BlueLinx (NYSE:BXC) Shares Cross Above Two Hundred Day Moving Average – Here’s Why

Shares of BlueLinx Holdings Inc. (NYSE:BXC) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $60.16 and traded as high as $85.85. BlueLinx shares last traded at $82.8920, with a volume of 134,880 shares changing hands.

Analyst Ratings Changes

Several equities research analysts have weighed in on BXC shares. Benchmark upped their price target on BlueLinx from $75.00 to $83.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Wall Street Zen upgraded BlueLinx from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. DA Davidson upped their price objective on BlueLinx from $65.00 to $84.00 and gave the stock a “neutral” rating in a research report 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, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, BlueLinx has a consensus rating of “Hold” and an average price target of $83.50.

BlueLinx Stock Down 1.9%

The firm has a 50 day moving average price of $65.91 and a two-hundred day moving average price of $60.20. The firm has a market capitalization of $643.89 million, a price-to-earnings ratio of -327.67 and a beta of 1.44. The company has a current ratio of 4.01, a quick ratio of 2.59 and a debt-to-equity ratio of 0.95.

BlueLinx (NYSE:BXC) last released its quarterly earnings data on Tuesday, August 4th. The construction company reported $1.15 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.85. The firm had revenue of $814.08 million during the quarter, compared to the consensus estimate of $793.72 million. BlueLinx had a negative net margin of 0.06% and a positive return on equity of 0.13%.

Hedge Funds Weigh In On BlueLinx

Institutional investors have recently bought and sold shares of the stock. Towle & Co. boosted its position in BlueLinx by 113.8% during the fourth quarter. Towle & Co. now owns 167,196 shares of the construction company’s stock worth $10,271,000 after purchasing an additional 89,010 shares during the period. Gendell Jeffrey L increased its stake in shares of BlueLinx by 9.0% in the fourth 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. Walleye Capital LLC acquired a new stake in BlueLinx in the 4th quarter valued at approximately $3,275,000. Charles Schwab Investment Management Inc. increased its stake in BlueLinx by 16.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 304,794 shares of the construction company’s stock valued at $18,723,000 after acquiring an additional 42,904 shares during the period. Finally, Atom Investors LP acquired a new position in shares of BlueLinx in the fourth quarter valued at $2,469,000. 90.83% of the stock is currently 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.