BlueLinx (NYSE:BXC) Shares Down 5.5% – Here’s Why

BlueLinx Holdings Inc. (NYSE:BXC) shares were down 5.5% during mid-day trading on Tuesday. The stock traded as low as $73.87 and last traded at $74.3950. Approximately 111,480 shares traded hands during trading, a decline of 19% from the average daily volume of 137,053 shares. The stock had previously closed at $78.74.

Analyst Ratings Changes

Several analysts have weighed in on the company. Wall Street Zen upgraded BlueLinx from a “hold” rating to a “buy” rating in a research report on Sunday. DA Davidson raised their target price on shares of BlueLinx from $65.00 to $84.00 and gave the stock a “neutral” rating in a report on Thursday, August 6th. Benchmark lifted their target price on shares of BlueLinx from $75.00 to $83.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Citigroup assumed coverage on shares of BlueLinx in a report on Thursday, September 24th. They set a “market perform” rating for the company. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of BlueLinx in a research report on Monday, August 17th. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, BlueLinx currently has an average rating of “Hold” and a consensus price target of $83.50.

BlueLinx Trading Down 6.5%

The company has a debt-to-equity ratio of 0.95, a current ratio of 4.01 and a quick ratio of 2.59. The stock’s 50 day moving average is $76.34 and its 200-day moving average is $65.04. The company has a market capitalization of $578.48 million, a P/E ratio of -294.32 and a beta of 1.43.

BlueLinx (NYSE:BXC) last posted its quarterly earnings data on Tuesday, August 4th. The construction company reported $1.15 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.85. The business had revenue of $814.08 million for 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%.

Institutional Trading of BlueLinx

A number of hedge funds have recently modified their holdings of BXC. Dimensional Fund Advisors LP grew its position in BlueLinx by 0.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 512,594 shares of the construction company’s stock valued at $27,771,000 after purchasing an additional 2,008 shares during the last quarter. Punch & Associates Investment Management Inc. increased its position in shares of BlueLinx by 2.1% during 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 acquiring an additional 6,538 shares in the last quarter. Empowered Funds LLC increased its position in shares of BlueLinx by 42.7% during the first quarter. Empowered Funds LLC now owns 110,018 shares of the construction company’s stock valued at $5,961,000 after acquiring an additional 32,943 shares in the last quarter. Heartland Advisors Inc. raised its holdings in BlueLinx by 22.8% in the 1st quarter. Heartland Advisors Inc. now owns 92,075 shares of the construction company’s stock worth $4,989,000 after acquiring an additional 17,075 shares during the last quarter. Finally, Sei Investments Co. lifted its position 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 acquiring an additional 28,571 shares in the last quarter. Institutional investors own 90.83% of the company’s stock.

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.