BlueLinx (NYSE:BXC) Posts Quarterly Earnings Results, Beats Estimates By $0.85 EPS

BlueLinx (NYSE:BXC) issued its quarterly earnings data on Tuesday. The construction company reported $1.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.85, FiscalAI reports. BlueLinx had a negative return on equity of 0.30% and a negative net margin of 0.14%.The firm had revenue of $814.08 million during the quarter, compared to analysts’ expectations of $793.72 million.

BlueLinx Stock Up 6.1%

BXC stock traded up $3.69 on Tuesday, hitting $64.20. 190,024 shares of the company’s stock were exchanged, compared to its average volume of 123,119. The firm has a 50 day moving average price of $55.86 and a two-hundred day moving average price of $58.99. The company has a debt-to-equity ratio of 0.96, a quick ratio of 2.51 and a current ratio of 3.90. BlueLinx has a 12-month low of $44.78 and a 12-month high of $87.88. The stock has a market cap of $499.49 million, a P/E ratio of -123.47 and a beta of 1.45.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Wall Street Zen raised shares of BlueLinx from a “sell” rating to a “hold” rating in a research report on Saturday, April 25th. DA Davidson reaffirmed a “neutral” rating and issued a $65.00 price objective on shares of BlueLinx in a research report on Wednesday, July 15th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of BlueLinx in a research note on Wednesday, May 20th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $70.00.

Hedge Funds Weigh In On BlueLinx

Several hedge funds and other institutional investors have recently modified their holdings of BXC. Summit Securities Group LLC acquired a new position in BlueLinx during the 4th quarter valued at approximately $31,000. Tower Research Capital LLC TRC lifted its stake in shares of BlueLinx by 114.1% during the second quarter. Tower Research Capital LLC TRC now owns 792 shares of the construction company’s stock worth $59,000 after buying an additional 422 shares during the period. State of Wyoming grew its holdings in shares of BlueLinx by 19.5% during the fourth quarter. State of Wyoming now owns 1,456 shares of the construction company’s stock valued at $89,000 after buying an additional 238 shares during the last quarter. Comerica Bank increased its position in shares of BlueLinx by 5,468.2% in the 3rd quarter. Comerica Bank now owns 1,225 shares of the construction company’s stock valued at $90,000 after acquiring an additional 1,203 shares during the period. Finally, Inceptionr LLC acquired a new position in shares of BlueLinx in the 3rd quarter valued at $230,000. 90.83% of the stock is owned by hedge funds and other institutional investors.

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.