BlueLinx (NYSE:BXC) Shares Up 9.9% – Still a Buy?

BlueLinx Holdings Inc. (NYSE:BXC)’s share price traded up 9.9% on Thursday . The stock traded as high as $68.13 and last traded at $67.94. 53,637 shares were traded during trading, a decline of 27% from the average session volume of 73,510 shares. The stock had previously closed at $61.84.

Wall Street Analyst Weigh In

Several brokerages have recently commented on BXC. Weiss Ratings reissued a “sell (d)” rating on shares of BlueLinx in a report on Monday, December 29th. DA Davidson set a $68.00 price objective on BlueLinx in a research report on Thursday, November 6th. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $88.67.

BlueLinx Stock Performance

The firm has a fifty day moving average of $61.38 and a 200-day moving average of $71.51. The company has a quick ratio of 3.15, a current ratio of 4.60 and a debt-to-equity ratio of 0.96. The firm has a market cap of $567.95 million, a P/E ratio of 42.45 and a beta of 1.58.

BlueLinx (NYSE:BXC) last released its earnings results on Tuesday, November 4th. The construction company reported $0.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.06). The business had revenue of $748.87 million for the quarter, compared to analyst estimates of $757.15 million. BlueLinx had a net margin of 0.48% and a return on equity of 1.41%.

Institutional Trading of BlueLinx

Several institutional investors and hedge funds have recently made changes to their positions in BXC. Versant Capital Management Inc boosted its stake in BlueLinx by 86.2% in the 3rd quarter. Versant Capital Management Inc now owns 350 shares of the construction company’s stock valued at $26,000 after purchasing an additional 162 shares during the period. Exchange Traded Concepts LLC boosted its position in shares of BlueLinx by 5.1% in the third quarter. Exchange Traded Concepts LLC now owns 3,637 shares of the construction company’s stock valued at $266,000 after acquiring an additional 175 shares during the period. SummerHaven Investment Management LLC grew its stake in shares of BlueLinx by 2.3% in the second quarter. SummerHaven Investment Management LLC now owns 8,693 shares of the construction company’s stock valued at $647,000 after acquiring an additional 195 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in BlueLinx by 4.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,863 shares of the construction company’s stock worth $365,000 after acquiring an additional 220 shares during the period. Finally, Royal Bank of Canada raised its stake in BlueLinx by 4.3% in the 1st quarter. Royal Bank of Canada now owns 7,870 shares of the construction company’s stock worth $590,000 after purchasing an additional 321 shares in the last quarter. Institutional investors own 90.83% of the company’s stock.

About BlueLinx

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.