BlueLinx (NYSE:BXC) Releases Earnings Results, Beats Estimates By $0.85 EPS

BlueLinx (NYSE:BXC) posted its quarterly earnings data on Tuesday. The construction company reported $1.15 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.85, FiscalAI reports. The business had revenue of $814.08 million during the quarter, compared to analysts’ expectations of $793.72 million. BlueLinx had a negative net margin of 0.14% and a negative return on equity of 0.30%.

BlueLinx Stock Up 12.4%

BlueLinx stock traded up $8.00 during midday trading on Wednesday, reaching $72.46. The stock had a trading volume of 120,441 shares, compared to its average volume of 122,817. The company has a fifty day moving average price of $56.12 and a two-hundred day moving average price of $58.90. The company has a market capitalization of $563.74 million, a P/E ratio of -139.35 and a beta of 1.44. The company has a current ratio of 3.90, a quick ratio of 2.51 and a debt-to-equity ratio of 0.96. BlueLinx has a 12 month low of $44.78 and a 12 month high of $87.88.

Analysts Set New Price Targets

Several research analysts have commented on BXC shares. DA Davidson restated a “neutral” rating and set a $65.00 price objective on shares of BlueLinx in a research report on Wednesday, July 15th. Wall Street Zen raised BlueLinx from a “sell” rating to a “hold” rating in a research note on Saturday, April 25th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of BlueLinx in a research note on Wednesday, May 20th. 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $70.00.

Institutional Investors Weigh In On BlueLinx

Several institutional investors have recently bought and sold shares of the stock. Royal Bank of Canada lifted its position 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 valued at $590,000 after purchasing an additional 321 shares in the last quarter. AQR Capital Management LLC boosted its holdings in shares of 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 buying an additional 9,538 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in BlueLinx by 4.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,863 shares of the construction company’s stock valued at $365,000 after buying an additional 220 shares during the period. Creative Planning bought a new stake in BlueLinx in the second quarter worth about $237,000. Finally, Norges Bank bought a new position in shares of BlueLinx during the 2nd quarter valued at approximately $1,116,000. Institutional investors own 90.83% of the company’s stock.

BlueLinx Company Profile

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.