BlueLinx (NYSE:BXC) Sets New 52-Week Low Following Analyst Downgrade

BlueLinx Holdings Inc. (NYSE:BXC - Get Free Report)'s share price hit a new 52-week low during mid-day trading on Thursday after Loop Capital lowered their price target on the stock from $135.00 to $120.00. Loop Capital currently has a buy rating on the stock. BlueLinx traded as low as $86.21 and last traded at $92.06, with a volume of 198716 shares traded. The stock had previously closed at $99.70.

Several other brokerages also recently commented on BXC. DA Davidson lowered their target price on shares of BlueLinx from $137.00 to $119.00 and set a "buy" rating for the company in a report on Thursday. StockNews.com downgraded shares of BlueLinx from a "buy" rating to a "hold" rating in a research report on Thursday. Finally, Benchmark dropped their target price on shares of BlueLinx from $135.00 to $120.00 and set a "buy" rating on the stock in a research report on Friday. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, BlueLinx currently has a consensus rating of "Moderate Buy" and a consensus price target of $123.50.

Hedge Funds Weigh In On BlueLinx

Institutional investors have recently added to or reduced their stakes in the stock. Vestcor Inc boosted its stake in BlueLinx by 1,797.6% in the third quarter. Vestcor Inc now owns 12,714 shares of the construction company's stock valued at $1,340,000 after acquiring an additional 12,044 shares during the last quarter. Victory Capital Management Inc. lifted its stake 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 purchasing an additional 187,456 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in BlueLinx by 5.0% during the third quarter. JPMorgan Chase & Co. now owns 92,144 shares of the construction company's stock valued at $9,714,000 after purchasing an additional 4,363 shares during the period. State Street Corp increased its position in BlueLinx by 0.6% in the third quarter. State Street Corp now owns 198,003 shares of the construction company's stock worth $20,873,000 after buying an additional 1,252 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of BlueLinx by 28.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 167,178 shares of the construction company's stock valued at $17,624,000 after buying an additional 36,968 shares during the period. Institutional investors own 90.83% of the company's stock.

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BlueLinx Price Performance

The company has a current ratio of 4.85, a quick ratio of 3.26 and a debt-to-equity ratio of 0.89. The stock has a market cap of $677.38 million, a PE ratio of 13.28 and a beta of 2.04. The business has a 50-day moving average price of $104.09 and a 200 day moving average price of $107.54.

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

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.