BlueLinx Holdings Inc. $BXC Shares Purchased 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. lifted its position in BlueLinx Holdings Inc. (NYSE:BXC - Free Report) by 3.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 321,375 shares of the construction company's stock after acquiring an additional 9,808 shares during the period. American Century Companies Inc. owned 4.01% of BlueLinx worth $24,097,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the company. Nuveen LLC acquired a new stake in shares of BlueLinx in the first quarter worth approximately $59,497,000. Dimensional Fund Advisors LP lifted its position in BlueLinx by 0.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 579,636 shares of the construction company's stock worth $59,216,000 after buying an additional 1,889 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in BlueLinx by 19.6% during the first quarter. Charles Schwab Investment Management Inc. now owns 239,037 shares of the construction company's stock worth $17,923,000 after buying an additional 39,166 shares in the last quarter. Harbor Capital Advisors Inc. lifted its position in BlueLinx by 3.6% during the first quarter. Harbor Capital Advisors Inc. now owns 143,552 shares of the construction company's stock worth $10,764,000 after buying an additional 5,000 shares in the last quarter. Finally, Towle & Co. lifted its position in BlueLinx by 7.2% during the fourth quarter. Towle & Co. now owns 120,972 shares of the construction company's stock worth $12,358,000 after buying an additional 8,123 shares in the last quarter. 90.83% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on BXC. Benchmark reduced their price objective on BlueLinx from $110.00 to $83.00 and set a "buy" rating on the stock in a research report on Friday, August 1st. Wall Street Zen cut BlueLinx from a "hold" rating to a "sell" rating in a research note on Friday, July 18th. Finally, DA Davidson set a $75.00 target price on BlueLinx and gave the stock a "neutral" rating in a research note on Monday, August 4th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, BlueLinx currently has a consensus rating of "Moderate Buy" and an average target price of $91.00.

BlueLinx Trading Up 7.3%

BXC opened at $84.3750 on Friday. BlueLinx Holdings Inc. has a 52 week low of $63.13 and a 52 week high of $134.79. The business has a fifty day simple moving average of $77.05 and a 200-day simple moving average of $76.68. The firm has a market cap of $665.89 million, a P/E ratio of 25.04 and a beta of 1.74. The company has a quick ratio of 2.94, a current ratio of 4.55 and a debt-to-equity ratio of 0.96.

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.