DA Davidson Reiterates Neutral Rating for BlueLinx (NYSE:BXC)

BlueLinx (NYSE:BXC)‘s stock had its “neutral” rating reiterated by equities researchers at DA Davidson in a note issued to investors on Wednesday,Benzinga reports. They presently have a $65.00 price objective on the construction company’s stock. DA Davidson’s price target suggests a potential upside of 5.19% from the stock’s previous close.

A number of other equities research analysts have also recently commented on the company. Wall Street Zen upgraded BlueLinx from a “sell” rating to a “hold” rating in a research report on Saturday, April 25th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of BlueLinx in a report on Wednesday, May 20th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $70.00.

BlueLinx Stock Performance

Shares of NYSE BXC opened at $61.80 on Wednesday. The company has a market capitalization of $480.77 million, a PE ratio of -118.84 and a beta of 1.41. The company has a debt-to-equity ratio of 0.96, a quick ratio of 2.51 and a current ratio of 3.90. The company’s fifty day moving average price is $54.09 and its 200 day moving average price is $59.70. BlueLinx has a 1 year low of $44.78 and a 1 year high of $87.88.

BlueLinx (NYSE:BXC) last released its quarterly earnings data on Tuesday, May 5th. The construction company reported $0.21 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.93. The company had revenue of $731.15 million during the quarter, compared to analysts’ expectations of $714.84 million. BlueLinx had a negative net margin of 0.14% and a negative return on equity of 0.30%.

Hedge Funds Weigh In On BlueLinx

Large investors have recently added to or reduced their stakes in the stock. Voss Capital LP lifted its holdings in BlueLinx by 24.5% during the third quarter. Voss Capital LP now owns 60,000 shares of the construction company’s stock valued at $4,385,000 after purchasing an additional 11,790 shares in the last quarter. Concentric Capital Strategies LP increased its stake in shares of BlueLinx by 115.0% during the fourth quarter. Concentric Capital Strategies LP now owns 67,696 shares of the construction company’s stock worth $4,159,000 after purchasing an additional 36,212 shares in the last quarter. River Road Asset Management LLC raised its position in shares of BlueLinx by 9.9% during the 4th quarter. River Road Asset Management LLC now owns 240,500 shares of the construction company’s stock worth $14,774,000 after purchasing an additional 21,640 shares during the last quarter. Comerica Bank raised its position in shares of BlueLinx by 938.2% during the 4th quarter. Comerica Bank now owns 12,718 shares of the construction company’s stock worth $781,000 after purchasing an additional 11,493 shares during the last quarter. Finally, Empowered Funds LLC lifted its stake in BlueLinx by 42.7% in the 1st quarter. Empowered Funds LLC now owns 110,018 shares of the construction company’s stock valued at $5,961,000 after buying an additional 32,943 shares in the last quarter. 90.83% of the stock is currently owned by institutional investors and hedge funds.

BlueLinx Company Profile

BlueLinx Corporation is a leading distributor of building products in the United States, serving professional builders, contractors and industrial customers. The company offers a comprehensive portfolio that includes lumber, engineered wood products, plywood, oriented strand board, siding, railing, millwork and specialty construction materials. Through its nationwide network of distribution centers, BlueLinx provides inventory management, delivery and supply-chain solutions designed to help customers streamline operations and reduce carrying costs.

Founded in 2004 as a spin-off from Georgia-Pacific’s distribution business, BlueLinx has developed a broad product line that spans both residential and commercial construction markets.