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

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

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on BXC. DA Davidson decreased their price target on shares of BlueLinx from $119.00 to $80.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Loop Capital dropped their price target on BlueLinx from $120.00 to $115.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Benchmark reduced their price objective on BlueLinx from $120.00 to $110.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Finally, Wall Street Zen raised BlueLinx from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $110.00.

BlueLinx Stock Performance

The business's fifty day moving average price is $68.86 and its 200-day moving average price is $86.70. The stock has a market cap of $578.00 million, a PE ratio of 16.04 and a beta of 1.91. 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 Investors Weigh In On BlueLinx

A number of hedge funds have recently modified their holdings of BXC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of BlueLinx by 2.3% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,643 shares of the construction company's stock worth $474,000 after acquiring an additional 104 shares during the period. Public Employees Retirement System of Ohio increased its position 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 valued at $51,000 after acquiring an additional 127 shares during the last quarter. Sterling Capital Management LLC raised its position in BlueLinx by 4.3% in the 4th quarter. Sterling Capital Management LLC now owns 5,556 shares of the construction company's stock worth $568,000 after purchasing an additional 230 shares during the period. Invesco Ltd. raised its holdings in shares of BlueLinx by 2.8% in the fourth quarter. Invesco Ltd. now owns 10,947 shares of the construction company's stock worth $1,118,000 after buying an additional 295 shares during the period. Finally, Royal Bank of Canada increased its stake in BlueLinx by 4.3% in the 1st quarter. Royal Bank of Canada now owns 7,870 shares of the construction company's stock worth $590,000 after buying an additional 321 shares during the period. Institutional investors own 90.83% of the company's stock.

BlueLinx Company Profile

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.

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