BlueLinx (NYSE:BXC) Hits New 52-Week High – What’s Next?

BlueLinx Holdings Inc. (NYSE:BXC) reached a new 52-week high during trading on Friday . The stock traded as high as $90.25 and last traded at $88.0850, with a volume of 22349 shares traded. The stock had previously closed at $85.40.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on BXC shares. Wall Street Zen upgraded shares of BlueLinx from a “sell” rating to a “hold” rating in a research note on Saturday, April 25th. DA Davidson boosted their price target on BlueLinx from $65.00 to $84.00 and gave the stock a “neutral” rating in a report on Thursday. Weiss Ratings reissued a “sell (d)” rating on shares of BlueLinx in a report on Wednesday, May 20th. Finally, Benchmark upped their price target on shares of BlueLinx from $75.00 to $83.00 and gave the company a “buy” rating in a research note on Thursday. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $83.50.

BlueLinx Trading Up 2.3%

The stock’s 50 day moving average is $57.18 and its two-hundred day moving average is $58.92. The company has a market capitalization of $686.80 million, a PE ratio of -349.13 and a beta of 1.44. The company has a quick ratio of 2.51, a current ratio of 4.01 and a debt-to-equity ratio of 0.95.

BlueLinx (NYSE:BXC) last issued its earnings results on Tuesday, August 4th. The construction company reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.85. The company had revenue of $814.08 million for 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 institutional investors have recently bought and sold shares of BXC. Royal Bank of Canada lifted its holdings in 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 position 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 acquiring an additional 9,538 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of 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 purchasing an additional 220 shares during the last quarter. Creative Planning bought a new stake in BlueLinx during the second quarter valued at about $237,000. Finally, Norges Bank bought a new stake in BlueLinx during the second quarter valued at about $1,116,000. 90.83% of the stock is owned by hedge funds and other institutional investors.

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.