BlueLinx (NYSE:BXC) Shares Up 6.2% – Here’s What Happened

BlueLinx Holdings Inc. (NYSE:BXC) shares rose 6.2% during trading on Tuesday . The company traded as high as $79.61 and last traded at $80.1650. 56,304 shares traded hands during mid-day trading, a decline of 57% from the average session volume of 130,520 shares. The stock had previously closed at $75.51.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Citigroup started coverage on BlueLinx in a report on Thursday. They set a “market perform” rating on the stock. Benchmark boosted their price objective on BlueLinx from $75.00 to $83.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. DA Davidson increased their target price on BlueLinx from $65.00 to $84.00 and gave the stock a “neutral” rating in a research note on Thursday, August 6th. Weiss Ratings restated a “sell (d)” rating on shares of BlueLinx in a report on Monday, August 17th. Finally, Wall Street Zen raised shares of BlueLinx from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, BlueLinx presently has a consensus rating of “Hold” and an average target price of $83.50.

BlueLinx Stock Performance

The stock has a 50-day moving average of $74.87 and a 200-day moving average of $61.24. The firm has a market cap of $629.11 million, a price-to-earnings ratio of -320.15 and a beta of 1.45. The company has a debt-to-equity ratio of 0.95, a quick ratio of 2.59 and a current ratio of 4.01.

BlueLinx (NYSE:BXC) last released its earnings results on Tuesday, August 4th. The construction company reported $1.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.85. BlueLinx had a positive return on equity of 0.13% and a negative net margin of 0.06%.The business had revenue of $814.08 million for the quarter, compared to the consensus estimate of $793.72 million.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of BXC. Concentric Capital Strategies LP grew its holdings in BlueLinx by 115.0% during the fourth quarter. Concentric Capital Strategies LP now owns 67,696 shares of the construction company’s stock worth $4,159,000 after purchasing an additional 36,212 shares during the period. Empowered Funds LLC lifted its position in shares of BlueLinx by 42.7% in the first quarter. Empowered Funds LLC now owns 110,018 shares of the construction company’s stock valued at $5,961,000 after buying an additional 32,943 shares during the last quarter. Sei Investments Co. boosted its stake in shares of BlueLinx by 92.1% during the 1st quarter. Sei Investments Co. now owns 59,592 shares of the construction company’s stock worth $3,229,000 after acquiring an additional 28,571 shares during the period. Bank of New York Mellon Corp acquired a new position in shares of BlueLinx during the 2nd quarter worth approximately $1,571,000. Finally, River Road Asset Management LLC increased its holdings in shares of BlueLinx by 9.9% during the 4th quarter. River Road Asset Management LLC now owns 240,500 shares of the construction company’s stock worth $14,774,000 after acquiring an additional 21,640 shares during the last quarter. 90.83% of the stock is currently owned by institutional investors and hedge funds.

BlueLinx Company Profile

BlueLinx Holdings Inc is a distributor of building products serving professional contractors, dealers, homebuilders, industrial manufacturers and other customers in the construction industry. The company operates through a network of distribution facilities and supplies products from manufacturers to customers across the United States.

Its product portfolio includes structural products such as lumber, engineered wood and panels, as well as specialty products including siding, trim, roofing, insulation, gypsum and related building materials.