Stock Buyback Plan Authorized by BlueLinx (NYSE:BXC)

BlueLinx (NYSE:BXC) announced that its board has approved a share repurchase program on Tuesday, July 29th, RTT News reports. The company plans to repurchase $50.00 million in shares. This repurchase authorization authorizes the construction company to purchase up to 8% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on BXC. Benchmark dropped their price objective 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. DA Davidson downgraded BlueLinx from a “buy” rating to a “neutral” rating and set a $80.00 price target on the stock. in a research note on Friday, July 18th. Loop Capital reduced their price objective on BlueLinx from $120.00 to $115.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Finally, Wall Street Zen downgraded BlueLinx from a “hold” rating to a “sell” rating in a report on Friday, July 18th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $110.00.

BlueLinx Trading Down 3.5%

NYSE:BXC opened at $75.49 on Wednesday. The company has a debt-to-equity ratio of 0.94, a current ratio of 4.16 and a quick ratio of 2.73. BlueLinx has a one year low of $63.13 and a one year high of $134.79. The company has a market cap of $605.43 million, a PE ratio of 16.85 and a beta of 1.90. The firm has a 50-day moving average of $74.06 and a 200-day moving average of $80.40.

BlueLinx (NYSE:BXC) last issued its quarterly earnings data on Tuesday, July 29th. The construction company reported $0.48 EPS for the quarter, missing analysts’ consensus estimates of $1.00 by ($0.52). BlueLinx had a return on equity of 4.90% and a net margin of 1.31%.

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.