 and set a “hold” rating on the stock in a research report on Wednesday, October 9th. Robert W. Baird raised their price target on shares of Trex from $70.00 to $78.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 29th. BMO Capital Markets raised their price target on shares of Trex from $67.00 to $72.00 and gave the stock a “market perform” rating in a research report on Tuesday, October 29th. Finally, StockNews.com lowered shares of Trex from a “hold” rating to a “sell” rating in a report on Tuesday, October 29th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $79.81.

Trex Trading Down 1.1 %

Shares of TREX opened at $65.92 on Monday. Trex has a 12 month low of $58.68 and a 12 month high of $101.91. The firm has a fifty day simple moving average of $72.59 and a 200 day simple moving average of $70.44. The stock has a market capitalization of $7.06 billion, a price-to-earnings ratio of 30.10, a PEG ratio of 3.50 and a beta of 1.50.

Trex (NYSE:TREX) last announced its quarterly earnings results on Monday, October 28th. The construction company reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.05. The firm had revenue of $233.72 million during the quarter, compared to analysts’ expectations of $225.42 million. Trex had a net margin of 20.23% and a return on equity of 28.89%. The company’s revenue for the quarter was down 23.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.57 earnings per share. As a group, research analysts predict that Trex will post 2.05 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of TREX. Wasatch Advisors LP grew its position in Trex by 33.2% during the third quarter. Wasatch Advisors LP now owns 4,076,408 shares of the construction company’s stock valued at $271,407,000 after acquiring an additional 1,015,516 shares during the last quarter. State Street Corp grew its position in Trex by 1.2% during the third quarter. State Street Corp now owns 3,183,444 shares of the construction company’s stock valued at $211,954,000 after acquiring an additional 37,436 shares during the last quarter. Geode Capital Management LLC grew its position in Trex by 1.9% during the third quarter. Geode Capital Management LLC now owns 1,873,455 shares of the construction company’s stock valued at $124,766,000 after acquiring an additional 35,039 shares during the last quarter. American Century Companies Inc. grew its position in Trex by 7.1% during the second quarter. American Century Companies Inc. now owns 1,843,376 shares of the construction company’s stock valued at $136,631,000 after acquiring an additional 122,658 shares during the last quarter. Finally, Geneva Capital Management LLC boosted its stake in shares of Trex by 0.4% during the third quarter. Geneva Capital Management LLC now owns 1,592,533 shares of the construction company’s stock valued at $106,031,000 after purchasing an additional 6,616 shares during the period. 95.96% of the stock is currently owned by institutional investors.

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.