BlueLinx (NYSE:BXC) Given New $83.00 Price Target at Benchmark

Key Points

• Benchmark has reduced its price target for BlueLinx from $110.00 to $83.00, maintaining a "buy" rating, indicating a potential upside of 17.62% from the stock's previous close.
• Multiple analysts have downgraded BlueLinx's rating, with DA Davidson and Wall Street Zen moving from "buy" to "neutral" and "hold" to "sell," respectively.
• BlueLinx's recent stock performance includes a trading price of $70.57, down $2.71, and a market capitalization of $566.07 million, with institutional investors holding approximately 90.83% of the company's shares.

BlueLinx (NYSE:BXC - Free Report) had its target price reduced by Benchmark from $110.00 to $83.00 in a report issued on Friday morning,Benzinga reports. They currently have a buy rating on the construction company's stock.

A number of other brokerages have also recently issued reports on BXC. Loop Capital dropped their target price on BlueLinx from $120.00 to $115.00 and set a "buy" rating for the company in a report on Monday, April 14th. Wall Street Zen lowered shares of BlueLinx from a "hold" rating to a "sell" rating in a report on Friday, July 18th. Finally, DA Davidson downgraded shares of BlueLinx from a "buy" rating to a "neutral" rating and set a $80.00 price target for the company. in a report on Friday, July 18th.

BlueLinx Price Performance

Shares of BlueLinx stock traded up $1.62 during trading on Friday, hitting $73.01. 257,722 shares of the company's stock traded hands, compared to its average volume of 98,615. The company has a market cap of $576.05 million, a PE ratio of 21.66 and a beta of 1.74. The firm's fifty day moving average price is $74.61 and its 200 day moving average price is $79.31. BlueLinx has a twelve month low of $63.13 and a twelve month high of $134.79. The company has a debt-to-equity ratio of 0.96, a current ratio of 4.55 and a quick ratio of 2.94.

BlueLinx declared that its board has initiated a share repurchase plan on Tuesday, July 29th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the construction company to repurchase up to 8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its stock is undervalued.

Institutional Investors Weigh In On BlueLinx

Several institutional investors have recently modified their holdings of BXC. Norges Bank acquired a new stake in shares of BlueLinx in the 4th quarter valued at approximately $1,532,000. Arrowstreet Capital Limited Partnership grew its stake in BlueLinx by 1.7% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 82,845 shares of the construction company's stock valued at $8,463,000 after acquiring an additional 1,391 shares during the period. O Shaughnessy Asset Management LLC raised its position in shares of BlueLinx by 194.4% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 6,148 shares of the construction company's stock worth $628,000 after purchasing an additional 4,060 shares during the period. ExodusPoint Capital Management LP bought a new stake in BlueLinx during the 4th quarter worth approximately $589,000. Finally, Wells Fargo & Company MN raised its holdings in BlueLinx by 25.3% during the 4th quarter. Wells Fargo & Company MN now owns 4,854 shares of the construction company's stock worth $496,000 after buying an additional 980 shares during the period. Institutional investors and hedge funds own 90.83% of the company's stock.

About BlueLinx

BlueLinx Holdings Inc, together with its subsidiaries, engages in the distribution of residential and commercial building products in the United States. It distributes specialty products, including engineered wood, siding, millwork, outdoor living, specialty lumber and panels, and industrial products; and structural products, such as lumber, plywood, oriented strand boards, rebars and remesh, as well as other wood products that are used for structural support in construction projects.