BlueLinx (NYSE:BXC) Raised to Buy at StockNews.com

StockNews.com upgraded shares of BlueLinx (NYSE:BXC - Free Report) from a hold rating to a buy rating in a report released on Saturday morning.

Several other research analysts also recently commented on the stock. DA Davidson increased their price objective on shares of BlueLinx from $121.00 to $137.00 and gave the company a buy rating in a report on Thursday, August 1st. Craig Hallum increased their price target on BlueLinx from $125.00 to $135.00 and gave the company a buy rating in a research note on Thursday, August 1st. Four equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of Buy and an average target price of $135.67.

BlueLinx Price Performance

BXC traded up $3.32 on Friday, hitting $109.25. 33,684 shares of the company's stock traded hands, compared to its average volume of 83,534. The company's 50 day simple moving average is $100.84 and its 200-day simple moving average is $104.78. The company has a current ratio of 4.88, a quick ratio of 3.37 and a debt-to-equity ratio of 0.88. BlueLinx has a one year low of $67.76 and a one year high of $132.67. The firm has a market cap of $931.90 million, a price-to-earnings ratio of 25.53 and a beta of 1.94.

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

Institutional Trading of BlueLinx

Several hedge funds have recently made changes to their positions in the business. Harbor Capital Advisors Inc. lifted its position in BlueLinx by 273.4% in the second quarter. Harbor Capital Advisors Inc. now owns 54,536 shares of the construction company's stock worth $5,077,000 after buying an additional 39,930 shares during the last quarter. Meros Investment Management LP bought a new stake in shares of BlueLinx in the 2nd quarter worth about $3,663,000. Lord Abbett & CO. LLC purchased a new position in shares of BlueLinx during the 1st quarter worth about $4,195,000. American Century Companies Inc. grew its holdings in BlueLinx by 12.4% during the 2nd quarter. American Century Companies Inc. now owns 268,059 shares of the construction company's stock valued at $24,954,000 after purchasing an additional 29,582 shares during the last quarter. Finally, Empowered Funds LLC raised its position in BlueLinx by 70.9% in the 1st quarter. Empowered Funds LLC now owns 62,627 shares of the construction company's stock worth $8,157,000 after purchasing an additional 25,972 shares during the period. 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.