BlueLinx (NYSE:BXC) Shares Pass Above 200 Day Moving Average - Here's What Happened

Key Points

• BlueLinx shares crossed above their 200-day moving average of $60.16, trading as high as $85.85 before closing around $82.89.
• Analyst views remain mixed, with one Buy, one Hold and one Sell rating; the consensus rating is Hold with an average price target of $83.50.
• BlueLinx reported quarterly EPS of $1.15, substantially above the $0.30 consensus estimate, while revenue of $814.08 million also exceeded expectations.

BlueLinx Holdings Inc. (NYSE:BXC - Get Free Report) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $60.16 and traded as high as $85.85. BlueLinx shares last traded at $82.8920, with a volume of 134,880 shares changing hands.

Analyst Upgrades and Downgrades

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

BlueLinx Stock Down 2.0%

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

The firm has a market capitalization of $651.53 million, a PE ratio of -331.55 and a beta of 1.45. The company has a debt-to-equity ratio of 0.95, a quick ratio of 2.59 and a current ratio of 4.01. The company has a fifty day simple moving average of $65.34 and a two-hundred day simple moving average of $60.16.

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

Institutional Trading of BlueLinx

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Royal Bank of Canada lifted its stake in shares of BlueLinx by 4.3% during the first quarter. Royal Bank of Canada now owns 7,870 shares of the construction company's stock worth $590,000 after buying an additional 321 shares during the period. AQR Capital Management LLC raised its stake in BlueLinx by 24.6% in the 1st quarter. AQR Capital Management LLC now owns 48,257 shares of the construction company's stock worth $3,618,000 after acquiring an additional 9,538 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in BlueLinx by 4.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,863 shares of the construction company's stock worth $365,000 after acquiring an additional 220 shares during the period. Creative Planning purchased a new stake in BlueLinx during the 2nd quarter valued at about $237,000. Finally, Norges Bank acquired a new position in shares of BlueLinx in the second quarter valued at about $1,116,000. Hedge funds and other institutional investors own 90.83% of the company's stock.

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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