BlueLinx (NYSE:BXC) Reaches New 12-Month Low – Here’s Why

Shares of BlueLinx Holdings Inc. (NYSE:BXC) reached a new 52-week low during trading on Wednesday . The company traded as low as $73.01 and last traded at $74.96, with a volume of 67502 shares trading hands. The stock had previously closed at $77.71.

Analyst Upgrades and Downgrades

BXC has been the subject of a number of recent research reports. Benchmark cut their price objective on shares of BlueLinx from $135.00 to $120.00 and set a “buy” rating for the company in a report on Friday, February 21st. Loop Capital cut their price target on shares of BlueLinx from $135.00 to $120.00 and set a “buy” rating for the company in a report on Friday, February 21st. StockNews.com downgraded shares of BlueLinx from a “buy” rating to a “hold” rating in a report on Thursday, February 20th. Finally, DA Davidson cut their price target on shares of BlueLinx from $137.00 to $119.00 and set a “buy” rating for the company in a report on Thursday, February 20th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $123.50.

BlueLinx Price Performance

The company has a current ratio of 4.85, a quick ratio of 3.26 and a debt-to-equity ratio of 0.89. The stock has a market cap of $621.76 million, a price-to-earnings ratio of 12.21 and a beta of 2.04. The company’s fifty day moving average is $99.95 and its two-hundred day moving average is $106.79.

BlueLinx (NYSE:BXC) last announced its quarterly earnings results on Tuesday, February 18th. The construction company reported $0.51 earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.01). The company had revenue of $710.64 million during the quarter, compared to analysts’ expectations of $700.66 million. BlueLinx had a net margin of 1.80% and a return on equity of 7.50%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Victory Capital Management Inc. boosted its holdings in BlueLinx by 600.3% during the third quarter. Victory Capital Management Inc. now owns 218,685 shares of the construction company’s stock worth $23,054,000 after buying an additional 187,456 shares in the last quarter. River Road Asset Management LLC acquired a new stake in shares of BlueLinx in the fourth quarter worth $7,541,000. Charles Schwab Investment Management Inc. grew its holdings in BlueLinx by 28.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 167,178 shares of the construction company’s stock valued at $17,624,000 after purchasing an additional 36,968 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in BlueLinx during the 4th quarter valued at $3,451,000. Finally, Portolan Capital Management LLC grew its holdings in BlueLinx by 764.6% during the 4th quarter. Portolan Capital Management LLC now owns 35,061 shares of the construction company’s stock valued at $3,582,000 after purchasing an additional 31,006 shares in the last quarter. 90.83% of the stock is currently owned by institutional investors and hedge funds.

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.