BlueLinx (NYSE:BXC) Sees Strong Trading Volume - Here's What Happened

BlueLinx Holdings Inc. (NYSE:BXC - Get Free Report) shares saw unusually-strong trading volume on Thursday . 94,757 shares were traded during trading, an increase of 16% from the previous session's volume of 81,673 shares.The stock last traded at $73.31 and had previously closed at $74.61.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Loop Capital dropped their price objective on shares of BlueLinx from $120.00 to $115.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Benchmark lowered their target price on shares of BlueLinx from $120.00 to $110.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Wall Street Zen upgraded shares of BlueLinx from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. Finally, DA Davidson decreased their price objective on BlueLinx from $119.00 to $80.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $110.00.

BlueLinx Stock Performance

The company has a quick ratio of 2.73, a current ratio of 4.16 and a debt-to-equity ratio of 0.94. The stock has a fifty day simple moving average of $69.06 and a 200-day simple moving average of $84.82. The company has a market capitalization of $595.44 million, a P/E ratio of 16.57 and a beta of 1.91.

Hedge Funds Weigh In On BlueLinx

Institutional investors have recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio grew its stake in BlueLinx by 33.7% during the fourth quarter. Public Employees Retirement System of Ohio now owns 504 shares of the construction company's stock worth $51,000 after buying an additional 127 shares during the last quarter. PNC Financial Services Group Inc. acquired a new position in shares of BlueLinx in the 4th quarter worth approximately $61,000. CWM LLC grew its position in BlueLinx by 92.8% during the 1st quarter. CWM LLC now owns 696 shares of the construction company's stock worth $52,000 after acquiring an additional 335 shares during the last quarter. AlphaQuest LLC grew its position in BlueLinx by 28.4% during the 4th quarter. AlphaQuest LLC now owns 1,455 shares of the construction company's stock worth $149,000 after acquiring an additional 322 shares during the last quarter. Finally, Tower Research Capital LLC TRC increased its holdings in 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 in the last quarter. 90.83% of the stock is owned by institutional investors.

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.