Benchmark Cuts BlueLinx (NYSE:BXC) Price Target to $83.00

BlueLinx (NYSE:BXC) had its target price cut by Benchmark from $110.00 to $83.00 in a research note published on Friday,Benzinga reports. They currently have a buy rating on the construction company’s stock.

Other equities analysts have also recently issued research reports about the stock. Loop Capital cut their target price on shares of BlueLinx from $120.00 to $115.00 and set a “buy” rating for the company in a research report on Monday, April 14th. DA Davidson lowered shares of BlueLinx from a “buy” rating to a “neutral” rating and set a $80.00 price objective for the company. in a research report on Friday, July 18th. Finally, Wall Street Zen lowered shares of BlueLinx from a “hold” rating to a “sell” rating in a research report on Friday, July 18th.

BlueLinx Stock Down 1.8%

BXC stock opened at $71.97 on Friday. The company has a market cap of $567.80 million, a P/E ratio of 21.35 and a beta of 1.74. BlueLinx has a 52 week low of $63.13 and a 52 week high of $134.79. The company’s 50-day moving average price is $74.49 and its 200 day moving average price is $79.56. The company has a current ratio of 4.55, a quick ratio of 2.94 and a debt-to-equity ratio of 0.96.

BlueLinx declared that its board has authorized a share repurchase plan on Tuesday, July 29th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the construction company to reacquire up to 8% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On BlueLinx

A number of institutional investors have recently modified their holdings of BXC. Nuveen LLC acquired a new position in BlueLinx during the first quarter worth approximately $59,497,000. Invenomic Capital Management LP acquired a new position in BlueLinx during the first quarter worth approximately $3,616,000. Jacobs Levy Equity Management Inc. increased its position in BlueLinx by 265.2% during the first quarter. Jacobs Levy Equity Management Inc. now owns 57,474 shares of the construction company’s stock worth $4,309,000 after purchasing an additional 41,737 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in BlueLinx by 19.6% during the first quarter. Charles Schwab Investment Management Inc. now owns 239,037 shares of the construction company’s stock worth $17,923,000 after purchasing an additional 39,166 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in BlueLinx during the fourth quarter worth approximately $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.