Third Avenue Management LLC Acquires New Shares in BlueLinx Holdings Inc. $BXC

Key Points

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

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Nuveen LLC purchased a new position in shares of BlueLinx in the first quarter valued at approximately $59,497,000. Dimensional Fund Advisors LP lifted its position in shares of BlueLinx by 0.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 579,636 shares of the construction company's stock valued at $59,216,000 after acquiring an additional 1,889 shares in the last quarter. American Century Companies Inc. lifted its position in shares of BlueLinx by 3.1% in the first quarter. American Century Companies Inc. now owns 321,375 shares of the construction company's stock valued at $24,097,000 after acquiring an additional 9,808 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position 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 acquiring an additional 39,166 shares in the last quarter. Finally, Harbor Capital Advisors Inc. lifted its position in shares of BlueLinx by 3.6% in the first quarter. Harbor Capital Advisors Inc. now owns 143,552 shares of the construction company's stock valued at $10,764,000 after acquiring an additional 5,000 shares in the last quarter. Hedge funds and other institutional investors own 90.83% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on BXC shares. Benchmark lowered their target price on BlueLinx from $110.00 to $83.00 and set a "buy" rating on the stock in a report on Friday, August 1st. DA Davidson set a $75.00 target price on BlueLinx and gave the stock a "neutral" rating in a report on Monday, August 4th. Finally, Wall Street Zen cut BlueLinx from a "hold" rating to a "sell" rating in a 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 stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $91.00.

BlueLinx Price Performance

Shares of BlueLinx stock traded up $5.7450 on Friday, hitting $84.3750. 92,404 shares of the company were exchanged, compared to its average volume of 131,666. The stock has a market capitalization of $665.72 million, a price-to-earnings ratio of 25.04 and a beta of 1.74. The company has a 50-day moving average price of $77.05 and a 200 day moving average price of $76.27. BlueLinx Holdings Inc. has a 1-year low of $63.13 and a 1-year 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.

BlueLinx declared that its board has approved a share repurchase 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 repurchase up to 8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board believes its stock is undervalued.

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.