BlueLinx (NYSE:BXC) Upgraded by Wall Street Zen to “Buy” Rating

Wall Street Zen upgraded shares of BlueLinx (NYSE:BXC) from a hold rating to a buy rating in a research note released on Saturday.

Other analysts also recently issued reports about the company. DA Davidson lifted their price objective on BlueLinx from $65.00 to $84.00 and gave the company a “neutral” rating in a report on Thursday. Weiss Ratings reiterated a “sell (d)” rating on shares of BlueLinx in a report on Wednesday, May 20th. Finally, Benchmark raised their target price on shares of BlueLinx from $75.00 to $83.00 and gave the company a “buy” rating in a research report on Thursday. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, BlueLinx currently has a consensus rating of “Hold” and an average price target of $83.50.

BlueLinx Stock Performance

Shares of NYSE:BXC opened at $89.53 on Friday. The company has a current ratio of 4.01, a quick ratio of 2.51 and a debt-to-equity ratio of 0.95. BlueLinx has a 12 month low of $44.78 and a 12 month high of $90.87. The company has a market capitalization of $703.75 million, a price-to-earnings ratio of -358.13 and a beta of 1.44. The firm’s 50-day moving average is $57.93 and its 200 day moving average is $59.14.

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

Institutional Trading of BlueLinx

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada lifted its stake in BlueLinx by 4.3% during the 1st quarter. Royal Bank of Canada now owns 7,870 shares of the construction company’s stock valued at $590,000 after acquiring an additional 321 shares during the period. AQR Capital Management LLC increased its stake in shares of BlueLinx by 24.6% in the first 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 during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of 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 worth $365,000 after purchasing an additional 220 shares during the last quarter. Creative Planning purchased a new position in shares of BlueLinx during the second quarter worth $237,000. Finally, Norges Bank acquired a new position in BlueLinx during the second quarter valued at $1,116,000. Institutional investors and hedge funds 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.