BlueLinx (NYSE:BXC) Stock Rating Lowered by DA Davidson

BlueLinx (NYSE:BXC) was downgraded by DA Davidson from a “buy” rating to a “neutral” rating in a report released on Friday, MarketBeat Ratings reports. They currently have a $80.00 price objective on the construction company’s stock. DA Davidson’s price objective would indicate a potential upside of 7.89% from the company’s current price.

A number of other equities analysts have also weighed in on BXC. Benchmark decreased their price target on shares of BlueLinx from $120.00 to $110.00 and set a “buy” rating on the stock in a report on Friday, May 2nd. Wall Street Zen upgraded shares of BlueLinx from a “sell” rating to a “hold” rating in a report on Friday, May 30th. Finally, Loop Capital decreased their price target 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 equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $110.00.

BlueLinx Stock Down 10.0%

Shares of BXC opened at $74.15 on Friday. The firm has a market cap of $594.83 million, a PE ratio of 16.55 and a beta of 1.90. The company’s fifty day moving average is $73.13 and its two-hundred day moving average is $81.43. BlueLinx has a fifty-two week low of $63.14 and a fifty-two week high of $134.79. The company has a quick ratio of 2.73, a current ratio of 4.16 and a debt-to-equity ratio of 0.94.

Hedge Funds Weigh In On BlueLinx

Several hedge funds and other institutional investors have recently made changes to their positions in BXC. Nuveen LLC acquired a new position in shares of BlueLinx during the 1st quarter valued at $59,497,000. Invenomic Capital Management LP acquired a new position in shares of BlueLinx during the 1st quarter valued at $3,616,000. Jacobs Levy Equity Management Inc. lifted its holdings in shares of BlueLinx by 265.2% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 57,474 shares of the construction company’s stock valued at $4,309,000 after acquiring an additional 41,737 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of BlueLinx by 19.6% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 239,037 shares of the construction company’s stock valued at $17,923,000 after acquiring an additional 39,166 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of BlueLinx during the 4th quarter valued at $3,451,000. Institutional investors and hedge funds own 90.83% of the company’s stock.

About BlueLinx

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.