BlueLinx (NYSE:BXC) Trading Up 6.7% - Time to Buy?

BlueLinx Holdings Inc. (NYSE:BXC - Get Free Report)'s share price was up 6.7% during trading on Tuesday . The company traded as high as $78.00 and last traded at $79.36. Approximately 15,287 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 81,999 shares. The stock had previously closed at $74.38.

Wall Street Analyst Weigh In

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

BlueLinx Trading Up 4.1%

The company has a market cap of $675.77 million, a price-to-earnings ratio of 18.81 and a beta of 1.90. The firm has a fifty day moving average price of $69.38 and a 200 day moving average price of $83.62. The company has a debt-to-equity ratio of 0.94, a quick ratio of 2.73 and a current ratio of 4.16.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Nuveen LLC acquired a new position in shares of BlueLinx during the 1st quarter worth approximately $59,497,000. Dimensional Fund Advisors LP grew its stake in BlueLinx by 0.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 579,636 shares of the construction company's stock valued at $59,216,000 after buying an additional 1,889 shares during the last quarter. American Century Companies Inc. grew its stake in BlueLinx by 3.1% in the 1st quarter. American Century Companies Inc. now owns 321,375 shares of the construction company's stock valued at $24,097,000 after buying an additional 9,808 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in BlueLinx by 19.6% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 239,037 shares of the construction company's stock valued at $17,923,000 after acquiring an additional 39,166 shares during the period. Finally, Bridgeway Capital Management LLC lifted its position in BlueLinx by 0.7% during the first quarter. Bridgeway Capital Management LLC now owns 146,879 shares of the construction company's stock worth $11,013,000 after acquiring an additional 968 shares during the last quarter. Institutional investors 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.