BlueLinx (NYSE:BXC) Shares Down 5.5% – What’s Next?

Shares of BlueLinx Holdings Inc. (NYSE:BXC) dropped 5.5% on Thursday . The stock traded as low as $76.05 and last traded at $75.3850. Approximately 40,824 shares were traded during mid-day trading, a decline of 69% from the average daily volume of 131,360 shares. The stock had previously closed at $79.81.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Wall Street Zen upgraded BlueLinx from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Weiss Ratings restated a “sell (d)” rating on shares of BlueLinx in a research report on Monday, August 17th. DA Davidson lifted their price objective on shares of BlueLinx from $65.00 to $84.00 and gave the stock a “neutral” rating in a research report on Thursday, August 6th. Citizens Jmp assumed coverage on shares of BlueLinx in a research note on Thursday. They issued a “market perform” rating on the stock. Finally, Citigroup initiated coverage on shares of BlueLinx in a research report on Thursday. They set a “market perform” rating for the company. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $83.50.

BlueLinx Price Performance

The company has a current ratio of 4.01, a quick ratio of 2.59 and a debt-to-equity ratio of 0.95. The business has a 50-day moving average price of $74.87 and a 200 day moving average price of $61.24. The stock has a market cap of $575.71 million, a PE ratio of -290.69 and a beta of 1.45.

BlueLinx (NYSE:BXC) last announced its quarterly earnings data on Tuesday, August 4th. The construction company reported $1.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.85. The business had revenue of $814.08 million for the quarter, compared to analysts’ expectations 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

A number of institutional investors have recently modified their holdings of the business. Squarepoint Ops LLC boosted its holdings in shares of BlueLinx by 8.3% in the second 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 raised its position in BlueLinx by 0.4% in the first quarter. Dimensional Fund Advisors LP now owns 512,594 shares of the construction company’s stock worth $27,771,000 after acquiring an additional 2,008 shares during the period. Meros Investment Management LP raised its position in BlueLinx by 4.3% in the fourth quarter. Meros Investment Management LP now owns 82,266 shares of the construction company’s stock worth $5,054,000 after acquiring an additional 3,385 shares during the period. WINTON GROUP Ltd purchased a new position in shares of BlueLinx during the 2nd quarter worth $364,000. Finally, Punch & Associates Investment Management Inc. grew its position 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 valued at $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.