BlueLinx (NYSE:BXC) Reaches New 12-Month Low – Here’s Why

Shares of BlueLinx Holdings Inc. (NYSE:BXC) hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $73.01 and last traded at $74.96, with a volume of 67502 shares. The stock had previously closed at $77.71.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on BXC. Benchmark reduced their price target on BlueLinx from $135.00 to $120.00 and set a “buy” rating on the stock in a research report on Friday, February 21st. DA Davidson cut their target price on BlueLinx from $137.00 to $119.00 and set a “buy” rating on the stock in a research report on Thursday, February 20th. Loop Capital cut their target price on BlueLinx from $135.00 to $120.00 and set a “buy” rating on the stock in a research report on Friday, February 21st. Finally, StockNews.com downgraded BlueLinx from a “buy” rating to a “hold” rating in a research report on Thursday, February 20th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $123.50.

BlueLinx Price Performance

The firm has a 50-day simple moving average of $99.95 and a two-hundred day simple moving average of $106.79. The company has a market capitalization of $621.76 million, a price-to-earnings ratio of 12.21 and a beta of 2.04. The company has a current ratio of 4.85, a quick ratio of 3.26 and a debt-to-equity ratio of 0.89.

BlueLinx (NYSE:BXC) last announced its quarterly earnings results on Tuesday, February 18th. The construction company reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.01). BlueLinx had a return on equity of 7.50% and a net margin of 1.80%. The company had revenue of $710.64 million for the quarter, compared to analyst estimates of $700.66 million.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in BlueLinx by 2.3% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,643 shares of the construction company’s stock valued at $474,000 after buying an additional 104 shares in the last quarter. Public Employees Retirement System of Ohio lifted its stake in BlueLinx by 33.7% in the 4th quarter. Public Employees Retirement System of Ohio now owns 504 shares of the construction company’s stock valued at $51,000 after buying an additional 127 shares in the last quarter. FMR LLC lifted its stake in BlueLinx by 10.5% in the 3rd quarter. FMR LLC now owns 1,545 shares of the construction company’s stock valued at $163,000 after buying an additional 147 shares in the last quarter. SkyView Investment Advisors LLC raised its holdings in BlueLinx by 2.1% in the 3rd quarter. SkyView Investment Advisors LLC now owns 9,101 shares of the construction company’s stock valued at $959,000 after acquiring an additional 190 shares during the last quarter. Finally, Hunter Perkins Capital Management LLC raised its holdings in BlueLinx by 4.0% in the 4th quarter. Hunter Perkins Capital Management LLC now owns 5,225 shares of the construction company’s stock valued at $534,000 after acquiring an additional 200 shares during the last quarter. 90.83% of the stock is 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.