DA Davidson Lowers BlueLinx (NYSE:BXC) Price Target to $75.00

Key Points

• DA Davidson has lowered its price target for BlueLinx from $80.00 to $75.00, maintaining a "neutral" rating on the stock.
• Several brokerages have issued varying ratings and price targets for BlueLinx, with Loop Capital setting a target of $115.00 and Benchmark lowering it to $83.00.
• The company has authorized a $50 million share buyback plan, indicating that its leadership believes the stock is undervalued.

BlueLinx (NYSE:BXC - Get Free Report) had its target price reduced by analysts at DA Davidson from $80.00 to $75.00 in a research note issued on Monday,Benzinga reports. The firm presently has a "neutral" rating on the construction company's stock. DA Davidson's target price suggests a potential upside of 3.52% from the stock's previous close.

Several other brokerages have also recently issued reports on BXC. 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. Wall Street Zen downgraded BlueLinx from a "hold" rating to a "sell" rating in a report on Friday, July 18th. Finally, Benchmark cut their price target on BlueLinx from $110.00 to $83.00 and set a "buy" rating for the company in a report on Friday.

BlueLinx Stock Performance

Shares of BXC traded up $0.46 during midday trading on Monday, reaching $72.45. 13,666 shares of the stock were exchanged, compared to its average volume of 97,162. The business's 50-day moving average price is $74.49 and its 200 day moving average price is $79.56. The company has a debt-to-equity ratio of 0.96, a current ratio of 4.55 and a quick ratio of 2.94. BlueLinx has a twelve month low of $63.13 and a twelve month high of $134.79. The company has a market capitalization of $571.78 million, a price-to-earnings ratio of 21.50 and a beta of 1.74.

BlueLinx declared that its Board of Directors has approved a share buyback plan on Tuesday, July 29th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the construction company to purchase up to 8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its stock is undervalued.

Hedge Funds Weigh In On BlueLinx

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Allianz Asset Management GmbH acquired a new position in BlueLinx in the second quarter valued at approximately $785,000. Concurrent Investment Advisors LLC acquired a new position in BlueLinx in the second quarter valued at approximately $270,000. SummerHaven Investment Management LLC boosted its stake in BlueLinx by 2.3% in the second quarter. SummerHaven Investment Management LLC now owns 8,693 shares of the construction company's stock valued at $647,000 after acquiring an additional 195 shares during the period. Strs Ohio acquired a new position in BlueLinx in the first quarter valued at approximately $450,000. Finally, Empowered Funds LLC raised its holdings in shares of BlueLinx by 2.0% during the first quarter. Empowered Funds LLC now owns 48,222 shares of the construction company's stock valued at $3,616,000 after buying an additional 968 shares during the last quarter. 90.83% of the stock is currently owned by institutional investors and hedge funds.

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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