BlueLinx (NYSE:BXC) Shares Gap Down – What’s Next?

BlueLinx Holdings Inc. (NYSE:BXC) shares gapped down prior to trading on Wednesday. The stock had previously closed at $72.56, but opened at $64.97. BlueLinx shares last traded at $73.3260, with a volume of 20,935 shares traded.

Analysts Set New Price Targets

A number of research analysts recently weighed in on BXC shares. Citigroup began coverage on BlueLinx in a research report on Thursday, September 24th. They set a “market perform” rating for the company. Citizens Jmp assumed coverage on BlueLinx in a report on Thursday, September 24th. They set a “market perform” rating for the company. Zacks Research initiated coverage on BlueLinx in a report on Monday. They set a “hold” rating for the company. DA Davidson upped their price target on shares of BlueLinx from $65.00 to $84.00 and gave the stock a “neutral” rating in a research note on Thursday, August 6th. 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, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $83.50.

BlueLinx Stock Up 9.8%

The company has a 50 day moving average price of $76.14 and a two-hundred day moving average price of $65.02. 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 has a market cap of $626.37 million, a PE ratio of -313.62 and a beta of 1.47.

BlueLinx (NYSE:BXC) last released its quarterly earnings data on Tuesday, November 3rd. The construction company reported $0.68 EPS for the quarter, beating the consensus estimate of $0.60 by $0.08. BlueLinx had a positive return on equity of 0.13% and a negative net margin of 0.06%. The company had revenue of $812.61 million for the quarter, compared to analysts’ expectations of $814.17 million. Analysts expect that BlueLinx Holdings Inc. will post 0.97 EPS for the current year.

Institutional Investors Weigh In On BlueLinx

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Empowered Funds LLC lifted its holdings in 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 acquiring an additional 32,943 shares during the period. Sei Investments Co. grew 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 valued at $3,229,000 after purchasing an additional 28,571 shares during the period. Bank of New York Mellon Corp bought a new stake in shares of BlueLinx during the 2nd quarter valued at about $1,571,000. Quantinno Capital Management LP increased its position in shares of BlueLinx by 124.7% during the 1st quarter. Quantinno Capital Management LP now owns 34,657 shares of the construction company’s stock valued at $1,878,000 after purchasing an additional 19,236 shares during the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new stake in shares of BlueLinx during the 2nd quarter valued at about $788,000. Hedge funds and other institutional investors own 90.83% of the company’s stock.

About BlueLinx

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.