BlueLinx (NYSE:BXC) Hits New 1-Year Low - Here's Why

Shares of BlueLinx Holdings Inc. (NYSE:BXC - Get Free Report) hit a new 52-week low during mid-day trading on Friday . The company traded as low as $68.10 and last traded at $68.68, with a volume of 641 shares trading hands. The stock had previously closed at $72.04.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on BXC. Loop Capital cut their price objective on BlueLinx from $135.00 to $120.00 and set a "buy" rating for the company in a research note on Friday, February 21st. StockNews.com lowered shares of BlueLinx from a "buy" rating to a "hold" rating in a research report on Thursday, February 20th. DA Davidson lowered their target price on shares of BlueLinx from $137.00 to $119.00 and set a "buy" rating on the stock in a research note on Thursday, February 20th. Finally, Benchmark cut their price target on BlueLinx from $135.00 to $120.00 and set a "buy" rating for the company in a research note on Friday, February 21st. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $123.50.

BlueLinx Price Performance

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 firm has a fifty day simple moving average of $86.01 and a two-hundred day simple moving average of $102.74. The firm has a market cap of $622.00 million, a PE ratio of 12.31 and a beta of 1.82.

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BlueLinx (NYSE:BXC - Get Free Report) last posted 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). BlueLinx had a net margin of 1.80% and a return on equity of 7.50%. The business had revenue of $710.64 million during the quarter, compared to analysts' expectations of $700.66 million.

Institutional Investors Weigh In On BlueLinx

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. FMR LLC lifted its position in BlueLinx by 10.5% in the third quarter. FMR LLC now owns 1,545 shares of the construction company's stock worth $163,000 after buying an additional 147 shares during the last quarter. BNP Paribas Financial Markets raised its position in BlueLinx by 31.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 4,512 shares of the construction company's stock worth $476,000 after purchasing an additional 1,073 shares during the period. Verition Fund Management LLC bought a new stake in BlueLinx in the third quarter worth about $262,000. State Street Corp boosted its position 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 valued at $20,873,000 after buying an additional 1,252 shares during the period. Finally, Public Employees Retirement System of Ohio grew its stake in shares of BlueLinx by 59.1% during the third quarter. Public Employees Retirement System of Ohio now owns 377 shares of the construction company's stock valued at $40,000 after buying an additional 140 shares during the last quarter. 90.83% of the stock is currently owned by hedge funds and other institutional investors.

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.