TREX CO INC TREX
COM · Common Stock · CUSIP 89531P105 · ISIN US89531P1057
American building materials company
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($29.2m this quarter). Holder counts are more reliable. Shares outstanding: 108.6m as of 2023-10-16, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $61.77. Options: 14 managers hold calls ($67.9m notional), 13 hold puts ($33.1m).
Trends to Q3 2023
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 447 |
| Q4 2022 | 456 |
| Q1 2023 | 430 |
| Q2 2023 | 458 |
| Q3 2023 | 483 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2022 | 219 | 206 |
| Q1 2023 | 196 | 218 |
| Q2 2023 | 232 | 198 |
| Q3 2023 | 244 | 220 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q4 2022 | $6.9m | $33.7m | 4.88 |
| Q1 2023 | $21.2m | $15.4m | 0.73 |
| Q2 2023 | $23.3m | $15.1m | 0.65 |
| Q3 2023 | $67.9m | $33.1m | 0.49 |
Biggest buyers
| LORD, ABBETT & CO. LLC | Added | +1.2m |
| Cubist Systematic Strategies, LLC | New | +614.2k |
| MILLENNIUM MANAGEMENT LLC | Added | +584.2k |
| Squarepoint Ops LLC | Added | +525.6k |
| NORGES BANK | Added | +460.4k |
| BlackRock Inc. | Added | +433.3k |
| RENAISSANCE TECHNOLOGIES LLC | New | +409.0k |
| FRED ALGER MANAGEMENT, LLC | Added | +402.9k |
| Invesco Ltd. | Added | +377.4k |
| TWO SIGMA INVESTMENTS, LP | Added | +371.3k |
Biggest sellers
| WASATCH ADVISORS LP | Reduced | -1.1m |
| Point72 Asset Management, L.P. | Reduced | -964.6k |
| MACQUARIE GROUP LTD | Reduced | -928.1k |
| Rathbones Group PLC | Reduced | -521.0k |
| Allspring Global Investments Holdings, LLC | Reduced | -499.3k |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC | Reduced | -486.4k |
| ROYAL LONDON ASSET MANAGEMENT LTD | Sold out | -360.6k |
| Liontrust Investment Partners LLP | Reduced | -277.6k |
| SILVERCREST ASSET MANAGEMENT GROUP LLC | Reduced | -243.3k |
| PRINCIPAL FINANCIAL GROUP INC | Reduced | -238.9k |
Biggest calls
| Twin Tree Management, LP | Added | $22.2m361.0k shares |
| Parallax Volatility Advisers, L.P. | Added | $9.6m155.0k shares |
| Squarepoint Ops LLC | New | $8.6m139.6k shares |
| Point72 Asset Management, L.P. | New | $6.2m100.0k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $5.2m84.1k shares |
| Walleye Capital LLC | Added | $3.5m57.6k shares |
| Walleye Trading LLC | Added | $3.2m51.3k shares |
| CITADEL ADVISORS LLC | Reduced | $2.8m45.9k shares |
| D. E. Shaw & Co., Inc. | New | $2.2m35.0k shares |
| SIMPLEX TRADING, LLC | Added | $2.0m33.2k shares |
Biggest puts
| Twin Tree Management, LP | Added | $9.1m147.9k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $6.7m109.1k shares |
| Parallax Volatility Advisers, L.P. | New | $6.2m100.0k shares |
| Squarepoint Ops LLC | New | $4.6m74.8k shares |
| CITADEL ADVISORS LLC | Reduced | $1.8m28.7k shares |
| Walleye Capital LLC | Added | $1.6m25.2k shares |
| CAPITAL FUND MANAGEMENT S.A. | New | $1.2m19.6k shares |
| Walleye Trading LLC | Added | $604.0k9.8k shares |
| SIMPLEX TRADING, LLC | Added | $511.0k8.3k shares |
| JANE STREET GROUP, LLC | Added | $462.2k7.5k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| BlackRock, Inc. 13G · institution filed 2025-04-24 | 9.8% |
| WELLINGTON MANAGEMENT GROUP LLP 13G · institution -0.9 pts · filed 2026-08-13 | 9.5% |
| MILLENNIUM MANAGEMENT LLC 13G · passive investor new · filed 2026-08-07 | 5.5% |
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-30 | 5.4% |
Fell to 5% or below in the last year: ALLIANCEBERNSTEIN L.P. (0.2%, 2026-09-04), VANGUARD GROUP INC (0.0%, 2026-03-27; now reported by VANGUARD CAPITAL MANAGEMENT LLC), PRICE T ROWE ASSOCIATES INC /MD/ (0.7%, 2025-11-14)
Insider purchases and sales in Q3 2023
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q4 2021 | 0 | — | 6 | $3.1m | — |
| Q1 2022 | 0 | — | 0 | — | — |
| Q2 2022 | 0 | — | 0 | — | — |
| Q3 2022 | 0 | — | 0 | — | — |
| Q4 2022 | 0 | — | 0 | — | — |
| Q1 2023 | 0 | — | 0 | — | — |
| Q2 2023 | 0 | — | 0 | — | — |
| Q3 2023 | 0 | — | 0 | — | — |
None reported in Q3 2023.
