BlueLinx (NYSE:BXC) Raised to Buy at StockNews.com

BlueLinx (NYSE:BXC) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday.

A number of other brokerages also recently issued reports on BXC. Craig Hallum raised their price objective on BlueLinx from $125.00 to $135.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. DA Davidson raised their price target on shares of BlueLinx from $121.00 to $137.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Four analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $135.67.

BlueLinx Stock Performance

NYSE BXC opened at $109.25 on Friday. The stock has a market cap of $931.90 million, a PE ratio of 25.53 and a beta of 1.94. BlueLinx has a fifty-two week low of $67.76 and a fifty-two week high of $132.67. The company has a debt-to-equity ratio of 0.88, a quick ratio of 3.37 and a current ratio of 4.88. The firm’s fifty day moving average price is $100.73 and its two-hundred day moving average price is $104.91.

BlueLinx (NYSE:BXC) last released its quarterly earnings results on Tuesday, July 30th. The construction company reported $1.53 earnings per share for the quarter. BlueLinx had a return on equity of 12.14% and a net margin of 1.26%. The company had revenue of $768.36 million for the quarter.

Institutional Investors Weigh In On BlueLinx

A number of hedge funds have recently added to or reduced their stakes in BXC. nVerses Capital LLC grew its position in shares of BlueLinx by 200.0% during the 2nd quarter. nVerses Capital LLC now owns 300 shares of the construction company’s stock worth $28,000 after buying an additional 200 shares during the period. Innealta Capital LLC acquired a new stake in BlueLinx in the second quarter worth $39,000. Allspring Global Investments Holdings LLC increased its stake in BlueLinx by 305.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 564 shares of the construction company’s stock valued at $73,000 after purchasing an additional 425 shares in the last quarter. Meeder Asset Management Inc. bought a new stake in BlueLinx in the second quarter valued at $70,000. Finally, Capstone Investment Advisors LLC acquired a new position in shares of BlueLinx during the first quarter valued at about $218,000. 90.83% of the stock is currently owned by institutional investors.

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.