SunTrust Banks Cuts Trex (TREX) Price Target to $58.00

Trex (NYSE:TREX) had its target price trimmed by SunTrust Banks to $58.00 in a research report sent to investors on Tuesday morning, The Fly reports. The brokerage currently has a hold rating on the construction company’s stock. SunTrust Banks also issued estimates for Trex’s Q4 2018 earnings at $0.37 EPS, FY2018 earnings at $2.29 EPS, Q1 2019 earnings at $0.69 EPS, Q2 2019 earnings at $0.82 EPS, Q4 2019 earnings at $0.42 EPS and FY2019 earnings at $2.55 EPS.

Separately, Sidoti lowered Trex from a buy rating to a neutral rating in a report on Friday, August 10th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of Hold and a consensus price target of $36.35.

Shares of NYSE TREX traded down $0.22 during trading hours on Tuesday, reaching $64.94. The stock had a trading volume of 1,546,102 shares, compared to its average volume of 695,487. The firm has a market capitalization of $3.60 billion, a price-to-earnings ratio of 41.10 and a beta of 2.25. Trex has a 52-week low of $50.72 and a 52-week high of $90.74.

Trex (NYSE:TREX) last announced its quarterly earnings results on Monday, October 29th. The construction company reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.05. The firm had revenue of $166.38 million during the quarter, compared to analyst estimates of $173.10 million. Trex had a return on equity of 46.55% and a net margin of 19.16%. Trex’s quarterly revenue was up 18.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.68 earnings per share. Equities research analysts anticipate that Trex will post 2.29 earnings per share for the current year.

In other Trex news, VP Christopher Paul Gerhard sold 2,990 shares of the stock in a transaction dated Wednesday, August 22nd. The stock was sold at an average price of $83.58, for a total transaction of $249,904.20. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Frank H. Merlotti, Jr. sold 3,051 shares of the stock in a transaction dated Thursday, August 16th. The stock was sold at an average price of $77.39, for a total value of $236,116.89. Following the sale, the director now directly owns 24,242 shares in the company, valued at $1,876,088.38. The disclosure for this sale can be found here. 0.95% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Advisory Services Network LLC grew its position in shares of Trex by 100.0% during the 2nd quarter. Advisory Services Network LLC now owns 2,000 shares of the construction company’s stock valued at $133,000 after acquiring an additional 1,000 shares during the period. CIBC World Markets Inc. acquired a new stake in shares of Trex during the 1st quarter valued at about $229,000. Sei Investments Co. grew its position in shares of Trex by 90.6% during the 1st quarter. Sei Investments Co. now owns 2,390 shares of the construction company’s stock valued at $260,000 after acquiring an additional 1,136 shares during the period. First Citizens Bank & Trust Co. acquired a new stake in shares of Trex during the 3rd quarter valued at about $204,000. Finally, DAVENPORT & Co LLC acquired a new stake in shares of Trex during the 3rd quarter valued at about $212,000. 89.81% of the stock is currently owned by institutional investors.

About Trex

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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