BlueLinx (NYSE:BXC) Stock Price Up 6.2% – Here’s What Happened

Shares of BlueLinx Holdings Inc. (NYSE:BXC) were up 6.2% on Tuesday . The company traded as high as $79.61 and last traded at $80.1650. Approximately 56,304 shares traded hands during trading, a decline of 57% from the average session volume of 130,520 shares. The stock had previously closed at $75.51.

Analyst Ratings Changes

Several equities research analysts have commented on BXC shares. Wall Street Zen upgraded shares of BlueLinx from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Benchmark raised their price objective on shares of BlueLinx from $75.00 to $83.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Weiss Ratings reissued a “sell (d)” rating on shares of BlueLinx in a report on Monday, August 17th. Finally, DA Davidson upped their target price on shares of BlueLinx from $65.00 to $84.00 and gave the stock a “neutral” rating in a research report on Thursday, August 6th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, BlueLinx currently has an average rating of “Hold” and a consensus target price of $83.50.

BlueLinx Stock Performance

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 50 day moving average price is $73.92 and its two-hundred day moving average price is $60.98. The firm has a market capitalization of $632.85 million, a PE ratio of -322.05 and a beta of 1.45.

BlueLinx (NYSE:BXC) last released its earnings results on Tuesday, August 4th. The construction company reported $1.15 earnings per share (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 company had revenue of $814.08 million for the quarter, compared to analyst estimates of $793.72 million.

Institutional Investors Weigh In On BlueLinx

Several hedge funds have recently made changes to their positions in BXC. WINTON GROUP Ltd purchased a new stake in shares of BlueLinx in the second quarter valued at $364,000. Squarepoint Ops LLC boosted its stake in BlueLinx by 8.3% in the 2nd quarter. Squarepoint Ops LLC now owns 9,617 shares of the construction company’s stock worth $595,000 after buying an additional 734 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in BlueLinx in the 2nd quarter valued at about $788,000. Bank of New York Mellon Corp purchased a new stake in BlueLinx in the 2nd quarter valued at about $1,571,000. Finally, Empowered Funds LLC increased its stake in shares of BlueLinx by 42.7% during the 1st quarter. Empowered Funds LLC now owns 110,018 shares of the construction company’s stock valued at $5,961,000 after acquiring an additional 32,943 shares during the last quarter. Institutional investors and hedge funds own 90.83% of the company’s stock.

BlueLinx Company Profile

BlueLinx Holdings Inc is a distributor of building products serving professional contractors, dealers, homebuilders, industrial manufacturers and other customers in the construction industry. The company operates through a network of distribution facilities and supplies products from manufacturers to customers across the United States.

Its product portfolio includes structural products such as lumber, engineered wood and panels, as well as specialty products including siding, trim, roofing, insulation, gypsum and related building materials.