BlueLinx (NYSE:BXC) Given New $120.00 Price Target at Loop Capital

BlueLinx (NYSE:BXC) had its target price reduced by equities research analysts at Loop Capital from $135.00 to $120.00 in a report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the construction company’s stock. Loop Capital’s target price would suggest a potential upside of 43.51% from the stock’s current price.

A number of other brokerages have also recently commented on BXC. DA Davidson reduced their price objective on BlueLinx from $137.00 to $119.00 and set a “buy” rating on the stock in a research note on Thursday. Benchmark reduced their price objective on BlueLinx from $135.00 to $120.00 and set a “buy” rating on the stock in a research note on Friday. Finally, StockNews.com cut BlueLinx from a “buy” rating to a “hold” rating in a research note on Thursday. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $123.50.

BlueLinx Trading Down 7.3 %

BlueLinx stock traded down $6.62 during midday trading on Friday, reaching $83.62. The stock had a trading volume of 29,734 shares, compared to its average volume of 63,434. BlueLinx has a twelve month low of $83.77 and a twelve month high of $134.79. The stock has a market capitalization of $693.63 million, a PE ratio of 13.68 and a beta of 2.04. The company has a debt-to-equity ratio of 0.89, a quick ratio of 3.26 and a current ratio of 4.85. The stock’s 50-day simple moving average is $104.81 and its 200 day simple moving average is $107.52.

BlueLinx (NYSE:BXC) last issued its quarterly earnings data on Tuesday, February 18th. The construction company reported $0.51 EPS 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 analyst estimates of $700.66 million. BlueLinx had a return on equity of 7.50% and a net margin of 1.80%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of BXC. Harbor Capital Advisors Inc. lifted its stake in shares of BlueLinx by 151.6% in the third 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. Summit Global Investments increased its holdings in BlueLinx by 24.7% in the third quarter. Summit Global Investments now owns 11,545 shares of the construction company’s stock valued at $1,217,000 after buying an additional 2,289 shares during the last quarter. CWA Asset Management Group LLC bought a new stake in BlueLinx in the third quarter valued at about $551,000. Victory Capital Management Inc. increased its holdings in BlueLinx by 600.3% in the third quarter. Victory Capital Management Inc. now owns 218,685 shares of the construction company’s stock valued at $23,054,000 after buying an additional 187,456 shares during the last quarter. Finally, MQS Management LLC bought a new stake in BlueLinx in the third quarter valued at about $355,000. Institutional investors and hedge funds own 90.83% of the company’s stock.

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.