BlueLinx (NYSE:BXC) Sees Large Volume Increase - Should You Buy?

Key Points

• BlueLinx shares traded at about $70.57, with 73,787 shares changing hands—45% fewer than in the previous session.
• Analyst sentiment is mixed: one analyst rates the stock Buy, three rate it Hold, and one rates it Sell. The consensus rating is Hold, with an average price target of $83.50.
• BlueLinx exceeded quarterly expectations, reporting $1.15 in EPS versus a $0.30 estimate and revenue of $814.08 million. Institutional investors own 90.83% of the company’s shares.

Shares of BlueLinx Holdings Inc. (NYSE:BXC - Get Free Report) saw an uptick in trading volume on Monday. 73,787 shares changed hands during mid-day trading, a decline of 45% from the previous session's volume of 134,569 shares. The stock last traded at $70.5650 and had previously closed at $70.76.

Analysts Set New Price Targets

Several equities analysts recently commented on BXC shares. Citizens Jmp began coverage on shares of BlueLinx in a research note on Thursday, September 24th. They issued a "market perform" rating on the stock. Weiss Ratings reiterated a "sell (d)" rating on shares of BlueLinx in a research note on Monday, August 17th. Citigroup assumed coverage on shares of BlueLinx in a report on Thursday, September 24th. They issued a "market perform" rating for the company. Benchmark boosted their price objective on shares of BlueLinx from $75.00 to $83.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Finally, Wall Street Zen lowered shares of BlueLinx from a "buy" rating to a "hold" rating in a research report on Saturday, September 26th. One analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $83.50.

BlueLinx Trading Up 1.2%

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

The stock has a market capitalization of $562.89 million, a P/E ratio of -286.45 and a beta of 1.43. The company has a current ratio of 4.01, a quick ratio of 2.59 and a debt-to-equity ratio of 0.95. The business has a 50-day moving average price of $78.73 and a two-hundred day moving average price of $63.08.

BlueLinx (NYSE:BXC - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The construction company reported $1.15 EPS for the quarter, topping analysts' consensus estimates of $0.30 by $0.85. The company had revenue of $814.08 million for the quarter, compared to analysts' expectations of $793.72 million. BlueLinx had a positive return on equity of 0.13% and a negative net margin of 0.06%.

Hedge Funds Weigh In On BlueLinx

Several hedge funds have recently bought and sold shares of the company. WINTON GROUP Ltd acquired a new position in shares of BlueLinx in the 2nd quarter valued at approximately $364,000. Squarepoint Ops LLC lifted its holdings in shares of BlueLinx by 8.3% during the 2nd quarter. Squarepoint Ops LLC now owns 9,617 shares of the construction company's stock worth $595,000 after acquiring an additional 734 shares during the period. Fifth Third Bancorp bought a new stake in shares of BlueLinx during the 1st quarter worth approximately $689,000. Public Employees Retirement System of Ohio acquired a new stake in shares of BlueLinx during the 2nd quarter worth approximately $788,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of BlueLinx during the 2nd quarter worth approximately $1,571,000. 90.83% of the stock is owned by institutional investors.

About BlueLinx

BlueLinx Corporation is a wholesale distributor of building products in the United States. The company supplies materials used in residential and commercial construction, remodeling, and industrial applications to customers such as lumberyards, building-material dealers, home improvement retailers, and manufactured housing producers.

Its product portfolio includes structural products such as lumber, plywood, oriented strand board, engineered wood, and other panels. BlueLinx also distributes specialty products, including siding, trim, roofing materials, insulation, gypsum products, and related building components.

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