Citigroup Has Lowered Expectations for Trex (NYSE:TREX) Stock Price

Trex (NYSE:TREX) had its price target cut by research analysts at Citigroup from $84.00 to $78.00 in a report released on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the construction company’s stock. Citigroup’s price target would indicate a potential upside of 17.08% from the stock’s previous close.

A number of other brokerages have also issued reports on TREX. Barclays lowered their price target on Trex from $68.00 to $67.00 and set an “underweight” rating on the stock in a research note on Tuesday, October 29th. DA Davidson lifted their target price on shares of Trex from $70.00 to $74.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 29th. Jefferies Financial Group reduced their target price on shares of Trex from $77.00 to $73.00 and set a “hold” rating for the company in a research report on Wednesday, October 9th. Robert W. Baird boosted 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. Finally, BMO Capital Markets upped their price objective on shares of Trex from $67.00 to $72.00 and gave the company a “market perform” rating in a research note on Tuesday, October 29th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $79.81.

Trex Stock Performance

NYSE:TREX opened at $66.62 on Monday. The stock has a market capitalization of $7.14 billion, a PE ratio of 30.42, a P/E/G ratio of 3.50 and a beta of 1.50. Trex has a fifty-two week low of $58.68 and a fifty-two week high of $101.91. The company has a fifty day moving average of $72.59 and a two-hundred day moving average of $70.44.

Trex (NYSE:TREX) last released its earnings results on Monday, October 28th. The construction company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.05. The business 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 quarterly revenue was down 23.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.57 earnings per share. Research analysts forecast that Trex will post 2.05 earnings per share for the current year.

Hedge Funds Weigh In On Trex

Hedge funds have recently modified their holdings of the business. Harrington Investments INC raised its position in Trex by 1.4% in the second quarter. Harrington Investments INC now owns 9,807 shares of the construction company’s stock valued at $727,000 after purchasing an additional 140 shares during the period. First Horizon Advisors Inc. grew its stake in shares of Trex by 8.8% in the third quarter. First Horizon Advisors Inc. now owns 2,282 shares of the construction company’s stock valued at $152,000 after buying an additional 184 shares in the last quarter. American Trust raised its holdings in shares of Trex by 7.9% in the 3rd quarter. American Trust now owns 3,367 shares of the construction company’s stock valued at $224,000 after buying an additional 246 shares during the period. Stephens Inc. AR lifted its stake in Trex by 7.1% during the 3rd quarter. Stephens Inc. AR now owns 5,693 shares of the construction company’s stock worth $379,000 after acquiring an additional 375 shares in the last quarter. Finally, Nicolet Advisory Services LLC boosted its holdings in Trex by 5.2% during the 3rd quarter. Nicolet Advisory Services LLC now owns 7,809 shares of the construction company’s stock valued at $532,000 after acquiring an additional 389 shares during the period. 95.96% of the stock is currently owned by hedge funds and other institutional investors.

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.