Third Avenue Management LLC Acquires Shares of 29,869 BlueLinx Holdings Inc. $BXC

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Third Avenue Management LLC bought a new stake in BlueLinx Holdings Inc. (NYSE:BXC - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 29,869 shares of the construction company's stock, valued at approximately $2,240,000. Third Avenue Management LLC owned about 0.37% of BlueLinx at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in BlueLinx by 2.3% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,643 shares of the construction company's stock worth $474,000 after purchasing an additional 104 shares in the last quarter. Public Employees Retirement System of Ohio grew its stake in BlueLinx by 33.7% during the fourth quarter. Public Employees Retirement System of Ohio now owns 504 shares of the construction company's stock worth $51,000 after buying an additional 127 shares during the period. Invesco Ltd. increased its position in shares of BlueLinx by 2.8% in the fourth quarter. Invesco Ltd. now owns 10,947 shares of the construction company's stock worth $1,118,000 after acquiring an additional 295 shares in the last quarter. CWM LLC raised its stake in shares of BlueLinx by 92.8% in the 1st quarter. CWM LLC now owns 696 shares of the construction company's stock valued at $52,000 after acquiring an additional 335 shares during the period. Finally, XTX Topco Ltd lifted its holdings in shares of BlueLinx by 14.2% during the 4th quarter. XTX Topco Ltd now owns 2,747 shares of the construction company's stock valued at $281,000 after acquiring an additional 341 shares in the last quarter. Institutional investors and hedge funds own 90.83% of the company's stock.

BlueLinx Stock Up 7.3%

NYSE BXC traded up $5.7450 during mid-day trading on Friday, reaching $84.3750. 92,404 shares of the company's stock traded hands, compared to its average volume of 130,638. The company has a current ratio of 4.55, a quick ratio of 2.94 and a debt-to-equity ratio of 0.96. BlueLinx Holdings Inc. has a 1-year low of $63.13 and a 1-year high of $134.79. The company has a fifty day simple moving average of $77.05 and a 200-day simple moving average of $76.48. The company has a market cap of $665.72 million, a price-to-earnings ratio of 25.04 and a beta of 1.74.

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

Analyst Upgrades and Downgrades

BXC has been the subject of several analyst reports. Benchmark decreased their target price on BlueLinx from $110.00 to $83.00 and set a "buy" rating for the company in a research report on Friday, August 1st. 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, Wall Street Zen downgraded shares of BlueLinx from a "hold" rating to a "sell" rating in a research report on Friday, July 18th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, BlueLinx presently has a consensus rating of "Moderate Buy" and an average price target of $91.00.

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.