BlueLinx (NYSE:BXC) Upgraded to Buy by StockNews.com

StockNews.com upgraded shares of BlueLinx (NYSE:BXC) from a hold rating to a buy rating in a research report released on Saturday morning.

BXC has been the topic of a number of other research reports. Craig Hallum raised their price objective on shares of BlueLinx from $125.00 to $135.00 and gave the stock a buy rating in a report on Thursday, August 1st. DA Davidson raised their price objective on shares of BlueLinx from $121.00 to $137.00 and gave the stock a buy rating in a report on Thursday, August 1st. Four investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of Buy and an average target price of $135.67.

BlueLinx Trading Up 3.1 %

NYSE BXC opened at $109.25 on Friday. BlueLinx has a one year low of $67.76 and a one year high of $132.67. The firm has a 50 day simple moving average of $100.84 and a 200-day simple moving average of $104.61. The company has a debt-to-equity ratio of 0.88, a quick ratio of 3.37 and a current ratio of 4.88. The firm has a market cap of $931.90 million, a price-to-earnings ratio of 25.53 and a beta of 1.94.

BlueLinx (NYSE:BXC) last issued its quarterly earnings results on Tuesday, July 30th. The construction company reported $1.53 earnings per share (EPS) for the quarter. BlueLinx had a net margin of 1.26% and a return on equity of 12.14%. The company had revenue of $768.36 million during the quarter.

Hedge Funds Weigh In On BlueLinx

Institutional investors have recently bought and sold shares of the company. nVerses Capital LLC increased its stake in BlueLinx by 200.0% in the 2nd quarter. nVerses Capital LLC now owns 300 shares of the construction company’s stock valued at $28,000 after buying an additional 200 shares during the period. Innealta Capital LLC acquired a new position in BlueLinx in the 2nd quarter valued at $39,000. Allspring Global Investments Holdings LLC increased its stake in BlueLinx by 305.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 564 shares of the construction company’s stock valued at $73,000 after buying an additional 425 shares during the period. Meeder Asset Management Inc. acquired a new position in BlueLinx in the 2nd quarter valued at $70,000. Finally, Capstone Investment Advisors LLC acquired a new position in BlueLinx in the 1st quarter valued at $218,000. 90.83% of the stock is owned by institutional investors and hedge funds.

About BlueLinx

BlueLinx Holdings Inc, together with its subsidiaries, engages in the distribution of residential and commercial building products in the United States. It distributes specialty products, including engineered wood, siding, millwork, outdoor living, specialty lumber and panels, and industrial products; and structural products, such as lumber, plywood, oriented strand boards, rebars and remesh, as well as other wood products that are used for structural support in construction projects.