Wall Street Zen Upgrades BlueLinx (NYSE:BXC) to “Buy”

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

Several other equities analysts have also issued reports on BXC. DA Davidson lifted 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. Benchmark upped their target price on BlueLinx from $75.00 to $83.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of BlueLinx in a research report on Wednesday, May 20th. 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 MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $83.50.

BlueLinx Stock Performance

Shares of BlueLinx stock opened at $89.53 on Friday. The company has a current ratio of 4.01, a quick ratio of 2.59 and a debt-to-equity ratio of 0.95. The stock’s fifty day moving average price is $57.93 and its 200-day moving average price is $59.02. The firm has a market cap of $703.75 million, a P/E ratio of -358.13 and a beta of 1.45. BlueLinx has a 12 month low of $44.78 and a 12 month high of $90.87.

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

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of BXC. Summit Securities Group LLC acquired a new stake in BlueLinx in the fourth quarter valued at approximately $31,000. Tower Research Capital LLC TRC increased its position in shares of BlueLinx by 114.1% during the second quarter. Tower Research Capital LLC TRC now owns 792 shares of the construction company’s stock worth $59,000 after purchasing an additional 422 shares in the last quarter. State of Wyoming increased its position in shares of BlueLinx by 19.5% during the fourth quarter. State of Wyoming now owns 1,456 shares of the construction company’s stock worth $89,000 after purchasing an additional 238 shares in the last quarter. Comerica Bank lifted its holdings in shares of BlueLinx by 5,468.2% during the 3rd quarter. Comerica Bank now owns 1,225 shares of the construction company’s stock valued at $90,000 after purchasing an additional 1,203 shares during the last quarter. Finally, Inceptionr LLC purchased a new stake in shares of BlueLinx during the 3rd quarter valued at $230,000. Institutional investors own 90.83% of the company’s stock.

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.