BlueLinx (NYSE:BXC) Stock Price Down 5.5% – Time to Sell?

BlueLinx Holdings Inc. (NYSE:BXC)’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 traded hands during trading, a decline of 69% from the average session volume of 131,360 shares. The stock had previously closed at $79.81.

Wall Street Analysts Forecast Growth

BXC has been the subject of a number of analyst reports. 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, August 6th. Benchmark increased their price objective on BlueLinx from $75.00 to $83.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Citizens Jmp began coverage on BlueLinx in a research report on Thursday. They set a “market perform” rating for the company. Citigroup started coverage on BlueLinx in a research report on Thursday. They set a “market perform” rating for the company. Finally, Wall Street Zen downgraded shares of BlueLinx from a “buy” rating to a “hold” rating in a research note on Saturday. One 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 stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $83.50.

BlueLinx Stock Performance

The stock has a market cap of $600.64 million, a price-to-earnings ratio of -305.66 and a beta of 1.45. 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 stock’s 50-day moving average is $75.44 and its 200-day moving average is $61.44.

BlueLinx (NYSE:BXC) last issued its quarterly earnings results on Tuesday, August 4th. The construction company reported $1.15 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.85. BlueLinx had a positive return on equity of 0.13% and a negative net margin of 0.06%.The company had revenue of $814.08 million during the quarter, compared to the consensus estimate of $793.72 million.

Hedge Funds Weigh In On BlueLinx

Several large investors have recently added to or reduced their stakes in BXC. Squarepoint Ops LLC boosted its stake in BlueLinx by 8.3% in 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 during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of BlueLinx by 0.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 512,594 shares of the construction company’s stock valued at $27,771,000 after acquiring an additional 2,008 shares during the last quarter. Meros Investment Management LP increased its stake in shares of BlueLinx by 4.3% during the 4th quarter. Meros Investment Management LP now owns 82,266 shares of the construction company’s stock valued at $5,054,000 after acquiring an additional 3,385 shares during the last quarter. WINTON GROUP Ltd purchased a new position in shares of BlueLinx during the 2nd quarter worth about $364,000. Finally, Punch & Associates Investment Management Inc. lifted its holdings in shares of BlueLinx by 2.1% during the 1st quarter. Punch & Associates Investment Management Inc. now owns 321,874 shares of the construction company’s stock worth $17,439,000 after acquiring an additional 6,538 shares during the period. 90.83% of the stock is currently 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.