BlueLinx (NYSE:BXC) Stock Passes Above 200 Day Moving Average – Here’s Why

BlueLinx Holdings Inc. (NYSE:BXC)’s share price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $60.35 and traded as high as $64.05. BlueLinx shares last traded at $63.6650, with a volume of 135,791 shares changing hands.

Analyst Upgrades and Downgrades

BXC has been the subject of a number of recent research reports. Wall Street Zen upgraded BlueLinx from a “sell” rating to a “hold” rating in a research note on Saturday, April 25th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of BlueLinx in a report on Wednesday, May 20th. One 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. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $71.50.

BlueLinx Price Performance

The company has a debt-to-equity ratio of 0.96, a current ratio of 3.90 and a quick ratio of 2.51. The firm has a 50-day moving average of $53.99 and a 200-day moving average of $60.29. The stock has a market cap of $469.70 million, a PE ratio of -116.10 and a beta of 1.45.

BlueLinx (NYSE:BXC) last posted its earnings results on Tuesday, May 5th. The construction company reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of ($0.72) by $0.93. BlueLinx had a negative return on equity of 0.30% and a negative net margin of 0.14%.The company had revenue of $731.15 million for the quarter, compared to the consensus estimate of $714.84 million.

Institutional Investors Weigh In On BlueLinx

Large investors have recently added to or reduced their stakes in the stock. Gendell Jeffrey L boosted its holdings in shares of BlueLinx by 9.0% in the 4th quarter. Gendell Jeffrey L now owns 718,993 shares of the construction company’s stock worth $44,168,000 after purchasing an additional 59,657 shares during the period. Dimensional Fund Advisors LP increased its position in shares of 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. raised its holdings in BlueLinx by 2.1% during the 1st quarter. Punch & Associates Investment Management Inc. now owns 321,874 shares of the construction company’s stock valued at $17,439,000 after buying an additional 6,538 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in BlueLinx by 16.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 304,794 shares of the construction company’s stock valued at $18,723,000 after buying an additional 42,904 shares during the period. Finally, Medina Value Partners LLC bought a new stake in BlueLinx in the third quarter worth $21,069,000. 90.83% of the stock is owned by 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.