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

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in BlueLinx by 2.3% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,643 shares of the construction company's stock worth $474,000 after buying an additional 104 shares during the period. Public Employees Retirement System of Ohio grew its stake in shares of 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 acquiring an additional 127 shares during the last quarter. Invesco Ltd. increased its position in BlueLinx by 2.8% during the fourth quarter. Invesco Ltd. now owns 10,947 shares of the construction company's stock worth $1,118,000 after acquiring an additional 295 shares during the period. CWM LLC raised its stake in BlueLinx by 92.8% during 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. Finally, XTX Topco Ltd boosted its holdings in BlueLinx by 14.2% in the 4th quarter. XTX Topco Ltd now owns 2,747 shares of the construction company's stock valued at $281,000 after purchasing an additional 341 shares during the period. Institutional investors and hedge funds own 90.83% of the company's stock.

BlueLinx Price Performance

Shares of NYSE:BXC traded up $5.7450 during midday trading on Friday, reaching $84.3750. 92,404 shares of the company's stock were exchanged, compared to its average volume of 131,666. The company has a debt-to-equity ratio of 0.96, a quick ratio of 2.94 and a current ratio of 4.55. The company's 50 day simple moving average is $77.05 and its two-hundred day simple moving average is $76.27. BlueLinx Holdings Inc. has a 12 month low of $63.13 and a 12 month high of $134.79. The firm has a market capitalization of $665.72 million, a PE ratio of 25.04 and a beta of 1.74.

BlueLinx announced that its board has authorized a share repurchase plan on Tuesday, July 29th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the construction company to purchase up to 8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

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

BlueLinx Company 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.