Strs Ohio Makes New $450,000 Investment in BlueLinx Holdings Inc. $BXC

Key Points

• Strs Ohio has invested approximately $450,000 in BlueLinx Holdings Inc., acquiring 6,000 shares during the first quarter, bringing its ownership to roughly 0.07% of the company.
• BlueLinx's Board of Directors has initiated a $50 million stock repurchase program, suggesting that company leadership believes its stock is currently undervalued.
• Analyst ratings for BlueLinx are mixed, with a current average rating of "Moderate Buy" and a target price of $91.00, despite some analysts downgrading their ratings in recent reports.

Strs Ohio bought a new position in shares of BlueLinx Holdings Inc. (NYSE:BXC - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 6,000 shares of the construction company's stock, valued at approximately $450,000. Strs Ohio owned approximately 0.07% of BlueLinx at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio grew its holdings in BlueLinx by 33.7% during the 4th quarter. Public Employees Retirement System of Ohio now owns 504 shares of the construction company's stock worth $51,000 after acquiring an additional 127 shares in the last quarter. CWM LLC grew its holdings in BlueLinx by 92.8% during the 1st quarter. CWM LLC now owns 696 shares of the construction company's stock worth $52,000 after acquiring an additional 335 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in BlueLinx by 169.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,618 shares of the construction company's stock worth $121,000 after acquiring an additional 1,018 shares in the last quarter. Quantbot Technologies LP bought a new position in BlueLinx during the 1st quarter worth about $153,000. Finally, ProShare Advisors LLC bought a new position in BlueLinx during the 4th quarter worth about $235,000. 90.83% of the stock is currently owned by institutional investors.

BlueLinx Price Performance

Shares of NYSE BXC opened at $75.87 on Tuesday. The firm's 50 day simple moving average is $78.66 and its 200-day simple moving average is $75.06. BlueLinx Holdings Inc. has a 12 month low of $63.13 and a 12 month high of $134.79. The stock has a market capitalization of $598.61 million, a price-to-earnings ratio of 22.51 and a beta of 1.58. The company has a debt-to-equity ratio of 0.96, a current ratio of 4.55 and a quick ratio of 2.94.

BlueLinx announced that its Board of Directors has initiated a stock repurchase program on Tuesday, July 29th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the construction company to reacquire up to 8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

BXC has been the topic of several recent research reports. 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. Wall Street Zen lowered shares of BlueLinx from a "hold" rating to a "sell" rating in a research report on Friday, July 18th. Finally, Benchmark decreased their price target 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. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price 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.

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