Hsbc Holdings PLC Buys 5,492 Shares of BlueLinx Holdings Inc. $BXC

Key Points

• Hsbc Holdings PLC has increased its stake in BlueLinx Holdings Inc. by 31.7% during the first quarter, now owning approximately 0.28% of the company, valued at around $1.726 million.
• BlueLinx has authorized a stock buyback program allowing the repurchase of $50 million in shares, signaling the board's belief that the stock is currently undervalued.
• Equities analysts have mixed views on BlueLinx, with consensus ratings showing a "Moderate Buy" and a price target of $91.00, although some analysts have downgraded their ratings and price estimates.

Hsbc Holdings PLC increased its stake in BlueLinx Holdings Inc. (NYSE:BXC - Free Report) by 31.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,841 shares of the construction company's stock after purchasing an additional 5,492 shares during the period. Hsbc Holdings PLC owned 0.28% of BlueLinx worth $1,726,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised 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 purchasing an additional 104 shares during the last quarter. Public Employees Retirement System of Ohio raised its position in BlueLinx by 33.7% in the 4th quarter. Public Employees Retirement System of Ohio now owns 504 shares of the construction company's stock worth $51,000 after purchasing an additional 127 shares during the last quarter. Invesco Ltd. raised its position in BlueLinx by 2.8% in the 4th quarter. Invesco Ltd. now owns 10,947 shares of the construction company's stock worth $1,118,000 after purchasing an additional 295 shares during the last quarter. CWM LLC raised its position in BlueLinx by 92.8% in the 1st quarter. CWM LLC now owns 696 shares of the construction company's stock worth $52,000 after purchasing an additional 335 shares during the last quarter. Finally, Exchange Traded Concepts LLC raised its position in BlueLinx by 14.9% in the 1st quarter. Exchange Traded Concepts LLC now owns 3,113 shares of the construction company's stock worth $233,000 after purchasing an additional 404 shares during the last quarter. Institutional investors own 90.83% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on BXC shares. Wall Street Zen cut shares of BlueLinx from a "hold" rating to a "sell" rating in a research report on Friday, July 18th. DA Davidson set a $75.00 target price on shares of BlueLinx and gave the stock a "neutral" rating in a report on Monday, August 4th. Finally, Benchmark lowered their target price on shares of BlueLinx from $110.00 to $83.00 and set a "buy" rating for the company in a report on Friday, August 1st. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $91.00.

BlueLinx Trading Down 0.0%

Shares of BXC stock traded down $0.01 on Friday, hitting $82.76. The stock had a trading volume of 80,170 shares, compared to its average volume of 111,674. BlueLinx Holdings Inc. has a twelve month low of $63.13 and a twelve month high of $134.79. The firm has a market cap of $652.98 million, a P/E ratio of 24.56 and a beta of 1.58. 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 fifty day moving average price of $78.65 and a two-hundred day moving average price of $75.60.

BlueLinx declared that its Board of Directors has initiated a stock 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 often a sign that the company's leadership believes its shares are undervalued.

BlueLinx 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.