BlueLinx (NYSE:BXC) Shares Gap Down – Here’s What Happened

BlueLinx Holdings Inc. (NYSE:BXC) gapped down prior to trading on Wednesday. The stock had previously closed at $72.56, but opened at $64.97. BlueLinx shares last traded at $73.3260, with a volume of 20,935 shares trading hands.

Analyst Ratings Changes

Several research analysts have commented on BXC shares. Citizens Jmp began coverage on BlueLinx in a research report on Thursday, September 24th. They set a “market perform” rating on the stock. DA Davidson increased their price objective on BlueLinx from $65.00 to $84.00 and gave the company a “neutral” rating in a report on Thursday, August 6th. Weiss Ratings restated a “sell (d)” rating on shares of BlueLinx in a research report on Monday, August 17th. Benchmark raised their target price on shares of BlueLinx from $75.00 to $83.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Finally, Wall Street Zen raised shares of BlueLinx from a “hold” rating to a “buy” rating in a report on Sunday, November 1st. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $83.50.

BlueLinx Stock Performance

The stock’s 50 day moving average price is $75.65 and its two-hundred day moving average price is $64.95. The company has a current ratio of 3.84, a quick ratio of 2.59 and a debt-to-equity ratio of 0.94. The firm has a market capitalization of $483.91 million, a price-to-earnings ratio of -118.47 and a beta of 1.47.

BlueLinx (NYSE:BXC) last announced its quarterly earnings results on Tuesday, November 3rd. The construction company reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.08. BlueLinx had a positive return on equity of 0.42% and a negative net margin of 0.14%. The business had revenue of $812.61 million during the quarter, compared to analysts’ expectations of $814.17 million. On average, analysts forecast that BlueLinx Holdings Inc. will post 1.00 EPS for the current year.

Institutional Investors Weigh In On BlueLinx

A number of institutional investors have recently bought and sold shares of BXC. Empowered Funds LLC lifted its stake in BlueLinx by 42.7% during the first quarter. Empowered Funds LLC now owns 110,018 shares of the construction company’s stock worth $5,961,000 after purchasing an additional 32,943 shares during the last quarter. Sei Investments Co. increased its stake in BlueLinx by 92.1% during the first quarter. Sei Investments Co. now owns 59,592 shares of the construction company’s stock valued at $3,229,000 after purchasing an additional 28,571 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in BlueLinx during the second quarter valued at $1,571,000. Quantinno Capital Management LP increased its stake in BlueLinx by 124.7% during 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 during the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of BlueLinx during the second quarter worth $788,000. 90.83% of the stock is currently owned by hedge funds and other institutional investors.

BlueLinx Company Profile

BlueLinx Holdings Inc is a specialty distributor of building products in the United States. The company supplies materials used in residential and commercial construction, repair and remodeling, and industrial applications.

Its product portfolio includes structural products such as lumber, plywood, oriented strand board and engineered wood, as well as specialty products including siding, insulation, roofing materials, gypsum wallboard, millwork and related building components. BlueLinx also provides services such as product sourcing, inventory management, job-site delivery and other supply-chain support.

BlueLinx serves professional contractors, specialty dealers, home improvement retailers, industrial manufacturers and producers of manufactured housing through a nationwide distribution network.