BlueLinx (NYSE:BXC) Upgraded to “Buy” at Wall Street Zen

Wall Street Zen upgraded shares of BlueLinx (NYSE:BXC) from a hold rating to a buy rating in a report released on Sunday morning,Wall Street Zen reports.

Other analysts also recently issued reports about the company. DA Davidson increased their price target on BlueLinx from $65.00 to $84.00 and gave the stock a “neutral” rating in a report on Thursday, August 6th. Weiss Ratings reiterated a “sell (d)” rating on shares of BlueLinx in a research report on Monday, August 17th. Citizens Jmp assumed coverage on BlueLinx in a research note on Thursday, September 24th. They issued a “market perform” rating on the stock. 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. Finally, Citigroup started coverage on BlueLinx in a research note on Thursday, September 24th. They issued a “market perform” rating for the company. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, BlueLinx currently has a consensus rating of “Hold” and a consensus target price of $83.50.

BlueLinx Stock Performance

Shares of BXC opened at $79.44 on Friday. BlueLinx has a 52 week low of $44.78 and a 52 week high of $93.80. The company’s 50 day moving average price is $76.46 and its 200 day moving average price is $65.02. The company has a market capitalization of $624.40 million, a PE ratio of -317.75 and a beta of 1.47. 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 announced its quarterly earnings results on Tuesday, August 4th. The construction company reported $1.15 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 negative net margin of 0.06% and a positive return on equity of 0.13%.

Institutional Investors Weigh In On BlueLinx

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP raised its stake in shares of BlueLinx by 0.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 512,594 shares of the construction company’s stock worth $27,771,000 after buying an additional 2,008 shares in the last quarter. Punch & Associates Investment Management Inc. grew its position in shares of BlueLinx by 2.1% in the first quarter. Punch & Associates Investment Management Inc. now owns 321,874 shares of the construction company’s stock valued at $17,439,000 after purchasing an additional 6,538 shares during the period. Empowered Funds LLC raised its stake in BlueLinx by 42.7% during the first quarter. Empowered Funds LLC now owns 110,018 shares of the construction company’s stock worth $5,961,000 after purchasing an additional 32,943 shares during the period. Heartland Advisors Inc. lifted its stake in shares of BlueLinx by 22.8% in the 1st quarter. Heartland Advisors Inc. now owns 92,075 shares of the construction company’s stock valued at $4,989,000 after purchasing an additional 17,075 shares in the last quarter. Finally, Sei Investments Co. increased its holdings in BlueLinx by 92.1% in the 1st quarter. Sei Investments Co. now owns 59,592 shares of the construction company’s stock valued at $3,229,000 after purchasing an additional 28,571 shares in 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 specialty distributor of building products in the United States. The company supplies materials used in residential and commercial construction, repair and remodeling, and industrial applications.

Its product portfolio includes structural products such as lumber, plywood, oriented strand board and engineered wood, as well as specialty products including siding, insulation, roofing materials, gypsum wallboard, millwork and related building components. BlueLinx also provides services such as product sourcing, inventory management, job-site delivery and other supply-chain support.

BlueLinx serves professional contractors, specialty dealers, home improvement retailers, industrial manufacturers and producers of manufactured housing through a nationwide distribution network.