Fifth Third Bancorp Invests $689,000 in BlueLinx Holdings Inc. $BXC

Fifth Third Bancorp purchased a new position in shares of BlueLinx Holdings Inc. (NYSE:BXC) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 12,718 shares of the construction company’s stock, valued at approximately $689,000. Fifth Third Bancorp owned 0.16% of BlueLinx at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in BXC. Towle & Co. raised its position in BlueLinx by 113.8% in the 4th 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 boosted its position in shares of BlueLinx by 9.0% during the fourth quarter. Gendell Jeffrey L now owns 718,993 shares of the construction company’s stock valued at $44,168,000 after buying an additional 59,657 shares during the period. Walleye Capital LLC bought a new position in shares of BlueLinx during the fourth quarter valued at approximately $3,275,000. Charles Schwab Investment Management Inc. grew its stake in shares of 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 buying an additional 42,904 shares during the last quarter. Finally, Atom Investors LP purchased a new stake in shares of BlueLinx in the fourth quarter worth approximately $2,469,000. 90.83% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on BXC. Wall Street Zen raised BlueLinx from a “sell” rating to a “hold” rating in a research note on Saturday, April 25th. DA Davidson reiterated a “neutral” rating and issued a $65.00 target price on shares of BlueLinx in a research note on Wednesday, July 15th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of BlueLinx in a research note on Wednesday, May 20th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $70.00.

BlueLinx Stock Performance

Shares of NYSE:BXC opened at $58.20 on Tuesday. The firm’s 50 day simple moving average is $55.05 and its 200-day simple moving average is $59.47. The company has a debt-to-equity ratio of 0.96, a quick ratio of 2.51 and a current ratio of 3.90. BlueLinx Holdings Inc. has a one year low of $44.78 and a one year high of $87.88. The firm has a market cap of $452.93 million, a PE ratio of -111.93 and a beta of 1.41.

BlueLinx (NYSE:BXC) last announced its quarterly earnings results on Tuesday, May 5th. The construction company reported $0.21 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $731.15 million during the quarter, compared to analyst estimates of $714.84 million.

BlueLinx 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.