According to an SEC filing dated Feb. 4, 2026, Madison Asset Management, LLC, sold all 1,893,081 shares of Trex (NYSE:TREX) during the fourth quarter of 2025. The estimated transaction value was $97.82 million, calculated using average quarterly pricing. The quarter-end value of the fund’s Trex position decreased by $97.82 million, reflecting both the full share sale and any price movements during the period.
Madison Asset Management fully sold out of Trex.
As of Feb. 5, 2026, Trex shares were priced at $43.02, down 38.6% over the prior year, underperforming the S&P 500 by 52 percentage points.
|
Metric |
Value |
|---|---|
|
Revenue (TTM) |
$1.18 billion |
|
Net income (TTM) |
$197.88 million |
|
Market capitalization |
$4.72 billion |
|
Price (as of market close Feb. 5, 2026) |
$43.02 |
Trex:
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Manufactures and distributes composite decking, railing, fencing, and outdoor living products, including Trex Transcend, Trex Select, Trex Enhance, and related accessories.
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Operates a product-based business model, generating revenue primarily through wholesale distribution, retail lumber dealers, and direct sales to commercial and residential markets.
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has main 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 both residential and commercial markets across 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 its position in composite decking leader Trex, Madison Asset Management closed its position in the cyclical company. Tied to the housing market (and, to a large degree, consumer confidence), Trex has seen its share price go up and to the right over the long term, but has experienced periods of volatility on shorter time frames. While it is impossible to know exactly why Madison decided now was the right now to sell Trex, they simply might’ve been hoping for a quick upswing that didn’t materialize.
