BlueLinx (NYSE:BXC) Shares Gap Up - Should You Buy?

Shares of BlueLinx Holdings Inc. (NYSE:BXC - Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $103.43, but opened at $107.70. BlueLinx shares last traded at $109.00, with a volume of 1,178 shares trading hands.

Analysts Set New Price Targets

BXC has been the subject of several analyst reports. DA Davidson upped their target price on BlueLinx from $121.00 to $137.00 and gave the company a "buy" rating in a research note on Thursday, August 1st. Craig Hallum lifted their price objective on shares of BlueLinx from $125.00 to $135.00 and gave the company a "buy" rating in a research note on Thursday, August 1st. Finally, StockNews.com upgraded BlueLinx from a "hold" rating to a "buy" rating in a research note on Saturday, October 12th. Four research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $135.67.

BlueLinx Price Performance

The company's 50 day moving average price is $103.23 and its 200-day moving average price is $102.79. The company has a market cap of $962.41 million, a price-to-earnings 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.

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

Hedge Funds Weigh In On BlueLinx

A number of institutional investors have recently modified their holdings of BXC. Dimensional Fund Advisors LP grew its holdings in shares of BlueLinx by 2.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 584,752 shares of the construction company's stock worth $54,433,000 after purchasing an additional 16,753 shares during the last quarter. Vanguard Group Inc. increased its holdings in BlueLinx by 1.1% in the first quarter. Vanguard Group Inc. now owns 501,333 shares of the construction company's stock valued at $65,294,000 after purchasing an additional 5,277 shares during the last quarter. American Century Companies Inc. boosted its stake in BlueLinx by 12.4% during the 2nd quarter. American Century Companies Inc. now owns 268,059 shares of the construction company's stock worth $24,954,000 after acquiring an additional 29,582 shares during the last quarter. Bridgeway Capital Management LLC grew its holdings in shares of BlueLinx by 2.1% in the 1st quarter. Bridgeway Capital Management LLC now owns 145,687 shares of the construction company's stock valued at $18,974,000 after buying an additional 2,975 shares during the period. Finally, Harbor Capital Advisors Inc. increased its holdings in shares of BlueLinx by 151.6% in the third quarter. Harbor Capital Advisors Inc. now owns 137,193 shares of the construction company's stock worth $14,463,000 after acquiring an additional 82,657 shares in the last quarter. Institutional investors own 90.83% of the company's stock.

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.