BlueLinx (NYSE:BXC) Upgraded to “Buy” at StockNews.com

StockNews.com upgraded shares of BlueLinx (NYSE:BXC) from a hold rating to a buy rating in a research note published on Saturday.

Other analysts also recently issued reports about the stock. DA Davidson upped their price objective on shares of BlueLinx from $121.00 to $137.00 and gave the stock a buy rating in a report on Thursday, August 1st. Craig Hallum boosted their target price on shares of BlueLinx from $125.00 to $135.00 and gave the stock a buy rating in a research report on Thursday, August 1st. Four research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, BlueLinx presently has a consensus rating of Buy and an average price target of $135.67.

BlueLinx Price Performance

NYSE BXC opened at $108.96 on Friday. BlueLinx has a fifty-two week low of $67.76 and a fifty-two week high of $132.67. The stock’s 50-day moving average is $101.22 and its two-hundred day moving average is $104.15. The firm has a market cap of $943.81 million, a P/E ratio of 20.44 and a beta of 1.94. The company has a debt-to-equity ratio of 0.88, a current ratio of 4.88 and a quick ratio of 3.37.

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

Institutional Investors Weigh In On BlueLinx

Several hedge funds have recently modified their holdings of BXC. nVerses Capital LLC raised its stake in BlueLinx by 200.0% during the 2nd quarter. nVerses Capital LLC now owns 300 shares of the construction company’s stock valued at $28,000 after purchasing an additional 200 shares during the last quarter. Innealta Capital LLC bought a new position in shares of BlueLinx during the 2nd quarter worth about $39,000. Meeder Asset Management Inc. acquired a new position in shares of BlueLinx during the second quarter valued at about $70,000. Allspring Global Investments Holdings LLC grew its position in BlueLinx by 305.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 564 shares of the construction company’s stock worth $73,000 after buying an additional 425 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in BlueLinx by 24.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,097 shares of the construction company’s stock valued at $195,000 after acquiring an additional 418 shares during the period. 90.83% of the stock is 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.