DA Davidson Reiterates Neutral Rating for BlueLinx (NYSE:BXC)

Key Points

• DA Davidson reiterated a Neutral rating on BlueLinx and kept a $65 price target, implying about 11.84% upside from the prior close.
• BlueLinx shares were up 4.2% and opened at $58.12; the stock has traded between $44.78 and $87.88 over the past year.
• The company recently reported better-than-expected quarterly results, posting $0.21 EPS versus a -$0.72 estimate and revenue of $731.15 million above forecasts.

BlueLinx (NYSE:BXC - Get Free Report)'s stock had its "neutral" rating reissued by DA Davidson in a report released on Wednesday,Benzinga reports. They presently have a $65.00 price target on the construction company's stock. DA Davidson's price target would indicate a potential upside of 11.84% from the stock's previous close.

Several other equities analysts have also weighed in on BXC. Weiss Ratings restated a "sell (d)" rating on shares of BlueLinx in a research note on Wednesday, May 20th. Wall Street Zen upgraded BlueLinx from a "sell" rating to a "hold" rating in a research report on Saturday, April 25th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, BlueLinx has an average rating of "Hold" and an average price target of $70.00.

BlueLinx Stock Up 4.2%

BXC stock opened at $58.12 on Wednesday. The firm has a market cap of $452.17 million, a PE ratio of -107.38 and a beta of 1.41. The company has a debt-to-equity ratio of 0.96, a quick ratio of 2.51 and a current ratio of 3.90. The firm's fifty day moving average is $53.91 and its 200 day moving average is $59.73. BlueLinx has a one year low of $44.78 and a one year high of $87.88.

BlueLinx (NYSE:BXC - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The construction company reported $0.21 earnings per share for the quarter, beating analysts' consensus estimates of ($0.72) by $0.93. BlueLinx had a negative net margin of 0.14% and a negative return on equity of 0.30%. The company had revenue of $731.15 million during the quarter, compared to analysts' expectations of $714.84 million.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of BXC. Royal Bank of Canada increased its stake in BlueLinx by 4.3% during 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 in the last quarter. AQR Capital Management LLC lifted its position in shares of BlueLinx by 24.6% in the first quarter. AQR Capital Management LLC now owns 48,257 shares of the construction company's stock valued at $3,618,000 after acquiring an additional 9,538 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of BlueLinx by 4.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,863 shares of the construction company's stock worth $365,000 after acquiring an additional 220 shares during the last quarter. Creative Planning acquired a new stake in shares of BlueLinx in the second quarter worth approximately $237,000. Finally, Norges Bank purchased a new stake in shares of BlueLinx during the second quarter worth approximately $1,116,000. 90.83% of the stock is owned by hedge funds and other institutional investors.

BlueLinx Company Profile

BlueLinx Corporation is a leading distributor of building products in the United States, serving professional builders, contractors and industrial customers. The company offers a comprehensive portfolio that includes lumber, engineered wood products, plywood, oriented strand board, siding, railing, millwork and specialty construction materials. Through its nationwide network of distribution centers, BlueLinx provides inventory management, delivery and supply-chain solutions designed to help customers streamline operations and reduce carrying costs.

Founded in 2004 as a spin-off from Georgia-Pacific's distribution business, BlueLinx has developed a broad product line that spans both residential and commercial construction markets.

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