Punch & Associates Investment Management Inc. Has $24.37 Million Position in BlueLinx Holdings Inc. $BXC

Key Points

• Punch & Associates Investment Management Inc. has reduced its stake in BlueLinx Holdings Inc. by 14.0%, holding 324,985 shares after selling 52,972 shares in the first quarter.
• BlueLinx announced a $50 million stock buyback program as its Board of Directors believes the company’s shares are undervalued.
• Analyst opinions vary, with target prices ranging from $75.00 to $110.00, and the consensus rating for BlueLinx currently being a "Moderate Buy".

Punch & Associates Investment Management Inc. lowered its holdings in shares of BlueLinx Holdings Inc. (NYSE:BXC - Free Report) by 14.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 324,985 shares of the construction company's stock after selling 52,972 shares during the quarter. BlueLinx comprises about 1.6% of Punch & Associates Investment Management Inc.'s investment portfolio, making the stock its 12th biggest position. Punch & Associates Investment Management Inc. owned approximately 4.05% of BlueLinx worth $24,367,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of BXC. Exchange Traded Concepts LLC raised its stake in shares of BlueLinx by 14.9% in the 1st quarter. Exchange Traded Concepts LLC now owns 3,113 shares of the construction company's stock valued at $233,000 after acquiring an additional 404 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of BlueLinx by 42,890.0% in the first quarter. GAMMA Investing LLC now owns 12,897 shares of the construction company's stock valued at $967,000 after acquiring an additional 12,867 shares during the period. SG Americas Securities LLC grew its stake in shares of BlueLinx by 63.7% in the first quarter. SG Americas Securities LLC now owns 3,992 shares of the construction company's stock worth $299,000 after acquiring an additional 1,554 shares during the last quarter. Nuveen LLC acquired a new stake in shares of BlueLinx in the first quarter worth $59,497,000. Finally, Bank of America Corp DE increased its position in 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 acquiring an additional 6,209 shares during the period. 90.83% of the stock is currently owned by institutional investors.

BlueLinx Price Performance

Shares of BXC stock traded down $6.45 during mid-day trading on Tuesday, reaching $79.19. The company's stock had a trading volume of 151,586 shares, compared to its average volume of 90,519. The firm's 50-day moving average is $79.79 and its two-hundred day moving average is $75.18. The company has a market cap of $624.81 million, a P/E ratio of 23.50 and a beta of 1.58. BlueLinx Holdings Inc. has a 1-year low of $63.13 and a 1-year high of $134.79. 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 announced that its board has authorized a stock repurchase plan on Tuesday, July 29th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the construction company to purchase up to 8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's management believes its stock is undervalued.

Analyst Ratings Changes

A number of brokerages have weighed in on BXC. Wall Street Zen downgraded shares of BlueLinx from a "hold" rating to a "sell" rating in a report on Friday, July 18th. Benchmark cut their price objective 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 BlueLinx and gave the stock 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 stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $91.00.

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.