BlueLinx Holdings Inc. $BXC Shares Sold by Bank of America Corp DE

Key Points

• Bank of America cut its BlueLinx stake by 49.9% in the first quarter, selling 38,067 shares and retaining 38,238 shares valued at approximately $2.1 million.
• Other institutional investors—including Empowered Funds, Quantinno Capital and Sei Investments— increased their holdings, while institutional investors collectively owned 90.83% of BlueLinx shares.
• BlueLinx reported quarterly EPS of $1.15, beating estimates of $0.30, and revenue of $814.1 million. Analyst sentiment remains mixed, with an overall “Hold” rating and an average price target of $83.50.

Bank of America Corp DE lessened its stake in shares of BlueLinx Holdings Inc. (NYSE:BXC - Free Report) by 49.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 38,238 shares of the construction company's stock after selling 38,067 shares during the quarter. Bank of America Corp DE owned about 0.49% of BlueLinx worth $2,072,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Empowered Funds LLC lifted its position in BlueLinx by 42.7% in the first 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. Quantinno Capital Management LP lifted its holdings in shares of BlueLinx by 124.7% in the 1st quarter. Quantinno Capital Management LP now owns 34,657 shares of the construction company's stock valued at $1,878,000 after purchasing an additional 19,236 shares during the last quarter. Punch & Associates Investment Management Inc. boosted its position in shares of BlueLinx by 2.1% in the 1st quarter. Punch & Associates Investment Management Inc. now owns 321,874 shares of the construction company's stock valued at $17,439,000 after purchasing an additional 6,538 shares during the period. Sei Investments Co. grew its stake in BlueLinx by 92.1% during the 1st quarter. Sei Investments Co. now owns 59,592 shares of the construction company's stock worth $3,229,000 after buying an additional 28,571 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in BlueLinx by 0.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 512,594 shares of the construction company's stock worth $27,771,000 after buying an additional 2,008 shares during the last quarter. Institutional investors and hedge funds own 90.83% of the company's stock.

Wall Street Analyst Weigh In

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

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

BlueLinx Stock Up 1.7%

BXC stock opened at $76.06 on Thursday. The company has a market cap of $597.82 million, a P/E ratio of -304.22 and a beta of 1.45. BlueLinx Holdings Inc. has a 52 week low of $44.78 and a 52 week high of $93.80. The company's 50-day moving average price is $68.53 and its 200 day moving average price is $60.23. The company has a current ratio of 4.01, a quick ratio of 2.59 and a debt-to-equity ratio of 0.95.

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

About BlueLinx

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.

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