Goldman Sachs Group Inc. Sells 33,716 Shares of BlueLinx Holdings Inc. $BXC

Key Points

• Goldman Sachs Group Inc. has reduced its holdings in BlueLinx Holdings Inc. by 30.4%, selling 33,716 shares and now owning approximately 0.96% of the company valued at $5.79 million.
• Multiple hedge funds have altered their positions in BlueLinx, with one firm, Jacobs Levy Equity Management Inc., increasing its stake by 265.2%.
• Equities analysts have mixed views on BlueLinx, with a consensus rating of "Moderate Buy" and a price target of $91.00, despite varying ratings and targets from different firms.

Goldman Sachs Group Inc. lowered its holdings in BlueLinx Holdings Inc. (NYSE:BXC - Free Report) by 30.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 77,205 shares of the construction company's stock after selling 33,716 shares during the period. Goldman Sachs Group Inc. owned about 0.96% of BlueLinx worth $5,789,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Strs Ohio purchased a new position in BlueLinx in the first quarter worth $450,000. Empowered Funds LLC raised its stake in shares of BlueLinx by 2.0% in the first quarter. Empowered Funds LLC now owns 48,222 shares of the construction company's stock valued at $3,616,000 after buying an additional 968 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of BlueLinx by 4.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,863 shares of the construction company's stock valued at $365,000 after buying an additional 220 shares during the period. Invenomic Capital Management LP bought a new stake in shares of BlueLinx in the first quarter valued at $3,616,000. Finally, Jacobs Levy Equity Management Inc. raised its stake in shares of BlueLinx by 265.2% in the first quarter. Jacobs Levy Equity Management Inc. now owns 57,474 shares of the construction company's stock valued at $4,309,000 after buying an additional 41,737 shares during the period. Hedge funds and other institutional investors own 90.83% of the company's stock.

BlueLinx Price Performance

NYSE BXC traded up $2.16 during trading on Thursday, reaching $78.57. The company's stock had a trading volume of 98,617 shares, compared to its average volume of 98,576. The stock has a market capitalization of $619.89 million, a PE ratio of 23.31 and a beta of 1.58. The company has a debt-to-equity ratio of 0.96, a current ratio of 4.55 and a quick ratio of 2.94. The firm has a fifty day moving average of $79.04 and a 200 day moving average of $75.10. BlueLinx Holdings Inc. has a one year low of $63.13 and a one year high of $134.79.

BlueLinx declared that its board has initiated a share repurchase program on Tuesday, July 29th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the construction company to repurchase up to 8% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

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

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.