Holders, Q3 2023
| Manager | Shares | Change |
|---|---|---|
| BlackRock Inc. 0.02% of their portfolio | 13.8m $848.9m | Added +433.3k |
| VANGUARD GROUP INC 0.02% of their portfolio | 10.2m $625.7m | Reduced -105.8k |
| ALLIANCEBERNSTEIN L.P. 0.13% of their portfolio | 5.0m $310.8m | Added +266.4k |
| Clearbridge Investments, LLC 0.28% of their portfolio | 4.7m $290.7m | Added +43.7k |
| WASATCH ADVISORS LP 1.58% of their portfolio | 4.0m $249.4m | Reduced -1.1m |
| STATE STREET CORP 0.01% of their portfolio | 3.5m $217.5m | Added +46.1k |
| Artisan Partners Limited Partnership 0.36% of their portfolio | 3.4m $212.1m | Added +240.8k |
| BAMCO INC /NY/ 0.49% of their portfolio | 2.7m $168.5m | Reduced -135.0k |
| LORD, ABBETT & CO. LLC 0.29% of their portfolio | 2.5m $152.8m | Added +1.2m |
| MACQUARIE GROUP LTD 0.17% of their portfolio | 2.2m $137.0m | Reduced -928.1k |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC 0.43% of their portfolio | 2.1m $130.6m | Reduced -486.4k |
| Conestoga Capital Advisors, LLC 1.98% of their portfolio | 1.9m $115.4m | Added +62.1k |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 1.6m $100.3m | Added +33.6k |
| Liontrust Investment Partners LLP 1.49% of their portfolio | 1.5m $93.3m | Reduced -277.6k |
| NORGES BANK 0.02% of their portfolio | 1.3m $83.0m | Added +460.4k |
| Balyasny Asset Management L.P. 0.21% of their portfolio | 1.2m $75.4m | Added +154.1k |
| GENEVA CAPITAL MANAGEMENT LLC 1.59% of their portfolio | 1.2m $75.4m | Added +2.2k |
| MORGAN STANLEY 0.01% of their portfolio | 1.2m $74.2m | Added +150.1k |
| AMERICAN CENTURY COMPANIES INC 0.05% of their portfolio | 1.1m $69.8m | Reduced -100.4k |
| Baird Financial Group, Inc. 0.19% of their portfolio | 1.1m $68.0m | Added +39.9k |
| DIMENSIONAL FUND ADVISORS LP 0.02% of their portfolio | 1.1m $65.5m | Reduced -44.2k |
| MILLENNIUM MANAGEMENT LLC 0.07% of their portfolio | 1.1m $65.2m | Added +584.2k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 954.2k $58.8m | Reduced -29.0k |
| Invesco Ltd. 0.02% of their portfolio | 921.8k $56.8m | Added +377.4k |
| Impax Asset Management Group plc 0.25% of their portfolio | 897.4k $55.3m | Reduced -200.6k |
| Stephens Investment Management Group LLC 0.90% of their portfolio | 892.5k $55.0m | Added +64.0k |
| EVENTIDE ASSET MANAGEMENT, LLC 0.98% of their portfolio | 882.5k $54.4m | Added +31 |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 835.3k $51.5m | Added +4.4k |
| Allspring Global Investments Holdings, LLC 0.09% of their portfolio | 834.7k $51.4m | Reduced -499.3k |
| NORTHERN TRUST CORP 0.01% of their portfolio | 833.6k $51.4m | Reduced -20.0k |
| BLAIR WILLIAM & CO/IL 0.20% of their portfolio | 833.0k $51.3m | Added +5.8k |
| CITADEL ADVISORS LLC 0.05% of their portfolio | 784.2k $48.3m | Added +294.7k |
| PRINCIPAL FINANCIAL GROUP INC 0.03% of their portfolio | 752.4k $46.4m | Reduced -238.9k |
