BlueLinx (NYSE:BXC) Trading Down 7.4% - Time to Sell?

BlueLinx Holdings Inc. (NYSE:BXC - Get Free Report)'s stock price dropped 7.4% on Friday . The company traded as low as $78.49 and last traded at $76.26. Approximately 10,575 shares traded hands during trading, a decline of 87% from the average daily volume of 83,709 shares. The stock had previously closed at $82.37.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Benchmark decreased their price objective on shares of BlueLinx from $120.00 to $110.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Wall Street Zen lowered shares of BlueLinx from a "hold" rating to a "sell" rating in a research note on Friday. DA Davidson lowered shares of BlueLinx from a "buy" rating to a "neutral" rating and set a $80.00 price objective for the company. in a research note on Friday. Finally, Loop Capital decreased their price objective on shares of BlueLinx from $120.00 to $115.00 and set a "buy" rating for the company in a research note on Monday, April 14th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $110.00.

BlueLinx Trading Up 0.3%

The company has a current ratio of 4.16, a quick ratio of 2.73 and a debt-to-equity ratio of 0.94. The company has a market cap of $595.61 million, a PE ratio of 16.58 and a beta of 1.90. The business's 50-day simple moving average is $73.13 and its 200-day simple moving average is $81.30.

Institutional Investors Weigh In On BlueLinx

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. SummerHaven Investment Management LLC raised its holdings in shares of BlueLinx by 2.3% during the 2nd quarter. SummerHaven Investment Management LLC now owns 8,693 shares of the construction company's stock valued at $647,000 after purchasing an additional 195 shares in the last quarter. Strs Ohio bought a new position in shares of BlueLinx during the 1st quarter valued at $450,000. Empowered Funds LLC raised its holdings in shares of BlueLinx by 2.0% during the 1st quarter. Empowered Funds LLC now owns 48,222 shares of the construction company's stock valued at $3,616,000 after purchasing an additional 968 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in BlueLinx by 4.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,863 shares of the construction company's stock valued at $365,000 after buying an additional 220 shares during the last quarter. Finally, Invenomic Capital Management LP acquired a new position in BlueLinx in the 1st quarter valued at $3,616,000. 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.