StockNews.com Upgrades BlueLinx (NYSE:BXC) to Buy

BlueLinx (NYSE:BXC) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Saturday.

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

BlueLinx Stock Up 3.1 %

Shares of NYSE:BXC opened at $109.25 on Friday. The firm has a market capitalization of $946.32 million, a PE ratio of 20.50 and a beta of 1.94. BlueLinx has a 1 year low of $67.76 and a 1 year high of $132.67. The business has a 50 day simple moving average of $100.84 and a two-hundred day simple moving average of $104.45. The company has a debt-to-equity ratio of 0.88, a current ratio of 4.88 and a quick ratio of 3.37.

BlueLinx (NYSE:BXC) 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 business had revenue of $768.36 million during the quarter.

Hedge Funds Weigh In On BlueLinx

Several hedge funds have recently modified their holdings of BXC. The Manufacturers Life Insurance Company raised its holdings in shares of BlueLinx by 3.0% during the second quarter. The Manufacturers Life Insurance Company now owns 4,380 shares of the construction company’s stock worth $408,000 after purchasing an additional 129 shares during the last quarter. SummerHaven Investment Management LLC raised its position in BlueLinx by 2.0% during the second quarter. SummerHaven Investment Management LLC now owns 7,853 shares of the construction company’s stock worth $731,000 after acquiring an additional 151 shares during the period. nVerses Capital LLC lifted its holdings in BlueLinx by 200.0% during the second quarter. nVerses Capital LLC now owns 300 shares of the construction company’s stock valued at $28,000 after purchasing an additional 200 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of BlueLinx by 4.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,722 shares of the construction company’s stock valued at $876,000 after purchasing an additional 293 shares during the period. Finally, Innealta Capital LLC purchased a new stake in BlueLinx during the 2nd quarter worth approximately $39,000. Institutional investors and hedge funds 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.