BlueLinx (NYSE:BXC) Sets New 12-Month Low Following Analyst Downgrade

Shares of BlueLinx Holdings Inc. (NYSE:BXC) hit a new 52-week low during mid-day trading on Thursday after Benchmark lowered their price target on the stock from $120.00 to $110.00. Benchmark currently has a buy rating on the stock. BlueLinx traded as low as $63.55 and last traded at $65.14, with a volume of 279966 shares trading hands. The stock had previously closed at $72.33.

Several other research firms have also issued reports on BXC. DA Davidson dropped their target price on BlueLinx from $119.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday. StockNews.com downgraded BlueLinx from a “buy” rating to a “hold” rating in a report on Thursday, February 20th. Finally, Loop Capital lowered their target price on shares of BlueLinx from $120.00 to $115.00 and set a “buy” rating on the stock in a report on Monday, April 14th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $110.00.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Barclays PLC boosted its position in BlueLinx by 32.0% during the third quarter. Barclays PLC now owns 45,229 shares of the construction company’s stock worth $4,767,000 after purchasing an additional 10,966 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of BlueLinx by 5.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 92,144 shares of the construction company’s stock worth $9,714,000 after buying an additional 4,363 shares during the period. CWA Asset Management Group LLC grew its stake in BlueLinx by 24.7% in the 4th quarter. CWA Asset Management Group LLC now owns 6,518 shares of the construction company’s stock valued at $666,000 after buying an additional 1,291 shares during the last quarter. Oliver Luxxe Assets LLC raised its holdings in BlueLinx by 4.8% in the 4th quarter. Oliver Luxxe Assets LLC now owns 15,515 shares of the construction company’s stock valued at $1,585,000 after acquiring an additional 716 shares during the period. Finally, Harbor Capital Advisors Inc. lifted its position in BlueLinx by 1.0% during the fourth quarter. Harbor Capital Advisors Inc. now owns 138,552 shares of the construction company’s stock worth $14,154,000 after acquiring an additional 1,359 shares during the last quarter. 90.83% of the stock is currently owned by institutional investors.

BlueLinx Trading Up 6.8 %

The company has a market cap of $557.29 million, a P/E ratio of 11.09 and a beta of 1.82. The company has a quick ratio of 3.26, a current ratio of 4.85 and a debt-to-equity ratio of 0.89. The business has a fifty day moving average price of $75.23 and a 200-day moving average price of $98.15.

BlueLinx (NYSE:BXC) last issued its quarterly earnings data on Tuesday, February 18th. The construction company reported $0.51 EPS for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.01). The firm had revenue of $710.64 million during the quarter, compared to analyst estimates of $700.66 million. BlueLinx had a net margin of 1.80% and a return on equity of 7.50%.

BlueLinx Company Profile

BlueLinx Holdings Inc, together with its subsidiaries, engages in the distribution of residential and commercial building products in the United States. It distributes specialty products, including engineered wood, siding, millwork, outdoor living, specialty lumber and panels, and industrial products; and structural products, such as lumber, plywood, oriented strand boards, rebars and remesh, as well as other wood products that are used for structural support in construction projects.