BlueLinx Holdings Inc. $BXC Shares Acquired by American Century Companies Inc.

Key Points

• American Century Companies Inc. increased its stake in BlueLinx Holdings Inc. by 3.1% during the first quarter, owning 321,375 shares valued at approximately $24 million.
• BlueLinx has recently received mixed analyst ratings, with a price target reduction from Benchmark to $83 and a new "neutral" rating from DA Davidson.
• In a sign of confidence, BlueLinx approved a stock buyback program of $50 million, allowing the purchase of up to 8% of its shares on the open market.

American Century Companies Inc. raised its position in BlueLinx Holdings Inc. (NYSE:BXC - Free Report) by 3.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 321,375 shares of the construction company's stock after purchasing an additional 9,808 shares during the quarter. American Century Companies Inc. owned about 4.01% of BlueLinx worth $24,097,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Public Employees Retirement System of Ohio boosted its holdings in BlueLinx by 33.7% in the 4th quarter. Public Employees Retirement System of Ohio now owns 504 shares of the construction company's stock valued at $51,000 after purchasing an additional 127 shares during the last quarter. CWM LLC boosted its holdings in BlueLinx by 92.8% in the 1st quarter. CWM LLC now owns 696 shares of the construction company's stock valued at $52,000 after purchasing an additional 335 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings in BlueLinx by 352.0% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,469 shares of the construction company's stock valued at $150,000 after purchasing an additional 1,144 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in BlueLinx by 169.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,618 shares of the construction company's stock valued at $121,000 after purchasing an additional 1,018 shares during the last quarter. Finally, Mariner LLC acquired a new position in BlueLinx in the 4th quarter valued at about $220,000. 90.83% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on BXC. DA Davidson set a $75.00 price objective on shares of BlueLinx and gave the stock a "neutral" rating in a report on Monday, August 4th. Wall Street Zen lowered shares of BlueLinx from a "hold" rating to a "sell" rating in a report on Friday, July 18th. Finally, Benchmark decreased their price objective on shares of BlueLinx from $110.00 to $83.00 and set a "buy" rating on the stock in a report on Friday, August 1st. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, BlueLinx has a consensus rating of "Moderate Buy" and a consensus price target of $91.00.

BlueLinx Stock Down 0.0%

BlueLinx stock traded down $0.04 during mid-day trading on Thursday, reaching $81.84. 13,876 shares of the company's stock were exchanged, compared to its average volume of 99,216. The company has a market cap of $645.72 million, a P/E ratio of 24.19 and a beta of 1.74. BlueLinx Holdings Inc. has a twelve month low of $63.13 and a twelve month high of $134.79. The company has a quick ratio of 2.94, a current ratio of 4.55 and a debt-to-equity ratio of 0.96. The company has a fifty day moving average of $78.05 and a 200-day moving average of $76.24.

BlueLinx announced that its board has initiated a share buyback program on Tuesday, July 29th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the construction company to purchase up to 8% of its stock through open market purchases. Stock buyback programs are often an indication that the company's leadership believes its shares are undervalued.

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.