BlueLinx (NYSE:BXC) Stock Price Down 8.2% on Disappointing Earnings

BlueLinx Holdings Inc. (NYSE:BXC - Get Free Report)'s share price was down 8.2% during mid-day trading on Wednesday following a dissappointing earnings announcement. The company traded as low as $91.46 and last traded at $91.50. Approximately 6,143 shares changed hands during mid-day trading, a decline of 89% from the average daily 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). BlueLinx had a return on equity of 7.50% and a net margin of 1.80%. The firm had revenue of $710.64 million during the quarter, compared to the consensus estimate of $700.66 million.

Analyst Ratings Changes

A number of equities research analysts have issued reports on BXC shares. Loop Capital reduced their price objective on shares of BlueLinx from $135.00 to $120.00 and set a "buy" rating for the company in a research report on Friday. Benchmark reduced their price objective on shares of BlueLinx from $135.00 to $120.00 and set a "buy" rating for the company in a research report on Friday. DA Davidson reduced their price objective on shares of BlueLinx from $137.00 to $119.00 and set a "buy" rating for the company in a research report on Thursday. Finally, StockNews.com downgraded shares of BlueLinx from a "buy" rating to a "hold" rating in a research report on Thursday. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $123.50.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of BXC. Harbor Capital Advisors Inc. grew its position in shares of BlueLinx by 151.6% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 137,193 shares of the construction company's stock valued at $14,463,000 after acquiring an additional 82,657 shares during the period. Summit Global Investments lifted its stake in shares of BlueLinx by 24.7% during the 3rd 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 in the last quarter. CWA Asset Management Group LLC purchased a new stake in shares of BlueLinx during the 3rd quarter valued at approximately $551,000. Victory Capital Management Inc. lifted its stake in shares of BlueLinx by 600.3% during the 3rd 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 in the last quarter. Finally, MQS Management LLC purchased a new stake in shares of BlueLinx during the 3rd quarter valued at approximately $355,000. 90.83% of the stock is owned by institutional investors.

BlueLinx Stock Down 8.7 %

The company has a market capitalization of $683.07 million, a PE ratio of 13.42 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 moving average is $104.09 and its 200 day moving average is $107.45.

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.