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 $60.22, reaching $79.37 before last trading at $74.57.
• The company beat quarterly expectations, reporting EPS of $1.15 versus the $0.30 consensus and revenue of $814.08 million versus $793.72 million expected.
• Analyst sentiment remains mixed, with ratings ranging from buy to sell; BlueLinx has an average rating of “Hold” and a consensus price target of $83.50.

BlueLinx Holdings Inc. (NYSE:BXC - Get Free Report) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $60.22 and traded as high as $79.37. BlueLinx shares last traded at $74.57, with a volume of 117,734 shares traded.

Wall Street Analysts Forecast Growth

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

BlueLinx Stock Down 6.4%

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

The company has a debt-to-equity ratio of 0.95, a current ratio of 4.01 and a quick ratio of 2.59. The firm's 50-day simple moving average is $68.22 and its two-hundred day simple moving average is $60.22. The company has a market capitalization of $586.12 million, a price-to-earnings ratio of -298.27 and a beta of 1.45.

BlueLinx (NYSE:BXC - Get Free Report) last issued its earnings results on Tuesday, August 4th. The construction company reported $1.15 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.30 by $0.85. The company had revenue of $814.08 million during the quarter, compared to analysts' expectations 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

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Summit Securities Group LLC acquired a new stake in BlueLinx in the fourth quarter valued at $31,000. Tower Research Capital LLC TRC increased its position in shares of BlueLinx by 114.1% in the second quarter. Tower Research Capital LLC TRC now owns 792 shares of the construction company's stock valued at $59,000 after buying an additional 422 shares in the last quarter. State of Wyoming raised its stake in shares of BlueLinx by 19.5% during the 4th quarter. State of Wyoming now owns 1,456 shares of the construction company's stock worth $89,000 after buying an additional 238 shares during the last quarter. Comerica Bank raised its stake in shares of BlueLinx by 5,468.2% during the 3rd quarter. Comerica Bank now owns 1,225 shares of the construction company's stock worth $90,000 after buying an additional 1,203 shares during the last quarter. Finally, Inceptionr LLC purchased a new stake in shares of BlueLinx in the 3rd quarter worth about $230,000. 90.83% of the stock is owned by institutional investors and hedge funds.

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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