BlueLinx (NYSE:BXC) Sees Strong Trading Volume – Here’s Why

BlueLinx Holdings Inc. (NYSE:BXC) saw an uptick in trading volume on Friday . Approximately 80,362 shares were traded during trading, a decline of 38% from the previous session’s volume of 128,803 shares.The stock last traded at $79.2550 and had previously closed at $77.28.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. DA Davidson increased their price objective on BlueLinx from $65.00 to $84.00 and gave the stock a “neutral” rating in a report on Thursday, August 6th. Benchmark boosted their price target on BlueLinx from $75.00 to $83.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Weiss Ratings reissued a “sell (d)” rating on shares of BlueLinx in a research note on Monday, August 17th. Finally, Wall Street Zen upgraded BlueLinx from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, BlueLinx currently has a consensus rating of “Hold” and an average price target of $83.50.

BlueLinx Stock Up 5.3%

The company has a current ratio of 4.01, a quick ratio of 2.59 and a debt-to-equity ratio of 0.95. The firm’s fifty day moving average is $68.81 and its 200-day moving average is $60.25. The stock has a market capitalization of $639.69 million, a P/E ratio of -325.92 and a beta of 1.45.

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, topping analysts’ consensus estimates of $0.30 by $0.85. The firm had revenue of $814.08 million during the quarter, compared to analysts’ expectations of $793.72 million. BlueLinx had a positive return on equity of 0.13% and a negative net margin of 0.06%.

Hedge Funds Weigh In On BlueLinx

A number of large investors have recently modified their holdings of the business. Royal Bank of Canada boosted its stake in shares of BlueLinx by 4.3% during the 1st quarter. Royal Bank of Canada now owns 7,870 shares of the construction company’s stock worth $590,000 after acquiring an additional 321 shares during the period. AQR Capital Management LLC raised its position in shares of BlueLinx by 24.6% in the first quarter. AQR Capital Management LLC now owns 48,257 shares of the construction company’s stock valued at $3,618,000 after purchasing an additional 9,538 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of BlueLinx by 4.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,863 shares of the construction company’s stock worth $365,000 after buying an additional 220 shares during the last quarter. Creative Planning bought a new stake in shares of BlueLinx during the 2nd quarter worth about $237,000. Finally, Norges Bank bought a new stake in shares of BlueLinx during the 2nd quarter worth about $1,116,000. 90.83% of the stock is currently owned by institutional investors and hedge funds.

BlueLinx Company Profile

BlueLinx Corporation is a leading distributor of building products in the United States, serving professional builders, contractors and industrial customers. The company offers a comprehensive portfolio that includes lumber, engineered wood products, plywood, oriented strand board, siding, railing, millwork and specialty construction materials. Through its nationwide network of distribution centers, BlueLinx provides inventory management, delivery and supply-chain solutions designed to help customers streamline operations and reduce carrying costs.

Founded in 2004 as a spin-off from Georgia-Pacific’s distribution business, BlueLinx has developed a broad product line that spans both residential and commercial construction markets.