BlueLinx (NYSE:BXC) Sees Unusually-High Trading Volume - Here's What Happened

Key Points

• BlueLinx shares rose to $79.26 from a prior close of $77.28, while trading volume reached about 80,362 shares—38% below the previous session.
• Analyst sentiment remains mixed, with Buy, Hold, and Sell ratings producing a consensus “Hold” recommendation and an average price target of $83.50.
• BlueLinx beat quarterly expectations, reporting $1.15 in EPS versus the $0.30 consensus and revenue of $814.08 million; institutional investors own approximately 90.83% of the stock.

BlueLinx Holdings Inc. (NYSE:BXC - Get Free Report) shares saw an uptick in trading volume on Friday . Approximately 80,362 shares traded hands during mid-day trading, a decline of 38% from the previous session's volume of 128,803 shares.The stock last traded at $79.2550 and had previously closed at $77.28.

Wall Street Analyst Weigh In

Several brokerages have issued reports on BXC. Wall Street Zen upgraded BlueLinx from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Weiss Ratings reissued a "sell (d)" rating on shares of BlueLinx in a research report on Monday, August 17th. DA Davidson lifted their price objective on shares of BlueLinx from $65.00 to $84.00 and gave the stock a "neutral" rating in a report on Thursday, August 6th. Finally, Benchmark increased their target price on shares of BlueLinx from $75.00 to $83.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $83.50.

BlueLinx Price Performance

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

The company has a quick ratio of 2.59, a current ratio of 4.01 and a debt-to-equity ratio of 0.95. The business has a 50-day simple moving average of $68.81 and a two-hundred day simple moving average of $60.25. The stock has a market capitalization of $639.69 million, a price-to-earnings ratio of -325.92 and a beta of 1.45.

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

Hedge Funds Weigh In On BlueLinx

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Public Employees Retirement System of Ohio acquired a new position in shares of BlueLinx in the second quarter worth about $788,000. Bank of New York Mellon Corp acquired a new position in BlueLinx in the 2nd quarter worth approximately $1,571,000. Empowered Funds LLC raised its stake in BlueLinx by 42.7% during the 1st quarter. Empowered Funds LLC now owns 110,018 shares of the construction company's stock valued at $5,961,000 after purchasing an additional 32,943 shares during the period. Quantinno Capital Management LP lifted its holdings in shares of BlueLinx by 124.7% in the first quarter. Quantinno Capital Management LP now owns 34,657 shares of the construction company's stock valued at $1,878,000 after purchasing an additional 19,236 shares in the last quarter. Finally, Punch & Associates Investment Management Inc. boosted its position in shares of BlueLinx by 2.1% in the first quarter. Punch & Associates Investment Management Inc. now owns 321,874 shares of the construction company's stock worth $17,439,000 after buying an additional 6,538 shares during the period. Institutional investors and hedge funds own 90.83% of the company's stock.

BlueLinx Company Profile

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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