BlueLinx Holdings Inc. $BXC Shares Sold by Russell Investments Group Ltd.

Key Points

• Russell Investments Group Ltd. reduced its holdings in BlueLinx Holdings Inc. by 18.5%, selling 4,799 shares and currently owns approximately 0.26% of the company.
• BlueLinx has seen significant increases in holdings from other large investors, with PNC Financial Services Group increasing its position by 169.7% in the first quarter.
• The company's board approved a $50 million share buyback program, indicating confidence in its stock value amidst recent market fluctuations.

Russell Investments Group Ltd. reduced its position in shares of BlueLinx Holdings Inc. (NYSE:BXC - Free Report) by 18.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 21,108 shares of the construction company's stock after selling 4,799 shares during the period. Russell Investments Group Ltd. owned about 0.26% of BlueLinx worth $1,583,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of BXC. Nuveen LLC purchased a new position in shares of BlueLinx during the first quarter worth $59,497,000. Charles Schwab Investment Management Inc. boosted its holdings in 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. Jacobs Levy Equity Management Inc. purchased a new position in BlueLinx in the fourth quarter valued at $1,608,000. Susquehanna Fundamental Investments LLC purchased a new position in BlueLinx in the fourth quarter valued at $1,528,000. Finally, GAMMA Investing LLC boosted its holdings in 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 purchasing an additional 12,867 shares during the period. 90.83% of the stock is currently owned by hedge funds and other institutional investors.

BlueLinx Stock Up 0.4%

BlueLinx stock traded up $0.30 during midday trading on Tuesday, reaching $82.91. The company's stock had a trading volume of 89,327 shares, compared to its average volume of 108,366. BlueLinx Holdings Inc. has a fifty-two week low of $63.13 and a fifty-two week 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 company has a market cap of $654.14 million, a P/E ratio of 24.60 and a beta of 1.58. The business has a 50-day simple moving average of $78.99 and a 200-day simple moving average of $75.52.

BlueLinx announced that its board has authorized a share buyback plan on Tuesday, July 29th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the construction company to purchase up to 8% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

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

BlueLinx Company 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.