BlueLinx (NYSE:BXC) Sees Unusually-High Trading Volume – Here’s Why

BlueLinx Holdings Inc. (NYSE:BXC) shares saw an uptick in trading volume on Monday. Approximately 73,787 shares traded hands during mid-day trading, a decline of 45% from the previous session’s volume of 134,569 shares. The stock last traded at $70.5650 and had previously closed at $70.76.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on BXC shares. Citigroup initiated coverage on shares of BlueLinx in a report on Thursday, September 24th. They set a “market perform” rating on the stock. Wall Street Zen downgraded shares of BlueLinx from a “buy” rating to a “hold” rating in a research note on Saturday, September 26th. Weiss Ratings reiterated a “sell (d)” rating on shares of BlueLinx in a research note on Monday, August 17th. DA Davidson increased their price objective on BlueLinx from $65.00 to $84.00 and gave the company a “neutral” rating in a report on Thursday, August 6th. Finally, Citizens Jmp began coverage on shares of BlueLinx in a research note on Thursday, September 24th. They issued a “market perform” rating on the stock. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, BlueLinx currently has an average rating of “Hold” and an average target price of $83.50.

BlueLinx Price Performance

The company has a market cap of $568.58 million, a price-to-earnings ratio of 645.27 and a beta of 1.43. The company has a 50-day simple moving average of $79.10 and a 200-day simple moving average of $63.35. The company has a debt-to-equity ratio of 0.95, a quick ratio of 2.59 and a current ratio of 4.01.

BlueLinx (NYSE:BXC) last issued its earnings results on Tuesday, August 4th. The construction company reported $1.15 EPS for the quarter, topping the consensus estimate 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

A number of large investors have recently bought and sold shares of BXC. WINTON GROUP Ltd acquired a new position in shares of BlueLinx in the second quarter valued at approximately $364,000. Squarepoint Ops LLC boosted 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 worth $595,000 after acquiring an additional 734 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new position in BlueLinx during the second quarter worth approximately $788,000. Bank of New York Mellon Corp purchased a new stake in shares of BlueLinx during the 2nd quarter valued at $1,571,000. Finally, Empowered Funds LLC raised its position in shares of BlueLinx by 42.7% in the 1st quarter. Empowered Funds LLC now owns 110,018 shares of the construction company’s stock worth $5,961,000 after buying an additional 32,943 shares during the period. Institutional investors and hedge funds own 90.83% of the company’s stock.

About BlueLinx

BlueLinx Corporation is a wholesale distributor of building products in the United States. The company supplies materials used in residential and commercial construction, remodeling, and industrial applications to customers such as lumberyards, building-material dealers, home improvement retailers, and manufactured housing producers.

Its product portfolio includes structural products such as lumber, plywood, oriented strand board, engineered wood, and other panels. BlueLinx also distributes specialty products, including siding, trim, roofing materials, insulation, gypsum products, and related building components.