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

Other institutional investors and hedge funds have also made changes to their positions in the company. Exchange Traded Concepts LLC lifted its stake in shares of BlueLinx by 14.9% during the first quarter. Exchange Traded Concepts LLC now owns 3,113 shares of the construction company's stock worth $233,000 after buying an additional 404 shares during the period. GAMMA Investing LLC lifted its stake in shares of BlueLinx by 42,890.0% during the first quarter. GAMMA Investing LLC now owns 12,897 shares of the construction company's stock worth $967,000 after buying an additional 12,867 shares during the period. SG Americas Securities LLC lifted its stake in shares of BlueLinx by 63.7% during the first quarter. SG Americas Securities LLC now owns 3,992 shares of the construction company's stock worth $299,000 after buying an additional 1,554 shares during the period. Tower Research Capital LLC TRC lifted its stake in shares of BlueLinx by 352.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,469 shares of the construction company's stock worth $150,000 after buying an additional 1,144 shares during the period. Finally, Bank of America Corp DE lifted its stake in shares of BlueLinx by 18.6% during the fourth quarter. Bank of America Corp DE now owns 39,527 shares of the construction company's stock worth $4,038,000 after buying an additional 6,209 shares during the period. 90.83% of the stock is currently owned by institutional investors and hedge funds.

BlueLinx Stock Performance

BXC traded up $1.08 on Thursday, reaching $82.96. The stock had a trading volume of 64,160 shares, compared to its average volume of 119,132. BlueLinx Holdings Inc. has a 12-month low of $63.13 and a 12-month high of $134.79. 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 business's 50-day moving average price is $78.38 and its two-hundred day moving average price is $76.09. The company has a market cap of $654.58 million, a P/E ratio of 24.62 and a beta of 1.74.

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

Wall Street Analyst Weigh In

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