BlueLinx (NYSE:BXC) Shares Gap Down – Here’s Why

BlueLinx Holdings Inc. (NYSE:BXC)’s share price gapped down before the market opened on Wednesday. The stock had previously closed at $72.56, but opened at $64.97. BlueLinx shares last traded at $73.3260, with a volume of 20,935 shares traded.

Analyst Ratings Changes

Several research firms have recently commented on BXC. Citigroup began coverage on BlueLinx in a research note on Thursday, September 24th. They issued a “market perform” rating for the company. Benchmark upped their price target on BlueLinx from $75.00 to $83.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. DA Davidson raised their price objective on BlueLinx from $65.00 to $84.00 and gave the stock a “neutral” rating in a research note on Thursday, August 6th. Weiss Ratings reiterated a “sell (d)” rating on shares of BlueLinx in a research note on Monday, August 17th. Finally, Citizens Jmp initiated coverage on shares of BlueLinx in a report on Thursday, September 24th. They issued a “market perform” rating for the company. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $83.50.

BlueLinx Price Performance

The company has a debt-to-equity ratio of 0.95, a quick ratio of 2.59 and a current ratio of 4.01. The company has a market cap of $626.37 million, a P/E ratio of -313.62 and a beta of 1.47. The firm’s fifty day moving average is $76.14 and its two-hundred day moving average is $65.02.

BlueLinx (NYSE:BXC) last announced its quarterly earnings data on Tuesday, November 3rd. The construction company reported $0.68 EPS for the quarter, beating the consensus estimate of $0.60 by $0.08. BlueLinx had a positive return on equity of 0.13% and a negative net margin of 0.06%. The business had revenue of $812.61 million for the quarter, compared to the consensus estimate of $814.17 million. As a group, analysts anticipate that BlueLinx Holdings Inc. will post 0.97 earnings per share for the current fiscal year.

Institutional Trading of BlueLinx

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP boosted its stake in BlueLinx by 0.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 512,594 shares of the construction company’s stock worth $27,771,000 after purchasing an additional 2,008 shares during the period. Punch & Associates Investment Management Inc. grew its holdings in 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 buying an additional 6,538 shares in the last quarter. Empowered Funds LLC raised its position in shares of BlueLinx by 42.7% during the first quarter. Empowered Funds LLC now owns 110,018 shares of the construction company’s stock valued at $5,961,000 after buying an additional 32,943 shares during the last quarter. Heartland Advisors Inc. raised its position in shares of BlueLinx by 22.8% during the first quarter. Heartland Advisors Inc. now owns 92,075 shares of the construction company’s stock valued at $4,989,000 after buying an additional 17,075 shares during the last quarter. Finally, Sei Investments Co. raised its position in shares of BlueLinx by 92.1% during the first quarter. Sei Investments Co. now owns 59,592 shares of the construction company’s stock valued at $3,229,000 after buying an additional 28,571 shares during the last quarter. Institutional investors own 90.83% of the company’s stock.

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.