BlueLinx (NYSE:BXC) Stock Price Down 5.5% - Here's What Happened

Key Points

• BlueLinx shares fell 5.5% to about $75.39 in Thursday trading, with volume down 69% from the stock’s average session volume.
• Analyst sentiment remains mixed: the stock has an overall “Hold” rating and an average price target of $83.50, while individual ratings range from Buy to Sell.
• BlueLinx exceeded quarterly expectations, reporting $1.15 in EPS versus the $0.30 consensus and revenue of $814.08 million versus estimates of $793.72 million; institutional investors own 90.83% of the shares.

BlueLinx Holdings Inc. (NYSE:BXC - Get Free Report)'s stock price was down 5.5% during trading on Thursday . The company traded as low as $76.05 and last traded at $75.3850. 40,824 shares were traded during mid-day trading, a decline of 69% from the average session volume of 131,360 shares. The stock had previously closed at $79.81.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of BlueLinx from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Citigroup started coverage on BlueLinx in a research report on Thursday. They issued a "market perform" rating for the company. Weiss Ratings reaffirmed a "sell (d)" rating on shares of BlueLinx in a research note on Monday, August 17th. Benchmark increased their price target on BlueLinx from $75.00 to $83.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Finally, DA Davidson raised their price objective on BlueLinx from $65.00 to $84.00 and gave the company a "neutral" rating in a research note on Thursday, August 6th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $83.50.

BlueLinx Price Performance

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

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 business has a 50 day simple moving average of $74.87 and a 200-day simple moving average of $61.24. The firm has a market cap of $575.71 million, a price-to-earnings ratio of -290.69 and a beta of 1.45.

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

Hedge funds have recently bought and sold shares of the company. WINTON GROUP Ltd bought a new stake in BlueLinx in the 2nd quarter worth about $364,000. Squarepoint Ops LLC lifted its position 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 buying an additional 734 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of BlueLinx during the 2nd quarter worth approximately $788,000. Bank of New York Mellon Corp purchased a new position in shares of BlueLinx in the 2nd quarter worth approximately $1,571,000. Finally, Empowered Funds LLC boosted its stake 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 buying an additional 32,943 shares during the last quarter. 90.83% of the stock is owned by hedge funds and other institutional investors.

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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