| LONDON CO OF VIRGINIA 0.27% of their portfolio | 727.9k $44.9m | Reduced -27.7k |
| Allianz Asset Management GmbH 0.09% of their portfolio | 705.7k $43.5m | Reduced -10.5k |
| FEDERATED HERMES, INC. 0.11% of their portfolio | 645.7k $39.8m | Added +31.5k |
| Capital Research Global Investors 0.01% of their portfolio | 638.6k $39.4m | Unchanged |
| Cubist Systematic Strategies, LLC 0.47% of their portfolio | 614.2k $37.9m | New |
| SEI INVESTMENTS CO 0.06% of their portfolio | 586.3k $36.1m | Reduced -13.2k |
| Handelsbanken Fonder AB 0.20% of their portfolio | 574.2k $35.4m | Added +5.9k |
| FMR LLC 0.00% of their portfolio | 566.0k $34.9m | Added +318.3k |
| Squarepoint Ops LLC 0.16% of their portfolio | 548.0k $33.8m | Added +525.6k |
| D. E. Shaw & Co., Inc. 0.06% of their portfolio | 546.5k $33.7m | Reduced -131.6k |
| AGF MANAGEMENT LTD 0.23% of their portfolio | 515.8k $31.8m | Reduced -33.3k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 496.2k $30.6m | Added +81.3k |
| FRED ALGER MANAGEMENT, LLC 0.16% of their portfolio | 447.2k $27.6m | Added +402.9k |
| DISCIPLINED GROWTH INVESTORS INC /MN 0.62% of their portfolio | 425.6k $26.2m | Reduced -4.5k |
| TWO SIGMA INVESTMENTS, LP 0.07% of their portfolio | 420.9k $25.9m | Added +371.3k |
| Montanaro Asset Management Ltd 4.50% of their portfolio | 415.5k $25.6m | Reduced -137.5k |
| RENAISSANCE TECHNOLOGIES LLC 0.04% of their portfolio | 409.0k $25.2m | New |
| Broad Bay Capital Management, LP 3.71% of their portfolio | 400.0k $24.7m | Reduced -141.0k |
| Point72 Asset Management, L.P. 0.08% of their portfolio | 380.2k $23.4m | Reduced -964.6k |
| RHUMBLINE ADVISERS 0.03% of their portfolio | 357.4k $22.0m | Reduced -3.9k |
| AMERIPRISE FINANCIAL INC 0.01% of their portfolio | 350.9k $21.6m | Reduced -36.9k |
| Pembroke Management, LTD 2.90% of their portfolio | 345.2k $21.3m | Reduced -31.9k |
| Cerity Partners LLC 0.10% of their portfolio | 344.1k $21.2m | Reduced -3.1k |
| Aperture Investors, LLC 3.30% of their portfolio | 336.9k $20.8m | Reduced -143.2k |
| Amundi 0.01% of their portfolio | 316.7k $18.1m | Added +5.1k |
| ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio | 314.6k $19.4m | Added +78.6k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.09% of their portfolio | 311.8k $19.2m | New |
| DEUTSCHE BANK AG\ 0.01% of their portfolio | 308.5k $19.0m | Reduced -8.2k |
| Erste Asset Management GmbH 0.33% of their portfolio | 306.6k $19.3m | Reduced -17.9k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.03% of their portfolio | 304.5k $18.8m | Added +29.5k |
| Nuveen Asset Management, LLC 0.01% of their portfolio | 294.7k $18.2m | Reduced -7.2k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 281.8k $17.4m | Reduced -304 |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 281.7k $17.4m | Added +35.9k |
| Epoch Investment Partners, Inc. 0.11% of their portfolio | 267.9k $16.5m | Reduced -48.7k |
