BlueLinx (NYSE:BXC) Raised to Buy at Wall Street Zen

BlueLinx (NYSE:BXC) was upgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a note issued to investors on Saturday, Wall Street Zen reports.

A number of other research analysts have also issued reports on the stock. DA Davidson raised their price objective on shares of BlueLinx from $65.00 to $84.00 and gave the company a “neutral” rating in a report on Thursday, August 6th. Weiss Ratings reissued a “sell (d)” rating on shares of BlueLinx in a report on Monday, August 17th. Benchmark boosted their target price on shares of BlueLinx from $75.00 to $83.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Citizens Jmp began coverage on shares of BlueLinx in a research report on Thursday, September 24th. They issued a “market perform” rating for the company. Finally, Citigroup initiated coverage on shares of BlueLinx in a research report on Thursday, September 24th. They issued a “market perform” rating for the company. One analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $83.50.

BlueLinx Stock Performance

Shares of BXC stock opened at $76.81 on Friday. The business’s 50-day moving average price is $77.16 and its 200-day moving average price is $64.59. BlueLinx has a 12 month low of $44.78 and a 12 month high of $93.80. The firm has a market capitalization of $603.70 million, a price-to-earnings ratio of -307.21 and a beta of 1.43. 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 results on Tuesday, August 4th. The construction company reported $1.15 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.85. BlueLinx had a positive return on equity of 0.13% and a negative net margin of 0.06%. The company had revenue of $814.08 million for the quarter, compared to analysts’ expectations of $793.72 million.

Institutional Trading of BlueLinx

Several hedge funds have recently bought and sold shares of BXC. WINTON GROUP Ltd acquired a new position in BlueLinx during the second quarter worth $364,000. SummerHaven Investment Management LLC bought a new position in shares of BlueLinx in the third quarter valued at $595,000. Squarepoint Ops LLC lifted its stake in shares of BlueLinx by 8.3% in the second quarter. Squarepoint Ops LLC now owns 9,617 shares of the construction company’s stock valued at $595,000 after buying an additional 734 shares in the last quarter. Fifth Third Bancorp acquired a new position in shares of BlueLinx during the first quarter valued at about $689,000. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of BlueLinx during the second quarter valued at about $788,000. Institutional investors and hedge funds own 90.83% of the company’s stock.

BlueLinx Company Profile

BlueLinx Holdings Inc is a specialty distributor of building products in the United States. The company supplies materials used in residential and commercial construction, repair and remodeling, and industrial applications.

Its product portfolio includes structural products such as lumber, plywood, oriented strand board and engineered wood, as well as specialty products including siding, insulation, roofing materials, gypsum wallboard, millwork and related building components. BlueLinx also provides services such as product sourcing, inventory management, job-site delivery and other supply-chain support.

BlueLinx serves professional contractors, specialty dealers, home improvement retailers, industrial manufacturers and producers of manufactured housing through a nationwide distribution network.