BlueLinx (NYSE:BXC) Upgraded to Buy by StockNews.com

StockNews.com upgraded shares of BlueLinx (NYSE:BXC) from a hold rating to a buy rating in a research note released on Tuesday.

A number of other research analysts have also weighed in on BXC. DA Davidson raised their price target on shares of 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 target on BlueLinx from $125.00 to $135.00 and gave the stock a buy rating in a research note on Thursday, August 1st. Finally, Benchmark reissued a buy rating and issued a $135.00 price objective on shares of BlueLinx in a research note on Wednesday, May 29th. Four equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of Buy and a consensus price target of $135.67.

BlueLinx Stock Down 3.3 %

BXC stock opened at $100.23 on Tuesday. The firm has a 50 day moving average of $101.16 and a 200 day moving average of $108.91. The stock has a market capitalization of $868.19 million, a PE ratio of 18.80 and a beta of 1.90. BlueLinx has a 52 week low of $67.76 and a 52 week high of $132.67. The company has a quick ratio of 3.22, a current ratio of 4.88 and a debt-to-equity ratio of 0.88.

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

Institutional Investors Weigh In On BlueLinx

Hedge funds and other institutional investors have recently modified their holdings of the company. nVerses Capital LLC lifted its position in shares of BlueLinx by 200.0% during the 2nd quarter. nVerses Capital LLC now owns 300 shares of the construction company’s stock worth $28,000 after buying an additional 200 shares during the last quarter. Innealta Capital LLC purchased a new position in BlueLinx during the 2nd quarter worth approximately $39,000. Meeder Asset Management Inc. acquired a new position in BlueLinx during the second quarter worth approximately $70,000. Allspring Global Investments Holdings LLC boosted its stake in BlueLinx by 305.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 564 shares of the construction company’s stock worth $73,000 after purchasing an additional 425 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in BlueLinx by 19.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,410 shares of the construction company’s stock worth $160,000 after purchasing an additional 230 shares during the last quarter. 90.83% of the stock is currently owned by institutional investors and hedge funds.

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.