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

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

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

BlueLinx Price Performance

BXC opened at $109.25 on Friday. The company has a current ratio of 4.88, a quick ratio of 3.37 and a debt-to-equity ratio of 0.88. The firm has a market cap of $946.32 million, a price-to-earnings ratio of 20.50 and a beta of 1.94. The stock’s 50-day moving average price is $100.84 and its 200 day moving average price is $104.45. BlueLinx has a 12-month low of $67.76 and a 12-month high of $132.67.

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

Hedge Funds Weigh In On BlueLinx

Hedge funds and other institutional investors have recently bought and sold shares of the company. The Manufacturers Life Insurance Company boosted its holdings in shares of BlueLinx by 3.0% in the second quarter. The Manufacturers Life Insurance Company now owns 4,380 shares of the construction company’s stock valued at $408,000 after acquiring an additional 129 shares in the last quarter. SummerHaven Investment Management LLC boosted its position in shares of BlueLinx by 2.0% during the 2nd quarter. SummerHaven Investment Management LLC now owns 7,853 shares of the construction company’s stock worth $731,000 after purchasing an additional 151 shares in the last quarter. nVerses Capital LLC increased its holdings in BlueLinx by 200.0% in the second quarter. nVerses Capital LLC now owns 300 shares of the construction company’s stock valued at $28,000 after buying an additional 200 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in BlueLinx by 4.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,722 shares of the construction company’s stock worth $876,000 after purchasing an additional 293 shares in the last quarter. Finally, Innealta Capital LLC acquired a new position in BlueLinx during the second quarter worth about $39,000. 90.83% of the stock is currently owned by hedge funds and other 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.