BlueLinx (NYSE:BXC) Shares Gap Up – Here’s What Happened

BlueLinx Holdings Inc. (NYSE:BXC) gapped up prior to trading on Wednesday . The stock had previously closed at $103.43, but opened at $107.70. BlueLinx shares last traded at $109.00, with a volume of 1,178 shares.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. StockNews.com upgraded shares of BlueLinx from a “hold” rating to a “buy” rating in a research report on Saturday, October 12th. DA Davidson increased their price objective on shares of BlueLinx from $121.00 to $137.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Finally, Craig Hallum lifted their target price on BlueLinx from $125.00 to $135.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Four analysts have rated the stock with a buy rating, According to MarketBeat, BlueLinx presently has a consensus rating of “Buy” and a consensus target price of $135.67.

BlueLinx Stock Performance

The business’s fifty day moving average is $103.76 and its two-hundred day moving average is $102.91. The stock has a market capitalization of $933.26 million, a PE ratio of 25.57 and a beta of 1.94. The company has a quick ratio of 3.37, a current ratio of 4.88 and a debt-to-equity ratio of 0.88.

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

Institutional Investors Weigh In On BlueLinx

A number of institutional investors and hedge funds have recently modified their holdings of BXC. Dimensional Fund Advisors LP increased its stake in BlueLinx by 2.9% in the second quarter. Dimensional Fund Advisors LP now owns 584,752 shares of the construction company’s stock worth $54,433,000 after purchasing an additional 16,753 shares during the period. Vanguard Group Inc. increased its stake in BlueLinx by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 501,333 shares of the construction company’s stock worth $65,294,000 after buying an additional 5,277 shares during the period. American Century Companies Inc. lifted its holdings in BlueLinx by 12.4% during the 2nd quarter. American Century Companies Inc. now owns 268,059 shares of the construction company’s stock valued at $24,954,000 after buying an additional 29,582 shares in the last quarter. Bridgeway Capital Management LLC boosted its position in BlueLinx by 2.1% in the 1st quarter. Bridgeway Capital Management LLC now owns 145,687 shares of the construction company’s stock valued at $18,974,000 after buying an additional 2,975 shares during the period. Finally, Harbor Capital Advisors Inc. grew its stake in BlueLinx by 151.6% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 137,193 shares of the construction company’s stock worth $14,463,000 after acquiring an additional 82,657 shares in the last quarter. 90.83% of the stock is owned by institutional investors.

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.