Trex Company (TREX) Stock Rallied on Solid Results

Conestoga Capital Advisors, an asset management company, released its “SMid Cap Growth Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. The Conestoga SMid Cap Growth Composite rose 8.52% net of fees in the second quarter, compared to the Russell 2500 Growth Index’s 6.41% return. A mix of both sector allocation and stock selection contributed positively to the relative return of the fund in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Conestoga Smid Strategy highlighted stocks like Trex Company, Inc. (NYSE:TREX) in the second quarter 2023 investor letter. Headquartered in Winchester, Virginia, Trex Company, Inc. (NYSE:TREX) is a decking, railing, and outdoor living products and accessories manufacturer. On August 9, 2023, Trex Company, Inc. (NYSE:TREX) stock closed at $73.98 per share. One-month return of Trex Company, Inc. (NYSE:TREX) was 4.92%, and its shares gained 29.38% of their value over the last 52 weeks. Trex Company, Inc. (NYSE:TREX) has a market capitalization of $8.049 billion.

Conestoga Smid Strategy made the following comment about Trex Company, Inc. (NYSE:TREX) in its second quarter 2023 investor letter:

“Trex Company, Inc. (NYSE:TREX): TREX is a market share leader in the manufacturing and distribution of composite decking that is sold in the residential market. TREX reported solid results in 1Q23 with better margins and with guidance for 2Q23 that was higher than street expectations. The stock rallied during the quarter given the solid results, a normalization of inventory in the channel, and the recent introduction of several exciting new products.”

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Trex Company, Inc. (NYSE:TREX) is not on our list of 30 Most Popular Stocks Among Hedge Funds As per our database, 30 hedge fund portfolios held Trex Company, Inc. (NYSE:TREX) at the end of first quarter which was 34 in the previous quarter.

We discussed Trex Company, Inc. (NYSE:TREX) in another article and shared The London Company SMID Cap Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.