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According to one SEC file dated February 4, 2026, Madison Asset Management, LLC, sold the 1,893,081 shares of Trex (NYSE:TREX) during the fourth quarter of 2025. The estimated value of the transaction was $97.82 million, calculated using the average quarterly price. The value of the fund’s Trex position at the end of the quarter decreased by $97.82 million, reflecting both the total selling of the shares and the price movements during the period.
Madison Asset Management sold out completely on Trex.
As of February 5, 2026, Trex shares were trading at $43.02, down 38.6% year over year, underperforming the S&P 500 by 52 percentage points.
|
metric |
value |
|---|---|
|
Revenue (TTM) |
1.18 billion dollars |
|
net income (TTM) |
197.88 million dollars |
|
Market capitalization |
4.72 billion dollars |
|
Price (as of market close on February 5, 2026) |
$43.02 |
Trex:
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Manufactures and distributes composite decking, railing, fencing and exterior products including Trex Transcend, Trex Select, Trex Enhance and related accessories.
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It operates on a product-based business model, generating revenue primarily through wholesale distribution, retail lumber dealers, and direct sales to the commercial and residential markets.
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has major customer segments including residential homeowners, commercial developers, and retail partners such as Home Depot and Lowe’s.
Trex is a leading provider of composite decking and outdoor living solutions, serving the residential and commercial markets in the United States. The company leverages a diversified distribution network and strong retail partnerships to maintain its market presence. With a focus on innovative, low-maintenance products, Trex differentiates itself through brand recognition and a broad portfolio tailored to outdoor construction needs.
Less than a year after opening a position in composite decking leader Trex, Madison Asset Management closed its position in the cyclical company. Tied to the housing market (and largely to consumer confidence), Trex has seen its stock price move up and to the right over the long term, but has seen periods of volatility in shorter time frames. While it’s impossible to know exactly why Madison decided now was the time to sell Trex, they could simply have been hoping for a quick rise that didn’t materialize.
