BlueLinx (NYSE:BXC) Posts Earnings Results, Misses Expectations By $0.52 EPS

Key Points

• BlueLinx reported earnings of $0.48 per share, missing expectations by $0.52, which has raised concerns among investors.
• Following the earnings report, BlueLinx shares fell by 3.5%, trading at $75.49 with significant trading volume.
• Analyst ratings have shifted, with some firms downgrading BlueLinx from a "buy" to "neutral" or "sell," reflecting cautious sentiment on the stock's performance.

BlueLinx (NYSE:BXC - Get Free Report) released its quarterly earnings results on Tuesday. The construction company reported $0.48 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.00 by ($0.52), Zacks reports. BlueLinx had a net margin of 1.31% and a return on equity of 4.90%.

BlueLinx Stock Down 3.5%

Shares of BlueLinx stock traded down $2.76 during trading hours on Tuesday, hitting $75.49. The company had a trading volume of 144,589 shares, compared to its average volume of 95,836. The company's 50-day moving average is $73.94 and its two-hundred day moving average is $80.44. 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 0.94, a current ratio of 4.16 and a quick ratio of 2.73. The company has a market cap of $605.58 million, a P/E ratio of 16.85 and a beta of 1.90.

Wall Street Analyst Weigh In

BXC has been the subject of several analyst reports. DA Davidson cut 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. Benchmark lowered their price target on shares of BlueLinx from $120.00 to $110.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Wall Street Zen cut shares of BlueLinx from a "hold" rating to a "sell" rating in a report on Friday, July 18th. Finally, Loop Capital lowered their target price on shares of BlueLinx from $120.00 to $115.00 and set a "buy" rating for the company in a report on Monday, April 14th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $110.00.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in BlueLinx by 4.7% in the 1st 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. Royal Bank of Canada raised its position in BlueLinx by 4.3% in the 1st quarter. Royal Bank of Canada now owns 7,870 shares of the construction company's stock valued at $590,000 after purchasing an additional 321 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in BlueLinx by 24.6% in the 1st 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. 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.

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