Concurrent Investment Advisors LLC Purchases New Position in BlueLinx Holdings Inc. $BXC

Concurrent Investment Advisors LLC purchased a new stake in BlueLinx Holdings Inc. (NYSE:BXC) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 3,632 shares of the construction company’s stock, valued at approximately $270,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. CWM LLC boosted its holdings in BlueLinx by 92.8% in the first quarter. CWM LLC now owns 696 shares of the construction company’s stock valued at $52,000 after purchasing an additional 335 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of BlueLinx by 169.7% in the first quarter. PNC Financial Services Group Inc. now owns 1,618 shares of the construction company’s stock valued at $121,000 after acquiring an additional 1,018 shares during the period. Quantbot Technologies LP acquired a new stake in shares of BlueLinx in the first quarter valued at approximately $153,000. Exchange Traded Concepts LLC boosted its holdings in shares of BlueLinx by 14.9% in the first quarter. Exchange Traded Concepts LLC now owns 3,113 shares of the construction company’s stock valued at $233,000 after acquiring an additional 404 shares during the period. Finally, State of Wyoming boosted its holdings in shares of BlueLinx by 32.4% in the first quarter. State of Wyoming now owns 3,216 shares of the construction company’s stock valued at $241,000 after acquiring an additional 787 shares during the period. 90.83% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

BXC has been the subject of several research analyst reports. DA Davidson set a $75.00 price objective on BlueLinx and gave the company a “neutral” rating in a report on Monday, August 4th. Weiss Ratings reissued a “sell (d+)” rating on shares of BlueLinx in a report on Wednesday, October 8th. Benchmark decreased their price objective on BlueLinx from $110.00 to $83.00 and set a “buy” rating for the company in a report on Friday, August 1st. Finally, Wall Street Zen downgraded BlueLinx from a “hold” rating to a “sell” rating in a report on Friday, July 18th. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $91.00.

BlueLinx Price Performance

Shares of NYSE BXC opened at $70.10 on Monday. The company has a debt-to-equity ratio of 0.96, a current ratio of 4.55 and a quick ratio of 2.94. The stock has a fifty day moving average price of $77.32 and a 200 day moving average price of $74.22. BlueLinx Holdings Inc. has a 1-year low of $63.13 and a 1-year high of $134.79. The company has a market cap of $553.08 million, a PE ratio of 20.80 and a beta of 1.58.

BlueLinx declared that its board has initiated a stock buyback program on Tuesday, July 29th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the construction company to buy up to 8% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

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.