BlueLinx (NYSE:BXC) Trading Up 9.7% Following Strong Earnings

BlueLinx Holdings Inc. (NYSE:BXC)’s share price was up 9.7% during mid-day trading on Wednesday following a better than expected earnings announcement. The company traded as high as $71.63 and last traded at $70.73. Approximately 50,262 shares changed hands during trading, a decline of 59% from the average session volume of 122,506 shares. The stock had previously closed at $64.46.

The construction company reported $1.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.85. The business had revenue of $814.08 million for the quarter, compared to the consensus estimate of $793.72 million. BlueLinx had a negative return on equity of 0.30% and a negative net margin of 0.14%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on BXC shares. Weiss Ratings restated a “sell (d)” rating on shares of BlueLinx in a research note on Wednesday, May 20th. DA Davidson reissued a “neutral” rating and issued a $65.00 price target on shares of BlueLinx in a report on Wednesday, July 15th. Finally, Wall Street Zen upgraded shares of BlueLinx from a “sell” rating to a “hold” rating in a research note on Saturday, April 25th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, BlueLinx has a consensus rating of “Hold” and a consensus price target of $70.00.

Institutional Investors Weigh In On BlueLinx

A number of hedge funds have recently made changes to their positions in BXC. Summit Securities Group LLC bought a new stake in BlueLinx during the fourth quarter worth about $31,000. Tower Research Capital LLC TRC raised its stake in shares of BlueLinx by 114.1% in the second quarter. Tower Research Capital LLC TRC now owns 792 shares of the construction company’s stock valued at $59,000 after acquiring an additional 422 shares during the last quarter. Comerica Bank boosted its holdings 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 worth $90,000 after acquiring an additional 1,203 shares in the last quarter. State of Wyoming boosted its holdings in shares of BlueLinx by 19.5% in the 4th quarter. State of Wyoming now owns 1,456 shares of the construction company’s stock worth $89,000 after acquiring an additional 238 shares in the last quarter. Finally, Inceptionr LLC bought a new stake in BlueLinx during the 3rd quarter worth approximately $230,000. Institutional investors and hedge funds own 90.83% of the company’s stock.

BlueLinx Price Performance

The stock has a fifty day moving average of $56.12 and a two-hundred day moving average of $58.90. The company has a current ratio of 3.90, a quick ratio of 2.51 and a debt-to-equity ratio of 0.96. The stock has a market capitalization of $550.28 million, a price-to-earnings ratio of -136.02 and a beta of 1.44.

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.