BlueLinx (NYSE:BXC) Stock Dropped to Hold by Wall Street Zen

Key Points

• Wall Street Zen downgraded BlueLinx from “buy” to “hold,” bringing the overall analyst consensus to “Hold” with an average price target of $83.50.
• Analyst views remain mixed: one recommends “Buy,” three recommend “Hold,” and one recommends “Sell,” while price targets from DA Davidson and Benchmark were recently raised.
• BlueLinx reported strong quarterly results, earning $1.15 per share versus the $0.30 consensus estimate and generating $814.08 million in revenue, above expectations.

BlueLinx (NYSE:BXC - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued on Saturday, Wall Street Zen reports.

A number of other research analysts also recently weighed in on the company. DA Davidson upped their target price on BlueLinx from $65.00 to $84.00 and gave the stock a "neutral" rating in a report on Thursday, August 6th. Weiss Ratings restated a "sell (d)" rating on shares of BlueLinx in a research note on Monday, August 17th. Citigroup started coverage on BlueLinx in a research report on Thursday. They set a "market perform" rating on the stock. Citizens Jmp started coverage on BlueLinx in a research note on Thursday. They issued a "market perform" rating on the stock. Finally, Benchmark boosted their target price on shares of BlueLinx from $75.00 to $83.00 and gave the company a "buy" rating in a report on Thursday, August 6th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, BlueLinx currently has an average rating of "Hold" and a consensus target price of $83.50.

BlueLinx Trading Up 3.5%

• Blackstone NYSE: BX Stock a Buy After an Impressive Q3

NYSE:BXC opened at $76.42 on Friday. The company has a 50-day moving average price of $75.44 and a 200-day moving average price of $61.44. The stock has a market cap of $600.64 million, a price-to-earnings ratio of -305.66 and a beta of 1.45. The company has a current ratio of 4.01, a quick ratio of 2.59 and a debt-to-equity ratio of 0.95. BlueLinx has a 12 month low of $44.78 and a 12 month high of $93.80.

BlueLinx (NYSE:BXC - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The construction company reported $1.15 earnings per share (EPS) for the quarter, beating 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 analysts' expectations of $793.72 million.

Institutional Investors Weigh In On BlueLinx

A number of institutional investors have recently modified their holdings of BXC. Squarepoint Ops LLC lifted its stake in 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 period. Dimensional Fund Advisors LP increased its position in BlueLinx by 0.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 512,594 shares of the construction company's stock valued at $27,771,000 after purchasing an additional 2,008 shares during the period. Meros Investment Management LP increased its position in BlueLinx by 4.3% during the 4th quarter. Meros Investment Management LP now owns 82,266 shares of the construction company's stock valued at $5,054,000 after purchasing an additional 3,385 shares during the period. WINTON GROUP Ltd bought a new stake in shares of BlueLinx in the 2nd quarter valued at about $364,000. Finally, Punch & Associates Investment Management Inc. lifted its position in shares of BlueLinx by 2.1% in the 1st quarter. Punch & Associates Investment Management Inc. now owns 321,874 shares of the construction company's stock worth $17,439,000 after purchasing an additional 6,538 shares during the period. 90.83% of the stock is owned by hedge funds and other institutional investors.

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.

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