BlueLinx (NYSE:BXC) Stock Rating Raised to "Buy" at Wall Street Zen

Key Points

• Wall Street Zen upgraded BlueLinx from “hold” to “buy,” but the broader analyst consensus remains “Hold,” with a target price of $83.50.
• BlueLinx opened at $79.44 and has traded between $44.78 and $93.80 over the past year. The company recently reported quarterly EPS of $1.15, beating the $0.30 consensus estimate, while revenue also exceeded expectations.
• Institutional investors own approximately 90.83% of BlueLinx shares, with several funds recently initiating or increasing positions.

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

A number of other equities analysts have also commented on the company. Weiss Ratings reaffirmed a "sell (d)" rating on shares of BlueLinx in a research note on Monday, August 17th. Citizens Jmp initiated coverage on shares of BlueLinx in a research report on Thursday, September 24th. They set a "market perform" rating for the company. DA Davidson raised their price target on shares of BlueLinx from $65.00 to $84.00 and gave the stock a "neutral" rating in a report on Thursday, August 6th. Benchmark boosted their price target on shares of BlueLinx from $75.00 to $83.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Finally, Citigroup assumed coverage on shares of BlueLinx in a research note on Thursday, September 24th. They issued a "market perform" rating on the stock. One 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. According to data from MarketBeat.com, BlueLinx presently has a consensus rating of "Hold" and a consensus target price of $83.50.

BlueLinx Stock Up 1.5%

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

NYSE:BXC opened at $79.44 on Friday. The firm's 50 day simple moving average is $76.46 and its 200 day simple moving average is $65.02. The company has a debt-to-equity ratio of 0.95, a current ratio of 4.01 and a quick ratio of 2.59. BlueLinx has a one year low of $44.78 and a one year high of $93.80. The company has a market cap of $624.40 million, a PE ratio of -317.75 and a beta of 1.43.

BlueLinx (NYSE:BXC - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The construction company reported $1.15 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.85. The company had revenue of $814.08 million for the quarter, compared to analysts' expectations of $793.72 million. BlueLinx had a negative net margin of 0.06% and a positive return on equity of 0.13%.

Hedge Funds Weigh In On BlueLinx

A number of large investors have recently modified their holdings of the company. SummerHaven Investment Management LLC acquired a new stake in shares of BlueLinx in the 3rd quarter worth about $595,000. WINTON GROUP Ltd acquired a new position in BlueLinx during the 2nd quarter valued at about $364,000. Squarepoint Ops LLC boosted its stake in BlueLinx by 8.3% during the 2nd 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 last quarter. Public Employees Retirement System of Ohio bought a new stake in BlueLinx during the 2nd quarter worth approximately $788,000. Finally, Bank of New York Mellon Corp bought a new stake in BlueLinx during the 2nd quarter worth approximately $1,571,000. 90.83% of the stock is currently owned by institutional investors.

About BlueLinx

BlueLinx Holdings Inc is a specialty distributor of building products in the United States. The company supplies materials used in residential and commercial construction, repair and remodeling, and industrial applications.

Its product portfolio includes structural products such as lumber, plywood, oriented strand board and engineered wood, as well as specialty products including siding, insulation, roofing materials, gypsum wallboard, millwork and related building components. BlueLinx also provides services such as product sourcing, inventory management, job-site delivery and other supply-chain support.

BlueLinx serves professional contractors, specialty dealers, home improvement retailers, industrial manufacturers and producers of manufactured housing through a nationwide distribution network.

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