BlueLinx (NYSE:BXC) Hits New 52-Week Low After Analyst Downgrade

BlueLinx Holdings Inc. (NYSE:BXC) shares reached a new 52-week low on Thursday after Loop Capital lowered their price target on the stock from $135.00 to $120.00. Loop Capital currently has a buy rating on the stock. BlueLinx traded as low as $86.21 and last traded at $92.06, with a volume of 198716 shares changing hands. The stock had previously closed at $99.70.

Several other equities analysts have also weighed in on the stock. Benchmark dropped their price objective on shares of BlueLinx from $135.00 to $120.00 and set a “buy” rating on the stock in a research report on Friday. DA Davidson decreased their price target on shares of BlueLinx from $137.00 to $119.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, StockNews.com downgraded shares of BlueLinx from a “buy” rating to a “hold” rating in a research report on Thursday. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, BlueLinx presently has an average rating of “Moderate Buy” and an average target price of $123.50.

Institutional Investors Weigh In On BlueLinx

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Mackenzie Financial Corp grew its stake in shares of BlueLinx by 146.0% in the fourth quarter. Mackenzie Financial Corp now owns 5,593 shares of the construction company’s stock valued at $571,000 after acquiring an additional 3,319 shares in the last quarter. Public Employees Retirement System of Ohio grew its position in shares of BlueLinx by 33.7% during the 4th quarter. Public Employees Retirement System of Ohio now owns 504 shares of the construction company’s stock worth $51,000 after purchasing an additional 127 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of BlueLinx by 31.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 18,705 shares of the construction company’s stock worth $1,911,000 after purchasing an additional 4,525 shares during the period. Towle & Co. raised its position in shares of BlueLinx by 7.2% in the fourth quarter. Towle & Co. now owns 120,972 shares of the construction company’s stock valued at $12,358,000 after buying an additional 8,123 shares in the last quarter. Finally, ProShare Advisors LLC acquired a new stake in shares of BlueLinx in the fourth quarter valued at approximately $235,000. Institutional investors and hedge funds own 90.83% of the company’s stock.

BlueLinx Trading Down 8.7 %

The firm has a 50 day moving average of $104.81 and a 200-day moving average of $107.52. The company has a quick ratio of 3.26, a current ratio of 4.85 and a debt-to-equity ratio of 0.89. The firm has a market capitalization of $683.48 million, a P/E ratio of 13.42 and a beta of 2.04.

BlueLinx (NYSE:BXC) last released its 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 for the quarter, compared to the consensus estimate of $700.66 million. BlueLinx had a net margin of 1.80% and a return on equity of 7.50%.

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.