Citizens Jmp Initiates Coverage on BlueLinx (NYSE:BXC)

Analysts at Citizens Jmp began coverage on shares of BlueLinx (NYSE:BXC) in a note issued to investors on Thursday, Briefing.com reports. The brokerage set a “market perform” rating on the construction company’s stock.

Several other brokerages have also recently commented on BXC. Wall Street Zen upgraded shares of BlueLinx from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Weiss Ratings restated a “sell (d)” rating on shares of BlueLinx in a research report on Monday, August 17th. DA Davidson lifted their price objective on BlueLinx from $65.00 to $84.00 and gave the stock a “neutral” rating in a research note on Thursday, August 6th. Benchmark increased their target price on BlueLinx from $75.00 to $83.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Finally, Citigroup assumed coverage on BlueLinx in a report on Thursday. They set a “market perform” rating on the stock. One analyst has rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, BlueLinx currently has a consensus rating of “Hold” and an average price target of $83.50.

BlueLinx Trading Down 3.0%

Shares of BXC opened at $80.04 on Thursday. The firm has a market capitalization of $629.11 million, a PE ratio of -320.15 and a beta of 1.45. BlueLinx has a 12-month low of $44.78 and a 12-month high of $93.80. The company has a quick ratio of 2.59, a current ratio of 4.01 and a debt-to-equity ratio of 0.95. The stock’s fifty day simple moving average is $74.87 and its 200-day simple moving average is $61.24.

BlueLinx (NYSE:BXC) last posted its quarterly earnings results on Tuesday, August 4th. The construction company reported $1.15 earnings per share for the quarter, topping 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 during the quarter, compared to the consensus estimate of $793.72 million.

Institutional Trading of BlueLinx

Hedge funds and other institutional investors have recently made changes to their positions in the business. WINTON GROUP Ltd acquired a new stake in shares of BlueLinx in the 2nd quarter valued at approximately $364,000. Squarepoint Ops LLC raised its position 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 purchasing an additional 734 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in BlueLinx during the second quarter worth approximately $788,000. Bank of New York Mellon Corp bought a new stake in shares of BlueLinx during the second quarter worth approximately $1,571,000. Finally, Empowered Funds LLC lifted its holdings in BlueLinx by 42.7% during the 1st quarter. Empowered Funds LLC now owns 110,018 shares of the construction company’s stock worth $5,961,000 after purchasing an additional 32,943 shares during the last quarter. 90.83% of the stock is currently owned by institutional investors and hedge funds.

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.