Zacks Research Begins Coverage on BlueLinx (NYSE:BXC)

Key Points

• Zacks Research initiated coverage of BlueLinx with a “hold” rating. Across analysts, the stock has an average “hold” rating and an average price target of $83.50.
• Recent analyst views are mixed: Wall Street Zen upgraded BlueLinx to “buy,” while Benchmark raised its target to $83 and rated it “buy”; other firms gave market-perform or neutral ratings.
• BlueLinx reported quarterly EPS of $0.68, beating the $0.60 consensus estimate, while revenue of $812.61 million fell slightly short of forecasts.

Research analysts at Zacks Research initiated coverage on shares of BlueLinx (NYSE:BXC - Get Free Report) in a report released on Monday, Zacks reports. The brokerage set a "hold" rating on the construction company's stock.

A number of other brokerages have also recently commented on BXC. Wall Street Zen upgraded BlueLinx from a "hold" rating to a "buy" rating in a research note on Sunday. Citizens Jmp assumed coverage on BlueLinx in a report on Thursday, September 24th. They set a "market perform" rating on the stock. Benchmark boosted their price target on BlueLinx from $75.00 to $83.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Citigroup assumed coverage on BlueLinx in a report on Thursday, September 24th. They issued a "market perform" rating for the company. Finally, DA Davidson increased their price objective on shares of BlueLinx from $65.00 to $84.00 and gave the company a "neutral" rating in a research report on Thursday, August 6th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, BlueLinx currently has an average rating of "Hold" and an average target price of $83.50.

BlueLinx Stock Performance

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

Shares of BXC stock opened at $72.64 on Monday. The company's fifty day simple moving average is $76.14 and its 200-day simple moving average is $65.02. BlueLinx has a 52 week low of $44.78 and a 52 week high of $93.80. 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 company has a market cap of $570.91 million, a PE ratio of -290.53 and a beta of 1.47.

BlueLinx (NYSE:BXC - Get Free Report) last posted its earnings results on Tuesday, November 3rd. The construction company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.08. BlueLinx had a negative net margin of 0.06% and a positive return on equity of 0.13%. The business had revenue of $812.61 million for the quarter, compared to analyst estimates of $814.17 million. As a group, equities research analysts anticipate that BlueLinx will post 0.97 EPS for the current year.

Institutional Investors Weigh In On BlueLinx

A number of institutional investors have recently made changes to their positions in BXC. Dimensional Fund Advisors LP raised its holdings in shares of BlueLinx by 0.4% during the first quarter. Dimensional Fund Advisors LP now owns 512,594 shares of the construction company's stock worth $27,771,000 after purchasing an additional 2,008 shares during the period. Punch & Associates Investment Management Inc. boosted its holdings 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 valued at $17,439,000 after buying an additional 6,538 shares during the period. Empowered Funds LLC boosted its holdings 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 valued at $5,961,000 after buying an additional 32,943 shares during the period. Heartland Advisors Inc. grew its position in shares of BlueLinx by 22.8% during the 1st quarter. Heartland Advisors Inc. now owns 92,075 shares of the construction company's stock valued at $4,989,000 after buying an additional 17,075 shares during the last quarter. Finally, Sei Investments Co. grew its position in shares of BlueLinx by 92.1% during the 1st quarter. Sei Investments Co. now owns 59,592 shares of the construction company's stock valued at $3,229,000 after buying an additional 28,571 shares during the last quarter. 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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