BlueLinx (NYSE:BXC) Issues Earnings Results, Beats Estimates By $0.93 EPS

Key Points

• BlueLinx beat expectations: the company reported EPS of $0.21 versus a consensus of ($0.72), beating by $0.93, and revenue of $731.15 million versus an estimate of $714.84 million, though return on equity was negative (−0.23%) and net margin was only 0.01%.
• Shares fell on the news: BXC traded down $2.49 to $46.17 on elevated volume; the company has a market cap of $363.23 million, a 12‑month range of $44.78–$88.30, and strong liquidity ratios (quick ratio 3.12, current ratio 4.66) with a debt/equity of 0.96.
• High institutional ownership and mixed analyst views: about 90.83% of the stock is institutionally owned with recent buying by RBC, AQR and Norges Bank, while analysts rate the stock an average "Hold" with a $71.50 target and varied buy/hold/sell opinions.

BlueLinx (NYSE:BXC - Get Free Report) posted its quarterly earnings results on Tuesday. The construction company reported $0.21 earnings per share for the quarter, topping the consensus estimate of ($0.72) by $0.93, FiscalAI reports. BlueLinx had a negative return on equity of 0.23% and a net margin of 0.01%.The business had revenue of $731.15 million during the quarter, compared to the consensus estimate of $714.84 million.

BlueLinx Price Performance

NYSE BXC traded down $2.49 during trading on Tuesday, hitting $46.17. 279,994 shares of the stock traded hands, compared to its average volume of 102,475. The company has a quick ratio of 3.12, a current ratio of 4.66 and a debt-to-equity ratio of 0.96. BlueLinx has a 12-month low of $44.78 and a 12-month high of $88.30. The firm has a 50-day simple moving average of $56.32 and a 200-day simple moving average of $63.12. The company has a market capitalization of $363.23 million, a P/E ratio of -4,617,100.00 and a beta of 1.48.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Royal Bank of Canada increased its position in BlueLinx by 4.3% in the first quarter. Royal Bank of Canada now owns 7,870 shares of the construction company's stock worth $590,000 after purchasing an additional 321 shares during the last quarter. AQR Capital Management LLC lifted its position in BlueLinx by 24.6% during the first quarter. AQR Capital Management LLC now owns 48,257 shares of the construction company's stock valued at $3,618,000 after purchasing an additional 9,538 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in BlueLinx by 4.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,863 shares of the construction company's stock valued at $365,000 after purchasing an additional 220 shares during the last quarter. Creative Planning purchased a new position in shares of BlueLinx in the 2nd quarter worth $237,000. Finally, Norges Bank bought a new stake in shares of BlueLinx in the 2nd quarter worth about $1,116,000. 90.83% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

BXC has been the topic of several research analyst reports. Benchmark lowered their target price on shares of BlueLinx from $83.00 to $75.00 and set a "buy" rating on the stock in a report on Friday, February 27th. Wall Street Zen upgraded shares of BlueLinx from a "sell" rating to a "hold" rating in a report on Saturday, April 25th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, BlueLinx presently has an average rating of "Hold" and an average target price of $71.50.

BlueLinx Company Profile

BlueLinx Corporation is a leading distributor of building products in the United States, serving professional builders, contractors and industrial customers. The company offers a comprehensive portfolio that includes lumber, engineered wood products, plywood, oriented strand board, siding, railing, millwork and specialty construction materials. Through its nationwide network of distribution centers, BlueLinx provides inventory management, delivery and supply-chain solutions designed to help customers streamline operations and reduce carrying costs.

Founded in 2004 as a spin-off from Georgia-Pacific's distribution business, BlueLinx has developed a broad product line that spans both residential and commercial construction markets.

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