State of Wisconsin Investment Board Buys New Stake in Trex Company, Inc. (TREX)

State of Wisconsin Investment Board bought a new position in shares of Trex Company, Inc. (NYSE:TREX) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 60,000 shares of the construction company’s stock, valued at approximately $6,526,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank raised its position in 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 acquiring an additional 501 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its position in Trex by 15.1% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 4,741 shares of the construction company’s stock worth $514,000 after acquiring an additional 622 shares during the last quarter. AGF Investments Inc. raised its position in Trex by 4.2% during the fourth quarter. AGF Investments Inc. now owns 15,410 shares of the construction company’s stock worth $1,670,000 after acquiring an additional 624 shares during the last quarter. Profund Advisors LLC raised its position in Trex by 17.5% during the fourth quarter. Profund Advisors LLC now owns 4,652 shares of the construction company’s stock worth $504,000 after acquiring an additional 692 shares during the last quarter. Finally, Wells Fargo & Company MN raised its position in Trex by 2.0% during the first quarter. Wells Fargo & Company MN now owns 35,699 shares of the construction company’s stock worth $3,883,000 after acquiring an additional 703 shares during the last quarter. Institutional investors own 89.27% of the company’s stock.

In related news, Director Frank H. Merlotti, Jr. sold 1,481 shares of the business’s stock in a transaction that occurred on Thursday, May 17th. The shares were sold at an average price of $111.50, for a total value of $165,131.50. Following the completion of the sale, the director now directly owns 11,674 shares in the company, valued at $1,301,651. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider James E. Cline sold 18,021 shares of the business’s stock in a transaction that occurred on Thursday, May 10th. The shares were sold at an average price of $113.66, for a total transaction of $2,048,266.86. Following the completion of the sale, the insider now owns 55,236 shares of the company’s stock, valued at $6,278,123.76. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 39,936 shares of company stock valued at $4,459,548. 0.95% of the stock is owned by insiders.

A number of research firms have recently weighed in on TREX. Sidoti raised shares of Trex from a “neutral” rating to a “buy” rating and set a $127.00 price objective for the company in a research report on Tuesday, May 8th. B. Riley boosted their price objective on shares of Trex to $126.00 and gave the company a “buy” rating in a research report on Tuesday, May 8th. Zacks Investment Research raised shares of Trex from a “hold” rating to a “buy” rating and set a $132.00 price objective for the company in a research report on Thursday, May 10th. Finally, Stifel Nicolaus reissued a “hold” rating and issued a $110.00 price objective (up previously from $100.00) on shares of Trex in a research report on Thursday, February 22nd. Four investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Trex has an average rating of “Buy” and a consensus price target of $108.57.

Trex opened at $117.41 on Friday, Marketbeat Ratings reports. The company has a market capitalization of $3.39 billion, a PE 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’s stock is set to split before the market opens on Wednesday, May 30th. The 2-1 split was announced on Monday, May 7th. The newly created shares will be issued to shareholders after the market closes on Friday, June 15th.

Trex (NYSE:TREX) last posted its quarterly earnings data on Monday, May 7th. The construction company reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.06. The business had revenue of $171.20 million during the quarter, compared to analyst estimates of $172.18 million. Trex had a net margin of 17.63% and a return on equity of 45.74%. The company’s revenue was up 18.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.95 earnings per share. analysts forecast that Trex Company, Inc. will post 4.26 EPS for the current year.

Trex announced that its board has initiated a share repurchase plan on Wednesday, February 21st that authorizes the company to repurchase 2,900,000 shares. This repurchase authorization authorizes the construction company to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Trex Profile

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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Institutional Ownership by Quarter for Trex (NYSE:TREX)

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