Algert Global LLC Has $2.22 Million Stock Holdings in BlueLinx Holdings Inc. $BXC

Key Points

• Algert Global LLC reduced its stake in BlueLinx Holdings by 17.3%, selling 6,189 shares and holding 29,623 shares, now valued at approximately $2.22 million.
• BlueLinx initiated a $50 million stock repurchase program to buy back up to 8% of its shares, indicating confidence from management in the company's valuation.
• Analysts have mixed opinions on BlueLinx, with one firm lowering its price target from $110 to $83 while two others maintain a Moderate Buy rating with an average price target of $91.

Algert Global LLC decreased its holdings in BlueLinx Holdings Inc. (NYSE:BXC - Free Report) by 17.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 29,623 shares of the construction company's stock after selling 6,189 shares during the quarter. Algert Global LLC owned approximately 0.37% of BlueLinx worth $2,221,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in BlueLinx by 2.3% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,643 shares of the construction company's stock valued at $474,000 after buying an additional 104 shares in the last quarter. Public Employees Retirement System of Ohio lifted its position in BlueLinx by 33.7% in the fourth quarter. Public Employees Retirement System of Ohio now owns 504 shares of the construction company's stock worth $51,000 after purchasing an additional 127 shares during the period. Invesco Ltd. lifted its position in BlueLinx by 2.8% in the fourth quarter. Invesco Ltd. now owns 10,947 shares of the construction company's stock worth $1,118,000 after purchasing an additional 295 shares during the period. CWM LLC lifted its position in BlueLinx by 92.8% in the first quarter. CWM LLC now owns 696 shares of the construction company's stock worth $52,000 after purchasing an additional 335 shares during the period. Finally, XTX Topco Ltd lifted its position in shares of BlueLinx by 14.2% during the 4th quarter. XTX Topco Ltd now owns 2,747 shares of the construction company's stock valued at $281,000 after acquiring an additional 341 shares during the last quarter. Institutional investors and hedge funds own 90.83% of the company's stock.

BlueLinx Price Performance

BXC traded down $1.77 during midday trading on Wednesday, reaching $81.88. 59,371 shares of the company's stock were exchanged, compared to its average volume of 129,690. The firm has a market capitalization of $645.99 million, a price-to-earnings ratio of 24.30 and a beta of 1.74. BlueLinx Holdings Inc. has a one year low of $63.13 and a one year high of $134.79. The business has a 50-day simple moving average of $78.05 and a two-hundred day simple moving average of $76.24. 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 of Directors has initiated a stock buyback plan on Tuesday, July 29th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the construction company to buy up to 8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Analyst Ratings Changes

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

BlueLinx 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.