BlueLinx (NYSE:BXC) Shares Gap Down - Should You Sell?

Key Points

• BlueLinx shares fell 4.3% at the open, dropping from a prior close of $89.63 to $85.61 before last trading at $85.74.
• Analyst sentiment is mixed: ratings include one Buy, one Hold, and one Sell, resulting in a consensus “Hold” rating and an average price target of $83.50—below the latest share price.
• BlueLinx exceeded quarterly expectations, reporting $1.15 in EPS versus a $0.30 estimate and revenue of $814.08 million versus $793.72 million expected. Institutional investors own approximately 90.83% of the company.

BlueLinx Holdings Inc. (NYSE:BXC - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $89.63, but opened at $85.61. BlueLinx shares last traded at $85.74, with a volume of 10,863 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on BXC shares. DA Davidson upped their price objective on shares of BlueLinx from $65.00 to $84.00 and gave the company a "neutral" rating in a report on Thursday, August 6th. Wall Street Zen upgraded BlueLinx from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Benchmark raised their target price on BlueLinx from $75.00 to $83.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Finally, Weiss Ratings restated a "sell (d)" rating on shares of BlueLinx in a research note on Wednesday, May 20th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, BlueLinx has an average rating of "Hold" and an average target price of $83.50.

BlueLinx Stock Down 2.3%

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

The firm has a market capitalization of $664.33 million, a P/E ratio of -338.07 and a beta of 1.45. The company's fifty day simple moving average is $61.75 and its 200 day simple moving average is $59.57. The company has a current ratio of 4.01, a quick ratio of 2.59 and a debt-to-equity ratio of 0.95.

BlueLinx (NYSE:BXC - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The construction company reported $1.15 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $814.08 million for the quarter, compared to analysts' expectations of $793.72 million.

Institutional Trading of BlueLinx

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Sei Investments Co. grew its holdings in shares of BlueLinx by 92.1% in the first quarter. Sei Investments Co. now owns 59,592 shares of the construction company's stock worth $3,229,000 after acquiring an additional 28,571 shares during the period. Quantinno Capital Management LP boosted its position in BlueLinx by 124.7% in the first quarter. Quantinno Capital Management LP now owns 34,657 shares of the construction company's stock worth $1,878,000 after purchasing an additional 19,236 shares during the last quarter. Empowered Funds LLC boosted its position in BlueLinx by 42.7% in the first quarter. Empowered Funds LLC now owns 110,018 shares of the construction company's stock worth $5,961,000 after purchasing an additional 32,943 shares during the last quarter. Heartland Advisors Inc. grew its stake in shares of BlueLinx by 22.8% during the 1st quarter. Heartland Advisors Inc. now owns 92,075 shares of the construction company's stock valued at $4,989,000 after purchasing an additional 17,075 shares during the period. Finally, Concentric Capital Strategies LP increased its position in shares of BlueLinx by 115.0% during the 4th quarter. Concentric Capital Strategies LP now owns 67,696 shares of the construction company's stock valued at $4,159,000 after purchasing an additional 36,212 shares during the last quarter. 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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