| MARSHALL WACE, LLP 0.04% of their portfolio | 267.3k $16.5m | Added +204.5k |
| TD Asset Management Inc 0.02% of their portfolio | 259.6k $16.0m | Reduced -47.1k |
| CREDIT SUISSE AG/ 0.02% of their portfolio | 254.9k $15.7m | Reduced -30.8k |
| Man Group plc 0.05% of their portfolio | 251.3k $15.5m | New |
| FRONTIER CAPITAL MANAGEMENT CO LLC 0.16% of their portfolio | 241.4k $14.9m | Reduced -2.4k |
| Swiss National Bank 0.01% of their portfolio | 239.2k $14.7m | Added +2.4k |
| STIFEL FINANCIAL CORP 0.02% of their portfolio | 236.8k $14.6m | Added +10.2k |
| WCM INVESTMENT MANAGEMENT, LLC 0.04% of their portfolio | 229.7k $14.1m | Added +4.8k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 228.8k $14.1m | Added +44.5k |
| Summit Creek Advisors LLC 1.80% of their portfolio | 215.3k $13.3m | Reduced -22.1k |
| TWO SIGMA ADVISERS, LP 0.03% of their portfolio | 215.1k $13.3m | Added +59.5k |
| RAYMOND JAMES & ASSOCIATES 0.01% of their portfolio | 211.4k $13.0m | Reduced -51.6k |
| COMERICA BANK 0.07% of their portfolio | 206.9k $12.7m | Added +206.9k |
| VICTORY CAPITAL MANAGEMENT INC 0.01% of their portfolio | 198.6k $12.2m | Added +5.5k |
| Qube Research & Technologies Ltd 0.04% of their portfolio | 197.4k $12.2m | New |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.01% of their portfolio | 197.1k $12.1m | Added +16.5k |
| BNP PARIBAS FINANCIAL MARKETS 0.02% of their portfolio | 174.1k $10.7m | Added +110.8k |
| DAVENPORT & Co LLC 0.08% of their portfolio | 166.9k $10.3m | Reduced -212 |
| Legal & General Group Plc 0.00% of their portfolio | 166.8k $10.3m | Reduced -3.2k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 166.4k $10.3m | Added +11.3k |
| KORNITZER CAPITAL MANAGEMENT INC /KS 0.21% of their portfolio | 162.7k $10.0m | Unchanged |
| California Public Employees Retirement System 0.01% of their portfolio | 161.7k $10.0m | Reduced -3.4k |
| Grantham, Mayo, Van Otterloo & Co. LLC 0.05% of their portfolio | 157.9k $9.7m | Reduced -109.5k |
| KENNEDY CAPITAL MANAGEMENT LLC 0.24% of their portfolio | 157.2k $9.7m | Added +8.8k |
| DekaBank Deutsche Girozentrale 0.02% of their portfolio | 155.9k $9.7m | New |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.01% of their portfolio | 155.0k $9.6m | Reduced -17.4k |
| AMERICAN INTERNATIONAL GROUP, INC. 0.06% of their portfolio | 153.9k $9.5m | Reduced -11.2k |
| Empower Advisory Group, LLC 0.04% of their portfolio | 148.0k $9.1m | Reduced -133 |
| SILVERCREST ASSET MANAGEMENT GROUP LLC 0.07% of their portfolio | 140.5k $8.7m | Reduced -243.3k |
| Park State Asset Management 6.26% of their portfolio | 139.4k $8.6m | Added +1.8k |
| TUDOR INVESTMENT CORP ET AL 0.12% of their portfolio | 138.4k $8.5m | Added +131.8k |
| SVB WEALTH LLC 0.18% of their portfolio | 135.7k $8.4m | Reduced -9.0k |
| Retirement Systems of Alabama 0.04% of their portfolio | 135.6k $8.4m | Reduced -4.7k |