BlueLinx (NYSE:BXC) Stock Passes Above 200 Day Moving Average - Here's What Happened

BlueLinx Holdings Inc. (NYSE:BXC - Get Free Report) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $102.79 and traded as high as $106.67. BlueLinx shares last traded at $103.61, with a volume of 72,262 shares.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. DA Davidson upped their price target on BlueLinx from $121.00 to $137.00 and gave the company a "buy" rating in a research report on Thursday, August 1st. Craig Hallum upped their target price on BlueLinx from $125.00 to $135.00 and gave the company a "buy" rating in a report on Thursday, August 1st. Finally, StockNews.com upgraded shares of BlueLinx from a "hold" rating to a "buy" rating in a report on Saturday, October 12th. Four analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $135.67.

BlueLinx Price Performance

The stock has a market cap of $962.41 million, a P/E ratio of 26.37 and a beta of 1.94. The company has a debt-to-equity ratio of 0.88, a quick ratio of 3.37 and a current ratio of 4.88. The firm has a 50-day moving average price of $103.23 and a 200-day moving average price of $102.79.

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

Institutional Investors Weigh In On BlueLinx

Several hedge funds and other institutional investors have recently made changes to their positions in the business. nVerses Capital LLC grew its stake in shares of 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 acquiring an additional 200 shares during the period. Innealta Capital LLC bought a new position in BlueLinx in the 2nd quarter worth $39,000. Meeder Asset Management Inc. purchased a new stake in BlueLinx in the 2nd quarter worth $70,000. Allspring Global Investments Holdings LLC increased its stake in BlueLinx by 305.8% in the 1st 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 raised its holdings 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. Hedge funds and other institutional investors own 90.83% of the company's stock.

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.