BlueLinx (NYSE:BXC) Reaches New 1-Year High - Should You Buy?

Key Points

• BlueLinx shares reached a new 52-week high, trading as high as $90.25 and recently changing hands near $88.09, up 2.3%.
• Analyst views remain mixed: Benchmark raised its target to $83 and maintained a Buy rating, while DA Davidson set an $84 Neutral target. The overall consensus is Hold, with an average price target of $83.50.
• BlueLinx reported quarterly earnings of $1.15 per share, beating the $0.30 consensus estimate, while revenue of $814.08 million also exceeded expectations. Institutional investors own approximately 90.83% of the company.

BlueLinx Holdings Inc. (NYSE:BXC - Get Free Report)'s stock price reached a new 52-week high on Friday . The stock traded as high as $90.25 and last traded at $88.0850, with a volume of 22349 shares changing hands. The stock had previously closed at $85.40.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. DA Davidson upped their price objective on shares of BlueLinx from $65.00 to $84.00 and gave the stock a "neutral" rating in a research report on Thursday. Wall Street Zen upgraded shares of BlueLinx from a "sell" rating to a "hold" rating in a research report on Saturday, April 25th. Benchmark boosted their price target on shares of BlueLinx from $75.00 to $83.00 and gave the stock a "buy" rating in a research note on Thursday. Finally, Weiss Ratings reissued a "sell (d)" rating on shares of BlueLinx in a report on Wednesday, May 20th. One investment 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's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $83.50.

BlueLinx Trading Up 2.3%

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

The company has a market capitalization of $686.80 million, a PE ratio of -349.13 and a beta of 1.44. The stock's fifty day moving average price is $57.18 and its two-hundred day moving average price is $58.92. The company has a quick ratio of 2.51, a current ratio of 4.01 and a debt-to-equity ratio of 0.95.

BlueLinx (NYSE:BXC - Get Free Report) last posted its earnings results on Tuesday, August 4th. The construction company reported $1.15 earnings per share for the quarter, topping analysts' consensus estimates of $0.30 by $0.85. BlueLinx had a positive return on equity of 0.13% and a negative net margin of 0.06%.The firm had revenue of $814.08 million for the quarter, compared to the consensus estimate of $793.72 million.

Institutional Trading of BlueLinx

Hedge funds have recently bought and sold shares of the company. Summit Securities Group LLC purchased a new position in shares of BlueLinx in the fourth quarter worth approximately $31,000. Tower Research Capital LLC TRC boosted its stake in shares of BlueLinx by 114.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 792 shares of the construction company's stock worth $59,000 after acquiring an additional 422 shares during the last quarter. Comerica Bank grew its position in shares of BlueLinx by 5,468.2% during the 3rd quarter. Comerica Bank now owns 1,225 shares of the construction company's stock valued at $90,000 after acquiring an additional 1,203 shares during the period. State of Wyoming grew its position in shares of BlueLinx by 19.5% during the 4th quarter. State of Wyoming now owns 1,456 shares of the construction company's stock valued at $89,000 after acquiring an additional 238 shares during the period. Finally, Inceptionr LLC purchased a new stake in shares of BlueLinx in the 3rd quarter worth $230,000. Hedge funds and other institutional investors own 90.83% of the company's stock.

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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