Bank of America Lowers Trex (NYSE:TREX) Price Target to $79.00

Trex (NYSE:TREX) had its target price dropped by equities research analysts at Bank of America from $85.00 to $79.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the construction company’s stock. Bank of America‘s price objective would suggest a potential upside of 28.00% from the stock’s previous close.

Other research analysts have also issued research reports about the stock. DA Davidson upped their price objective on shares of Trex from $70.00 to $74.00 and gave the company a “neutral” rating in a research note on Tuesday, October 29th. StockNews.com cut Trex from a “hold” rating to a “sell” rating in a research report on Tuesday, October 29th. Barclays dropped their target price on Trex from $68.00 to $67.00 and set an “underweight” rating on the stock in a research report on Tuesday, October 29th. Citigroup dropped their price objective on Trex from $84.00 to $78.00 and set a “neutral” rating on the stock in a report on Monday, January 6th. Finally, Robert W. Baird boosted their target price 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. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $79.44.

Trex Stock Performance

NYSE TREX opened at $61.72 on Tuesday. The firm’s 50 day moving average price is $69.83 and its two-hundred day moving average price is $68.73. The stock has a market cap of $6.61 billion, a price-to-earnings ratio of 28.18, a PEG ratio of 2.51 and a beta of 1.51. Trex has a twelve month low of $58.68 and a twelve month high of $101.91.

Trex (NYSE:TREX) last announced its quarterly earnings data on Monday, February 24th. The construction company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.05. Trex had a return on equity of 28.89% and a net margin of 20.23%. On average, research analysts forecast that Trex will post 2.04 EPS for the current fiscal year.

Hedge Funds Weigh In On Trex

Several large investors have recently made changes to their positions in the business. Blue Trust Inc. increased its position in Trex by 134.6% in the 3rd quarter. Blue Trust Inc. now owns 1,769 shares of the construction company’s stock worth $118,000 after buying an additional 1,015 shares during the period. International Assets Investment Management LLC boosted its position in shares of Trex by 7,363.6% in the third quarter. International Assets Investment Management LLC now owns 2,463 shares of the construction company’s stock valued at $164,000 after acquiring an additional 2,430 shares during the period. Ballentine Partners LLC grew its stake in shares of Trex by 15.5% in the third quarter. Ballentine Partners LLC now owns 3,139 shares of the construction company’s stock worth $209,000 after acquiring an additional 422 shares during the last quarter. State of Alaska Department of Revenue grew its stake in shares of Trex by 7.3% in the third quarter. State of Alaska Department of Revenue now owns 12,636 shares of the construction company’s stock worth $841,000 after acquiring an additional 855 shares during the last quarter. Finally, J.W. Cole Advisors Inc. increased its position in Trex by 69.4% during the third quarter. J.W. Cole Advisors Inc. now owns 5,274 shares of the construction company’s stock worth $351,000 after acquiring an additional 2,161 shares during the period. Institutional investors and hedge funds own 95.96% of the company’s stock.

Trex Company Profile

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.