BlueLinx (NYSE:BXC) Reaches New 52-Week Low Following Analyst Downgrade

BlueLinx Holdings Inc. (NYSE:BXC) hit a new 52-week low on Thursday after Loop Capital lowered their price target on the stock from $135.00 to $120.00. Loop Capital currently has a buy rating on the stock. BlueLinx traded as low as $86.21 and last traded at $92.06, with a volume of 198716 shares trading hands. The stock had previously closed at $99.70.

Several other research analysts have also commented on BXC. Benchmark decreased their target price on BlueLinx from $135.00 to $120.00 and set a “buy” rating for the company in a research report on Friday. StockNews.com lowered BlueLinx from a “buy” rating to a “hold” rating in a report on Thursday. Finally, DA Davidson reduced their target price on BlueLinx from $137.00 to $119.00 and set a “buy” rating for the company in a report on Thursday. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $123.50.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio raised its holdings in BlueLinx by 59.1% during the third quarter. Public Employees Retirement System of Ohio now owns 377 shares of the construction company’s stock worth $40,000 after acquiring an additional 140 shares in the last quarter. PNC Financial Services Group Inc. bought a new position in shares of BlueLinx during the fourth quarter worth approximately $61,000. Quest Partners LLC increased its stake in shares of BlueLinx by 43.2% during the third quarter. Quest Partners LLC now owns 1,133 shares of the construction company’s stock worth $119,000 after purchasing an additional 342 shares during the period. Meeder Asset Management Inc. grew its position in BlueLinx by 50.1% during the third quarter. Meeder Asset Management Inc. now owns 1,135 shares of the construction company’s stock worth $120,000 after buying an additional 379 shares in the last quarter. Finally, AlphaQuest LLC grew its position in BlueLinx by 28.4% during the fourth quarter. AlphaQuest LLC now owns 1,455 shares of the construction company’s stock worth $149,000 after buying an additional 322 shares in the last quarter. 90.83% of the stock is owned by institutional investors and hedge funds.

BlueLinx Stock Performance

The stock has a market cap of $683.48 million, a price-to-earnings ratio of 13.42 and a beta of 2.04. The company has a debt-to-equity ratio of 0.89, a quick ratio of 3.26 and a current ratio of 4.85. The stock has a fifty day simple moving average of $104.09 and a two-hundred day simple moving average of $107.39.

BlueLinx (NYSE:BXC) last posted its quarterly earnings data on Tuesday, February 18th. The construction company reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.01). The business had revenue of $710.64 million during the quarter, compared to the consensus estimate of $700.66 million. BlueLinx had a return on equity of 7.50% and a net margin of 1.80%.

About BlueLinx

BlueLinx Holdings Inc, together with its subsidiaries, engages in the distribution of residential and commercial building products in the United States. It distributes specialty products, including engineered wood, siding, millwork, outdoor living, specialty lumber and panels, and industrial products; and structural products, such as lumber, plywood, oriented strand boards, rebars and remesh, as well as other wood products that are used for structural support in construction projects.