BlueLinx (NYSE:BXC) Shares Down 8.2% After Earnings Miss

BlueLinx Holdings Inc. (NYSE:BXC)’s share price fell 8.2% during trading on Wednesday after the company announced weaker than expected quarterly earnings. The company traded as low as $91.46 and last traded at $91.50. 6,143 shares traded hands during trading, a decline of 89% from the average session volume of 55,601 shares. The stock had previously closed at $99.70.

The construction company reported $0.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.01). The firm had revenue of $710.64 million for the quarter, compared to the consensus estimate of $700.66 million. BlueLinx had a net margin of 1.01% and a return on equity of 10.44%.

Hedge Funds Weigh In On BlueLinx

Several institutional investors have recently bought and sold shares of BXC. Vestcor Inc raised its position in shares of BlueLinx by 1,797.6% during the third quarter. Vestcor Inc now owns 12,714 shares of the construction company’s stock worth $1,340,000 after acquiring an additional 12,044 shares during the last quarter. Victory Capital Management Inc. grew its stake in shares of BlueLinx by 600.3% during the third quarter. Victory Capital Management Inc. now owns 218,685 shares of the construction company’s stock worth $23,054,000 after purchasing an additional 187,456 shares during the period. JPMorgan Chase & Co. grew its stake in shares of BlueLinx by 5.0% during the third quarter. JPMorgan Chase & Co. now owns 92,144 shares of the construction company’s stock worth $9,714,000 after purchasing an additional 4,363 shares during the period. State Street Corp grew its stake in shares of BlueLinx by 0.6% during the third quarter. State Street Corp now owns 198,003 shares of the construction company’s stock worth $20,873,000 after purchasing an additional 1,252 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of BlueLinx by 28.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 167,178 shares of the construction company’s stock worth $17,624,000 after purchasing an additional 36,968 shares during the period. Institutional investors own 90.83% of the company’s stock.

BlueLinx Trading Down 8.6 %

The company has a debt-to-equity ratio of 0.88, a current ratio of 4.58 and a quick ratio of 3.26. The stock has a market capitalization of $763.63 million, a price-to-earnings ratio of 26.46 and a beta of 2.04. The business has a 50 day simple moving average of $106.09 and a 200-day simple moving average of $107.75.

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.