Charles Schwab Investment Management Inc. Acquires 39,166 Shares of BlueLinx Holdings Inc. $BXC

Key Points

• Charles Schwab Investment Management Inc. increased its position in BlueLinx Holdings Inc. by 19.6%, acquiring an additional 39,166 shares to own 239,037 shares overall, valued at $17.9 million.
• The company has authorized a $50 million stock buyback plan, allowing the repurchase of up to 8% of its outstanding shares, indicating a belief that its stock is undervalued.
• Wall Street analysts have mixed views, with a consensus rating of "Moderate Buy" and average target price at $91.00, while some have set target prices ranging from $75.00 to $83.00.

Charles Schwab Investment Management Inc. boosted its position in shares of BlueLinx Holdings Inc. (NYSE:BXC - Free Report) by 19.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 239,037 shares of the construction company's stock after purchasing an additional 39,166 shares during the period. Charles Schwab Investment Management Inc. owned about 2.98% of BlueLinx worth $17,923,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC lifted its holdings in BlueLinx by 14.9% during the 1st quarter. Exchange Traded Concepts LLC now owns 3,113 shares of the construction company's stock valued at $233,000 after purchasing an additional 404 shares during the last quarter. GAMMA Investing LLC lifted its holdings in BlueLinx by 42,890.0% during the 1st quarter. GAMMA Investing LLC now owns 12,897 shares of the construction company's stock valued at $967,000 after purchasing an additional 12,867 shares during the last quarter. SG Americas Securities LLC lifted its holdings in BlueLinx by 63.7% during the 1st quarter. SG Americas Securities LLC now owns 3,992 shares of the construction company's stock valued at $299,000 after purchasing an additional 1,554 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in BlueLinx by 352.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,469 shares of the construction company's stock valued at $150,000 after purchasing an additional 1,144 shares during the last quarter. Finally, Bank of America Corp DE lifted its holdings in BlueLinx by 18.6% during the 4th quarter. Bank of America Corp DE now owns 39,527 shares of the construction company's stock valued at $4,038,000 after purchasing an additional 6,209 shares during the last quarter. 90.83% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

BXC has been the subject of a number of research reports. DA Davidson set a $75.00 target price on BlueLinx and gave the company a "neutral" rating in a research note on Monday, August 4th. Benchmark dropped their target price on shares of BlueLinx from $110.00 to $83.00 and set a "buy" rating for the company in a research note on Friday, August 1st. 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 research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $91.00.

BlueLinx Trading Up 7.3%

Shares of NYSE BXC opened at $84.3750 on Friday. BlueLinx Holdings Inc. has a 1-year low of $63.13 and a 1-year high of $134.79. The company has a 50-day moving average of $77.05 and a two-hundred day moving average of $76.68. The company has a current ratio of 4.55, a quick ratio of 2.94 and a debt-to-equity ratio of 0.96. The company has a market cap of $665.89 million, a PE ratio of 25.04 and a beta of 1.74.

BlueLinx declared that its Board of Directors has authorized a stock buyback plan on Tuesday, July 29th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the construction company to purchase up to 8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its stock is undervalued.

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.

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