Thu Sep 26 15:00:02 UTC 2024: ## Canada Pension Plan Investment Board Cuts Stake in Trex Company
**New York, NY – September 26, 2024** – The Canada Pension Plan Investment Board has trimmed its holdings in Trex Company, Inc. (NYSE:TREX), a leading manufacturer of composite decking and outdoor living products, by 21.8% during the second quarter, according to the fund’s latest Form 13F filing.
The fund now owns 80,000 shares of Trex, valued at approximately $5.93 million, after selling 22,300 shares during the period. This move follows a trend of mixed investor activity in Trex, with some investors increasing their holdings while others decrease theirs.
Other notable investor activity includes Mather Group LLC. and V Square Quantitative Management LLC, which bought new stakes in Trex during the first and fourth quarters, respectively. Sunbelt Securities Inc. significantly increased its holdings in Trex during the first quarter, while Rise Advisors LLC also raised its position during the same period.
Analysts’ opinions on Trex are also varied. UBS Group lowered its price objective on Trex from $104.00 to $79.00 and set a “neutral” rating for the company. Barclays and JPMorgan Chase & Co. also reduced their price targets, while Truist Financial maintained a “buy” rating with a lowered price target.
Despite the mixed sentiment, Trex’s stock opened at $66.40 on Thursday. The company’s recent earnings report, released on August 6th, showed a beat on earnings per share but a miss on revenue. Analysts currently forecast Trex to post 2.03 EPS for the current year.
Trex’s future performance remains uncertain, with analysts offering a “Hold” consensus rating and a price target of $80.88. Investors will be watching closely to see how Trex navigates the current market conditions and whether it can maintain its growth trajectory.
First Piper 