793,505 Shares in BlueLinx Holdings Inc. $BXC Bought by Nuveen LLC

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 BlueLinx Holdings Inc. (NYSE:BXC - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund 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 filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Charles Schwab Investment Management Inc. boosted its stake 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 valued at $17,923,000 after purchasing an additional 39,166 shares during the period. Raymond James Financial Inc. purchased a new stake in BlueLinx during the fourth quarter worth approximately $3,451,000. Jacobs Levy Equity Management Inc. acquired a new position in shares of BlueLinx in the 4th quarter valued at $1,608,000. Susquehanna Fundamental Investments LLC purchased a new position in shares of BlueLinx during the fourth quarter worth about $1,528,000. Finally, GAMMA Investing LLC grew its stake in BlueLinx by 42,890.0% during the 1st 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 last quarter. 90.83% of the stock is owned by hedge funds and other institutional investors.

BlueLinx Stock Performance

NYSE:BXC traded up $0.55 during mid-day trading on Monday, reaching $79.63. The stock had a trading volume of 33,756 shares, compared to its average volume of 99,183. BlueLinx Holdings Inc. has a twelve month low of $63.13 and a twelve month high of $134.79. The business has a 50 day simple moving average of $75.99 and a 200 day simple moving average of $77.16. The firm has a market capitalization of $628.29 million, a price-to-earnings ratio of 23.70 and a beta of 1.74. The company has a debt-to-equity ratio of 0.96, a quick ratio of 2.94 and a current ratio of 4.55.

BlueLinx declared that its Board of Directors has initiated a share buyback plan on Tuesday, July 29th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the construction company to reacquire up to 8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's leadership believes its stock is undervalued.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. DA Davidson set a $75.00 price target on shares of BlueLinx and gave the stock a "neutral" rating in a research note on Monday, August 4th. Benchmark reduced 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. Finally, Wall Street Zen downgraded shares of BlueLinx from a "hold" rating to a "sell" rating in a research note on Friday, July 18th.

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.