BlueLinx (NYSE:BXC) Stock Price Passes Above Two Hundred Day Moving Average – What’s Next?

BlueLinx Holdings Inc. (NYSE:BXC)’s share price 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 changing hands.

Wall Street Analysts Forecast Growth

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

BlueLinx Stock Performance

The stock has a market capitalization of $883.38 million, a price-to-earnings ratio of 24.21 and a beta of 1.94. The stock has a 50-day moving average of $103.23 and a 200 day moving average of $102.79. 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 announced its quarterly earnings results on Tuesday, July 30th. The construction company reported $1.53 EPS for the quarter. The company 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 Trading of BlueLinx

Institutional investors and hedge funds have recently modified their holdings of the stock. nVerses Capital LLC increased its stake in shares of BlueLinx by 200.0% in 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 last quarter. Innealta Capital LLC bought a new stake in shares of BlueLinx in the 2nd quarter valued at about $39,000. Meeder Asset Management Inc. bought a new stake in BlueLinx during the 2nd quarter worth approximately $70,000. Allspring Global Investments Holdings LLC increased 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 in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in BlueLinx by 24.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,097 shares of the construction company’s stock worth $195,000 after purchasing an additional 418 shares in the last quarter. 90.83% of the stock is owned by 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.