Bank of New York Mellon Corp Purchases New Shares in BlueLinx Holdings Inc. $BXC

Bank of New York Mellon Corp acquired a new stake in shares of BlueLinx Holdings Inc. (NYSE:BXC - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 25,394 shares of the construction company's stock, valued at approximately $1,571,000. Bank of New York Mellon Corp owned about 0.33% of BlueLinx as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Empowered Funds LLC lifted its holdings in shares of BlueLinx by 42.7% in the 1st quarter. Empowered Funds LLC now owns 110,018 shares of the construction company's stock valued at $5,961,000 after acquiring an additional 32,943 shares during the last quarter. Sei Investments Co. grew its position in BlueLinx by 92.1% in the first quarter. Sei Investments Co. now owns 59,592 shares of the construction company's stock worth $3,229,000 after acquiring an additional 28,571 shares in the last quarter. Quantinno Capital Management LP increased its stake in BlueLinx by 124.7% during the first quarter. Quantinno Capital Management LP now owns 34,657 shares of the construction company's stock worth $1,878,000 after acquiring an additional 19,236 shares during the last quarter. Concentric Capital Strategies LP increased its stake in BlueLinx by 115.0% during the fourth quarter. Concentric Capital Strategies LP now owns 67,696 shares of the construction company's stock worth $4,159,000 after acquiring an additional 36,212 shares during the last quarter. Finally, Heartland Advisors Inc. raised its position in BlueLinx by 22.8% during the first quarter. Heartland Advisors Inc. now owns 92,075 shares of the construction company's stock valued at $4,989,000 after purchasing an additional 17,075 shares during the period. 90.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on BXC. Weiss Ratings reiterated a "sell (d)" rating on shares of BlueLinx in a report on Monday, August 17th. Wall Street Zen upgraded BlueLinx from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. DA Davidson raised their price target on BlueLinx from $65.00 to $84.00 and gave the stock a "neutral" rating in a research report on Thursday, August 6th. Finally, Benchmark lifted their price objective on shares of BlueLinx from $75.00 to $83.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, BlueLinx presently has an average rating of "Hold" and an average price target of $83.50.

• Blackstone NYSE: BX Stock a Buy After an Impressive Q3

BlueLinx Price Performance

Shares of BXC stock opened at $79.63 on Thursday. The company has a market capitalization of $625.86 million, a P/E ratio of -318.49 and a beta of 1.45. The company's 50-day simple moving average is $70.29 and its two-hundred day simple moving average is $60.44. BlueLinx Holdings Inc. has a one year low of $44.78 and a one year high of $93.80. The company has a debt-to-equity ratio of 0.95, a current ratio of 4.01 and a quick ratio of 2.59.

BlueLinx (NYSE:BXC - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The construction company reported $1.15 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.85. The firm had revenue of $814.08 million during the quarter, compared to the consensus estimate of $793.72 million. BlueLinx had a negative net margin of 0.06% and a positive return on equity of 0.13%.

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.

Want to see what other hedge funds are holding BXC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for BlueLinx Holdings Inc. (NYSE:BXC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.