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 issued to investors on Tuesday morning.

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

BlueLinx Price Performance

NYSE BXC opened at $100.64 on Tuesday. The company has a debt-to-equity ratio of 0.88, a quick ratio of 3.22 and a current ratio of 4.88. The firm’s 50 day moving average price is $101.35 and its 200-day moving average price is $108.62. BlueLinx has a 52-week low of $67.76 and a 52-week high of $132.67. The company has a market cap of $871.74 million, a PE ratio of 18.88 and a beta of 1.90.

BlueLinx (NYSE:BXC) 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 Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Raymond James & Associates raised its holdings in shares of BlueLinx by 4.6% during the fourth quarter. Raymond James & Associates now owns 2,616 shares of the construction company’s stock worth $296,000 after purchasing an additional 116 shares during the last quarter. 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 holdings in shares of 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 purchasing an additional 151 shares during the last quarter. nVerses Capital LLC raised its holdings in shares of BlueLinx by 200.0% during the second quarter. nVerses Capital LLC now owns 300 shares of the construction company’s stock worth $28,000 after purchasing an additional 200 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of BlueLinx by 19.5% during the fourth 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. Hedge funds and other institutional investors own 90.83% of the company’s stock.

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.