Zacks Research Initiates Coverage on BlueLinx (NYSE:BXC)

Equities researchers at Zacks Research began coverage on shares of BlueLinx (NYSE:BXC) in a report issued on Monday, Zacks reports. The brokerage set a “hold” rating on the construction company’s stock.

BXC has been the subject of a number of other reports. Benchmark upped their target price on shares of BlueLinx from $75.00 to $83.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of BlueLinx in a research report on Monday, August 17th. Wall Street Zen upgraded shares of BlueLinx from a “hold” rating to a “buy” rating in a report on Sunday. DA Davidson raised their target price on shares of BlueLinx from $65.00 to $84.00 and gave the company a “neutral” rating in a research report on Thursday, August 6th. Finally, Citizens Jmp began coverage on shares of BlueLinx in a research note on Thursday, September 24th. They issued a “market perform” rating on the stock. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $83.50.

BlueLinx Price Performance

Shares of BXC opened at $72.64 on Monday. The stock has a market cap of $570.91 million, a P/E ratio of -290.53 and a beta of 1.47. BlueLinx has a 1 year low of $44.78 and a 1 year high of $93.80. The stock’s 50-day moving average price is $76.14 and its two-hundred day moving average price is $65.02. The company has a current ratio of 4.01, a quick ratio of 2.59 and a debt-to-equity ratio of 0.95.

BlueLinx (NYSE:BXC) last issued its quarterly earnings data on Tuesday, November 3rd. The construction company reported $0.68 EPS for the quarter, topping the consensus estimate of $0.60 by $0.08. BlueLinx had a positive return on equity of 0.13% and a negative net margin of 0.06%. The business had revenue of $812.61 million for the quarter, compared to the consensus estimate of $814.17 million. On average, equities analysts predict that BlueLinx will post 0.97 earnings per share for the current year.

Institutional Investors Weigh In On BlueLinx

Several hedge funds have recently bought and sold shares of BXC. WINTON GROUP Ltd acquired a new position in shares of BlueLinx during the 2nd quarter worth approximately $364,000. SummerHaven Investment Management LLC bought a new position in shares of BlueLinx in the third quarter worth $595,000. Squarepoint Ops LLC raised its stake in BlueLinx by 8.3% in the second quarter. Squarepoint Ops LLC now owns 9,617 shares of the construction company’s stock valued at $595,000 after purchasing an additional 734 shares in the last quarter. Fifth Third Bancorp acquired a new position in BlueLinx in the first quarter valued at about $689,000. Finally, Public Employees Retirement System of Ohio bought a new stake in BlueLinx during the second quarter worth about $788,000. 90.83% of the stock is currently owned by institutional investors and hedge funds.

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.