BlueLinx (NYSE:BXC) Sets New 1-Year Low on Analyst Downgrade

BlueLinx Holdings Inc. (NYSE:BXC - Get Free Report)'s share price hit a new 52-week low on Thursday after Benchmark lowered their price target on the stock from $120.00 to $110.00. Benchmark currently has a buy rating on the stock. BlueLinx traded as low as $63.55 and last traded at $65.14, with a volume of 279966 shares changing hands. The stock had previously closed at $72.33.

A number of other equities research analysts have also weighed in on the company. DA Davidson decreased their target price on BlueLinx from $119.00 to $80.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. StockNews.com lowered shares of BlueLinx from a "buy" rating to a "hold" rating in a research note on Thursday, February 20th. Finally, Loop Capital reduced their price target 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 analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, BlueLinx presently has a consensus rating of "Moderate Buy" and a consensus target price of $110.00.

Hedge Funds Weigh In On BlueLinx

Several institutional investors and hedge funds have recently modified their holdings of BXC. CWM LLC raised its stake in shares of BlueLinx by 92.8% during the 1st quarter. CWM LLC now owns 696 shares of the construction company's stock worth $52,000 after buying an additional 335 shares during the period. Hunter Perkins Capital Management LLC raised its position in shares of BlueLinx by 27.5% during the 1st quarter. Hunter Perkins Capital Management LLC now owns 6,660 shares of the construction company's stock worth $499,000 after purchasing an additional 1,435 shares during the last quarter. Exchange Traded Concepts LLC lifted its stake in BlueLinx by 14.9% in the 1st quarter. Exchange Traded Concepts LLC now owns 3,113 shares of the construction company's stock valued at $233,000 after buying an additional 404 shares in the last quarter. SG Americas Securities LLC boosted its holdings in BlueLinx by 63.7% in the 1st quarter. SG Americas Securities LLC now owns 3,992 shares of the construction company's stock worth $299,000 after buying an additional 1,554 shares during the last quarter. Finally, Harbor Capital Advisors Inc. increased its stake in BlueLinx by 3.6% during the 1st quarter. Harbor Capital Advisors Inc. now owns 143,552 shares of the construction company's stock worth $10,764,000 after buying an additional 5,000 shares in the last quarter. Hedge funds and other institutional investors own 90.83% of the company's stock.

BlueLinx Price Performance

The stock has a 50 day moving average price of $74.55 and a 200-day moving average price of $97.44. The company has a debt-to-equity ratio of 0.89, a current ratio of 4.85 and a quick ratio of 3.26. The stock has a market capitalization of $520.71 million, a price-to-earnings ratio of 10.55 and a beta of 1.99.

BlueLinx (NYSE:BXC - Get Free Report) last posted its quarterly earnings results on Tuesday, February 18th. The construction company reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.01). BlueLinx had a net margin of 1.80% and a return on equity of 7.50%. The firm had revenue of $710.64 million during the quarter, compared to analysts' expectations of $700.66 million.

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.