BlueLinx (NYSE:BXC) Stock Price Down 5.5% – Here’s Why

Shares of BlueLinx Holdings Inc. (NYSE:BXC) traded down 5.5% on Tuesday. The stock traded as low as $73.87 and last traded at $74.3950. 111,480 shares were traded during mid-day trading, a decline of 19% from the average session volume of 137,053 shares. The stock had previously closed at $78.74.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Citizens Jmp began coverage on shares of BlueLinx in a research note on Thursday, September 24th. They set a “market perform” rating on the stock. Wall Street Zen raised BlueLinx from a “hold” rating to a “buy” rating in a report on Sunday. Weiss Ratings reissued a “sell (d)” rating on shares of BlueLinx in a report on Monday, August 17th. Citigroup initiated coverage on BlueLinx in a research note on Thursday, September 24th. They issued a “market perform” rating on the stock. Finally, DA Davidson lifted their price objective on BlueLinx from $65.00 to $84.00 and gave the stock a “neutral” rating in a report on Thursday, August 6th. One research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $83.50.

BlueLinx Trading Down 6.5%

The stock has a market capitalization of $578.48 million, a PE ratio of -294.32 and a beta of 1.43. The stock’s 50 day moving average price is $76.34 and its 200-day moving average price is $65.04. The company has a quick ratio of 2.59, a current ratio of 4.01 and a debt-to-equity ratio of 0.95.

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. BlueLinx had a negative net margin of 0.06% and a positive return on equity of 0.13%. The business had revenue of $814.08 million during the quarter, compared to analyst estimates of $793.72 million.

Institutional Investors Weigh In On BlueLinx

Several large investors have recently made changes to their positions in the company. WINTON GROUP Ltd purchased a new position in shares of BlueLinx in the 2nd quarter worth $364,000. SummerHaven Investment Management LLC purchased a new stake in shares of BlueLinx during the 3rd quarter valued at about $595,000. Squarepoint Ops LLC raised its position in shares of BlueLinx by 8.3% during the 2nd quarter. Squarepoint Ops LLC now owns 9,617 shares of the construction company’s stock valued at $595,000 after buying an additional 734 shares in the last quarter. Fifth Third Bancorp bought a new position in shares of BlueLinx in the 1st quarter valued at about $689,000. Finally, Public Employees Retirement System of Ohio bought a new position in shares of BlueLinx in the 2nd quarter valued at about $788,000. 90.83% of the stock is owned by institutional investors.

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.