BlueLinx (NYSE:BXC) Trading 10.8% Higher - Here's Why

BlueLinx Holdings Inc. (NYSE:BXC - Get Free Report)'s stock price was up 10.8% on Friday . The company traded as high as $72.28 and last traded at $73.35. Approximately 50,068 shares were traded during trading, a decline of 42% from the average daily volume of 85,728 shares. The stock had previously closed at $66.22.

Analyst Upgrades and Downgrades

BXC has been the topic of a number of recent research reports. Loop Capital dropped their price target on shares of BlueLinx from $120.00 to $115.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Wall Street Zen raised shares of BlueLinx from a "sell" rating to a "hold" rating in a report on Friday, May 30th. DA Davidson dropped their target price on BlueLinx from $119.00 to $80.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Finally, 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. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, BlueLinx currently has a consensus rating of "Moderate Buy" and a consensus price target of $110.00.

BlueLinx Price Performance

The business's 50-day moving average price is $68.81 and its 200 day moving average price is $85.73. The company has a market capitalization of $591.96 million, a P/E ratio of 16.48 and a beta of 1.91. The company has a quick ratio of 2.73, a current ratio of 4.16 and a debt-to-equity ratio of 0.94.

Institutional Trading of BlueLinx

Institutional investors and hedge funds have recently modified their holdings of the business. Nuveen LLC purchased a new position in shares of BlueLinx during the first quarter worth about $59,497,000. River Road Asset Management LLC purchased a new stake in BlueLinx in the fourth quarter valued at approximately $7,541,000. Invenomic Capital Management LP bought a new stake in BlueLinx during the first quarter valued at approximately $3,616,000. Jacobs Levy Equity Management Inc. grew its stake in BlueLinx by 265.2% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 57,474 shares of the construction company's stock worth $4,309,000 after buying an additional 41,737 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake 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 worth $17,923,000 after buying an additional 39,166 shares in the last quarter. Hedge funds and other 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.