Nuveen LLC Invests $59.50 Million in BlueLinx Holdings Inc. (NYSE:BXC)

Key Points

• Nuveen LLC has acquired 793,505 shares of BlueLinx Holdings Inc., representing roughly 9.89% of the company's stock, valued at approximately $59.5 million.
• Total institutional ownership of BlueLinx now stands at 90.83%, with several hedge funds like GAMMA Investing LLC significantly increasing their positions in the first quarter.
• BlueLinx's board has authorized a $50 million share buyback program, indicating potential confidence in the stock's undervalued state.

Nuveen LLC purchased a new stake in shares of BlueLinx Holdings Inc. (NYSE:BXC - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 793,505 shares of the construction company's stock, valued at approximately $59,497,000. Nuveen LLC owned 9.89% of BlueLinx as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Dimensional Fund Advisors LP increased its holdings in shares of BlueLinx by 0.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 579,636 shares of the construction company's stock worth $59,216,000 after purchasing an additional 1,889 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of BlueLinx by 19.6% in the first quarter. Charles Schwab Investment Management Inc. now owns 239,037 shares of the construction company's stock worth $17,923,000 after purchasing an additional 39,166 shares during the last quarter. Harbor Capital Advisors Inc. increased its holdings in shares of BlueLinx by 3.6% in the first quarter. Harbor Capital Advisors Inc. now owns 143,552 shares of the construction company's stock worth $10,764,000 after purchasing an additional 5,000 shares during the last quarter. Towle & Co. increased its holdings in shares of BlueLinx by 7.2% in the fourth quarter. Towle & Co. now owns 120,972 shares of the construction company's stock worth $12,358,000 after purchasing an additional 8,123 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in shares of BlueLinx by 12.8% in the fourth quarter. Northern Trust Corp now owns 92,199 shares of the construction company's stock worth $9,419,000 after purchasing an additional 10,438 shares during the last quarter. 90.83% of the stock is owned by institutional investors.

BlueLinx Trading Up 2.2%

BXC traded up $1.67 on Friday, hitting $79.27. The company had a trading volume of 133,261 shares, compared to its average volume of 133,858. The company has a market cap of $625.60 million, a PE ratio of 23.52 and a beta of 1.74. BlueLinx Holdings Inc. has a 12-month low of $63.13 and a 12-month high of $134.79. The company has a quick ratio of 2.94, a current ratio of 4.55 and a debt-to-equity ratio of 0.96. The business's fifty day simple moving average is $75.99 and its 200 day simple moving average is $77.41.

BlueLinx announced that its Board of Directors has initiated 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 stock through open market purchases. Stock repurchase plans are usually a sign that the company's board believes its shares are undervalued.

Analyst Ratings Changes

BXC has been the topic of several research reports. Wall Street Zen cut BlueLinx from a "hold" rating to a "sell" rating in a report on Friday, July 18th. DA Davidson set a $75.00 price target on BlueLinx and gave the stock a "neutral" rating in a research report on Monday, August 4th. Finally, Benchmark dropped their price target on BlueLinx from $110.00 to $83.00 and set a "buy" rating for the company in a research report on Friday, August 1st.

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.