Towle & Co. Sells 62,609 Shares of BlueLinx Holdings Inc. $BXC

Key Points

• Towle & Co. reduced its BlueLinx position by 37.4% in the first quarter, selling 62,609 shares and leaving it with 104,587 shares valued at about $5.67 million.
• BlueLinx reported better-than-expected quarterly results, posting earnings of $0.21 per share versus analysts’ estimate of a loss, on revenue of $731.15 million compared with $714.84 million expected.
• Analyst sentiment remains mixed, with a consensus rating of Hold and an average price target of $70, while the stock recently traded at $57.55.

Towle & Co. cut its position in shares of BlueLinx Holdings Inc. (NYSE:BXC - Free Report) by 37.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 104,587 shares of the construction company's stock after selling 62,609 shares during the quarter. BlueLinx makes up about 2.2% of Towle & Co.'s holdings, making the stock its 24th biggest position. Towle & Co. owned approximately 1.34% of BlueLinx worth $5,667,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in BXC. Summit Securities Group LLC purchased a new stake in shares of BlueLinx during the fourth quarter valued at approximately $31,000. Tower Research Capital LLC TRC raised its holdings in shares of BlueLinx by 114.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 792 shares of the construction company's stock worth $59,000 after purchasing an additional 422 shares during the period. State of Wyoming lifted its stake in BlueLinx by 19.5% in the fourth quarter. State of Wyoming now owns 1,456 shares of the construction company's stock valued at $89,000 after purchasing an additional 238 shares during the last quarter. Comerica Bank raised its stake in shares of BlueLinx by 5,468.2% in the third quarter. Comerica Bank now owns 1,225 shares of the construction company's stock valued at $90,000 after buying an additional 1,203 shares during the period. Finally, Inceptionr LLC purchased a new position in shares of BlueLinx during the 3rd quarter valued at $230,000. 90.83% of the stock is owned by institutional investors.

BlueLinx Stock Performance

Shares of BXC opened at $57.55 on Friday. BlueLinx Holdings Inc. has a 12-month low of $44.78 and a 12-month high of $87.88. The company has a current ratio of 3.90, a quick ratio of 2.51 and a debt-to-equity ratio of 0.96. The company has a market cap of $447.72 million, a PE ratio of -110.67 and a beta of 1.41. The stock has a 50-day moving average price of $54.78 and a 200-day moving average price of $59.55.

• Blackstone NYSE: BX Stock a Buy After an Impressive Q3

BlueLinx (NYSE:BXC - Get Free Report) last announced its earnings results on Tuesday, May 5th. The construction company reported $0.21 earnings per share for the quarter, beating analysts' consensus estimates of ($0.72) by $0.93. BlueLinx had a negative net margin of 0.14% and a negative return on equity of 0.30%. The business had revenue of $731.15 million for the quarter, compared to the consensus estimate of $714.84 million.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on BXC shares. DA Davidson reiterated a "neutral" rating and set a $65.00 target price on shares of BlueLinx in a research report on Wednesday, July 15th. Wall Street Zen upgraded BlueLinx from a "sell" rating to a "hold" rating in a research report on Saturday, April 25th. Finally, Weiss Ratings restated a "sell (d)" rating on shares of BlueLinx in a research report on Wednesday, May 20th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, BlueLinx has a consensus rating of "Hold" and a consensus target price of $70.00.

About BlueLinx

BlueLinx Corporation is a leading distributor of building products in the United States, serving professional builders, contractors and industrial customers. The company offers a comprehensive portfolio that includes lumber, engineered wood products, plywood, oriented strand board, siding, railing, millwork and specialty construction materials. Through its nationwide network of distribution centers, BlueLinx provides inventory management, delivery and supply-chain solutions designed to help customers streamline operations and reduce carrying costs.

Founded in 2004 as a spin-off from Georgia-Pacific's distribution business, BlueLinx has developed a broad product line that spans both residential and commercial construction markets.

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