Principal Financial Group Inc. grew its holdings in Trex Company Inc (NYSE:TREX) by 2.7% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 246,288 shares of the construction company’s stock after purchasing an additional 6,588 shares during the quarter. Principal Financial Group Inc. owned approximately 0.84% of Trex worth $26,789,000 at the end of the most recent reporting period.
Other large investors have also bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Trex by 33.7% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,986 shares of the construction company’s stock worth $216,000 after purchasing an additional 501 shares during the last quarter. Commerce Bank purchased a new stake in shares of Trex in the 4th quarter valued at $217,000. Wedbush Securities Inc. purchased a new stake in shares of Trex in the 4th quarter valued at $222,000. Sei Investments Co. boosted its holdings in shares of Trex by 90.6% in 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 last quarter. Finally, Invictus RG purchased a new stake in shares of Trex in the 4th quarter valued at $266,000. Institutional investors and hedge funds own 89.03% of the company’s stock.
Get Trex alerts:Trex opened at $125.82 on Monday, according to Marketbeat.com. Trex Company Inc has a 1 year low of $66.50 and a 1 year high of $129.75. The firm has a market capitalization of $3.70 billion, a P/E ratio of 39.82 and a beta of 2.27.
Trex (NYSE:TREX) last posted its earnings results on Monday, May 7th. The construction company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.02. Trex had a net margin of 17.63% and a return on equity of 45.74%. The firm had revenue of $171.20 million during the quarter, compared to analysts’ expectations of $172.18 million. During the same period in the previous year, the business posted $0.48 EPS. The business’s revenue was up 18.2% compared to the same quarter last year. research analysts anticipate that Trex Company Inc will post 4.28 earnings per share for the current year.
Trex declared that its board has authorized a share buyback program on Wednesday, February 21st that authorizes the company to buyback 2,900,000 shares. This buyback authorization authorizes the construction company to purchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.
Several research firms have recently commented on TREX. Stifel Nicolaus reaffirmed a “hold” rating and issued a $55.00 price objective (up from $50.00) on shares of Trex in a report on Thursday, February 22nd. B. Riley upped their price objective on shares of Trex to $63.00 and gave the company a “buy” rating in a report on Tuesday, May 8th. Zacks Investment Research raised shares of Trex from a “hold” rating to a “buy” rating and set a $62.00 price objective on the stock in a report on Tuesday, February 27th. Finally, Sidoti raised shares of Trex from a “neutral” rating to a “buy” rating and set a $63.50 price objective on the stock in a report on Tuesday, May 8th. Four analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $57.17.
In other Trex news, Director Frank H. Merlotti, Jr. sold 1,481 shares of the company’s stock in a transaction on Thursday, May 17th. The shares were sold at an average price of $111.50, for a total transaction of $165,131.50. Following the completion of the transaction, the director now directly owns 11,674 shares in the company, valued at $1,301,651. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Bryan Horix Fairbanks sold 2,472 shares of the company’s stock in a transaction on Wednesday, May 9th. The stock was sold at an average price of $113.94, for a total transaction of $281,659.68. Following the transaction, the chief financial officer now owns 22,183 shares of the company’s stock, valued at $2,527,531.02. The disclosure for this sale can be found here. Over the last quarter, insiders sold 29,130 shares of company stock valued at $3,303,841. Company insiders own 1.17% of the company’s stock.
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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