BlueLinx (NYSE:BXC) Stock Price Up 9.7% on Earnings Beat

BlueLinx Holdings Inc. (NYSE:BXC)’s share price rose 9.7% during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $71.63 and last traded at $70.73. Approximately 50,262 shares were traded during mid-day trading, a decline of 59% from the average session volume of 122,506 shares. The stock had previously closed at $64.46.

The construction company reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.85. BlueLinx had a negative net margin of 0.14% and a negative return on equity of 0.30%. The business had revenue of $814.08 million for the quarter, compared to the consensus estimate of $793.72 million.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on BXC shares. DA Davidson reissued a “neutral” rating and issued a $65.00 price target on shares of BlueLinx in a report on Wednesday, July 15th. Weiss Ratings reiterated a “sell (d)” rating on shares of BlueLinx in a research report on Wednesday, May 20th. Finally, Wall Street Zen raised BlueLinx from a “sell” rating to a “hold” rating in a research note on Saturday, April 25th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $70.00.

Institutional Investors Weigh In On BlueLinx

A number of institutional investors and hedge funds have recently modified their holdings of the business. Towle & Co. lifted its holdings in BlueLinx by 113.8% in the fourth quarter. Towle & Co. now owns 167,196 shares of the construction company’s stock valued at $10,271,000 after buying an additional 89,010 shares during the period. Gendell Jeffrey L grew its holdings in BlueLinx by 9.0% during the 4th quarter. Gendell Jeffrey L now owns 718,993 shares of the construction company’s stock worth $44,168,000 after acquiring an additional 59,657 shares during the period. Walleye Capital LLC acquired a new stake in BlueLinx during the 4th quarter worth $3,275,000. Charles Schwab Investment Management Inc. grew its holdings in BlueLinx by 16.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 304,794 shares of the construction company’s stock worth $18,723,000 after acquiring an additional 42,904 shares during the period. Finally, Atom Investors LP bought a new stake in shares of BlueLinx during the 4th quarter valued at $2,469,000. 90.83% of the stock is owned by institutional investors.

BlueLinx Stock Up 9.7%

The firm’s 50-day simple moving average is $56.12 and its 200 day simple moving average is $58.90. The company has a debt-to-equity ratio of 0.96, a quick ratio of 2.51 and a current ratio of 3.90. The company has a market cap of $550.28 million, a P/E ratio of -136.02 and a beta of 1.44.

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.