BlueLinx (NYSE:BXC) Shares Gap Up - Still a Buy?

Key Points

• BlueLinx shares gapped higher, opening at $80.45 after closing at $76.88, before trading near $76.78. The stock’s 50-day and 200-day moving averages were $72.13 and $60.72, respectively.
• Analyst views remain mixed: Benchmark and Wall Street Zen issued or upgraded the stock to “Buy,” while DA Davidson rated it “Neutral” and Weiss Ratings reiterated “Sell.” The overall consensus is “Hold”, with an average price target of $83.50.
• BlueLinx reported quarterly EPS of $1.15, beating the $0.30 consensus estimate, while revenue of $814.08 million also exceeded expectations. Institutional investors own 90.83% of the company’s shares.

Shares of BlueLinx Holdings Inc. (NYSE:BXC - Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $76.88, but opened at $80.45. BlueLinx shares last traded at $76.7760, with a volume of 23,866 shares.

Wall Street Analyst Weigh In

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

BlueLinx Trading Down 0.2%

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

The company has a fifty day moving average of $72.13 and a two-hundred day moving average of $60.72. 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 stock has a market capitalization of $603.05 million, a price-to-earnings ratio of -306.89 and a beta of 1.45.

BlueLinx (NYSE:BXC - Get Free Report) last announced its quarterly 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. BlueLinx had a positive return on equity of 0.13% and a negative net margin of 0.06%.The company had revenue of $814.08 million for the quarter, compared to the consensus estimate of $793.72 million.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of BXC. Concentric Capital Strategies LP boosted its position in BlueLinx by 115.0% in the fourth quarter. Concentric Capital Strategies LP now owns 67,696 shares of the construction company's stock valued at $4,159,000 after buying an additional 36,212 shares in the last quarter. Empowered Funds LLC boosted its holdings in shares of BlueLinx by 42.7% in the 1st quarter. Empowered Funds LLC now owns 110,018 shares of the construction company's stock worth $5,961,000 after acquiring an additional 32,943 shares in the last quarter. Sei Investments Co. boosted its stake in BlueLinx by 92.1% in the first quarter. Sei Investments Co. now owns 59,592 shares of the construction company's stock worth $3,229,000 after purchasing an additional 28,571 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in shares of BlueLinx during the second quarter worth $1,571,000. Finally, River Road Asset Management LLC increased its stake in shares of BlueLinx by 9.9% in the fourth quarter. River Road Asset Management LLC now owns 240,500 shares of the construction company's stock valued at $14,774,000 after buying an additional 21,640 shares in the last quarter. Institutional investors own 90.83% of the company's stock.

About BlueLinx

BlueLinx Holdings Inc is a distributor of building products serving professional contractors, dealers, homebuilders, industrial manufacturers and other customers in the construction industry. The company operates through a network of distribution facilities and supplies products from manufacturers to customers across the United States.

Its product portfolio includes structural products such as lumber, engineered wood and panels, as well as specialty products including siding, trim, roofing, insulation, gypsum and related building materials.

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