Benchmark Cuts BlueLinx (NYSE:BXC) Price Target to $83.00

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 - Get Free Report) had its target price lowered by equities researchers at Benchmark from $110.00 to $83.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the construction company's stock. Benchmark's target price would indicate a potential upside of 17.62% from the stock's previous close.

BXC has been the subject of a number of other research reports. DA Davidson lowered BlueLinx from a "buy" rating to a "neutral" rating and set a $80.00 target price for the company. in a research note on Friday, July 18th. Wall Street Zen lowered BlueLinx from a "hold" rating to a "sell" rating in a research note on Friday, July 18th. Finally, Loop Capital reduced their price objective on BlueLinx from $120.00 to $115.00 and set a "buy" rating for the company in a research note on Monday, April 14th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $103.25.

BlueLinx Stock Performance

NYSE:BXC traded down $2.71 during mid-day trading on Friday, hitting $70.57. 12,823 shares of the company traded hands, compared to its average volume of 96,751. BlueLinx has a one year low of $63.13 and a one year high of $134.79. The company has a quick ratio of 2.73, a current ratio of 4.55 and a debt-to-equity ratio of 0.96. The stock's fifty day moving average price is $74.37 and its 200-day moving average price is $80.17. The firm has a market cap of $566.07 million, a price-to-earnings ratio of 20.95 and a beta of 1.90.

BlueLinx announced that its Board of Directors has authorized a stock repurchase program on Tuesday, July 29th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the construction company to purchase up to 8% of its stock through open market purchases. Stock buyback programs are often an indication that the company's leadership believes its shares are undervalued.

Institutional Investors Weigh In On BlueLinx

Institutional investors and hedge funds have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio increased its position in shares of BlueLinx by 33.7% during the fourth quarter. Public Employees Retirement System of Ohio now owns 504 shares of the construction company's stock valued at $51,000 after acquiring an additional 127 shares during the last quarter. CWM LLC lifted its position in BlueLinx by 92.8% in the 1st quarter. CWM LLC now owns 696 shares of the construction company's stock valued at $52,000 after acquiring an additional 335 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in shares of BlueLinx by 169.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,618 shares of the construction company's stock worth $121,000 after purchasing an additional 1,018 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in shares of BlueLinx by 352.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,469 shares of the construction company's stock valued at $150,000 after purchasing an additional 1,144 shares during the last quarter. Finally, Quantbot Technologies LP bought a new stake in BlueLinx in the first quarter worth about $153,000. Institutional investors and hedge funds own 90.83% of the company's stock.

BlueLinx Company Profile

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.

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