BlueLinx (NYSE:BXC) Given New $120.00 Price Target at Loop Capital

BlueLinx (NYSE:BXC) had its price target cut by equities researchers at Loop Capital from $135.00 to $120.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the construction company’s stock. Loop Capital’s target price indicates a potential upside of 43.51% from the company’s previous close.

BXC has been the subject of several other reports. DA Davidson reduced their price objective on BlueLinx from $137.00 to $119.00 and set a “buy” rating for the company in a report on Thursday. Benchmark dropped their price target on BlueLinx from $135.00 to $120.00 and set a “buy” rating for the company in a research report on Friday. Finally, StockNews.com downgraded BlueLinx from a “buy” rating to a “hold” rating in a research report on Thursday. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $123.50.

BlueLinx Price Performance

BXC stock traded down $6.62 during midday trading on Friday, hitting $83.62. 29,734 shares of the stock were exchanged, compared to its average volume of 63,434. The stock’s 50-day moving average price is $104.81 and its 200-day moving average price is $107.52. The stock has a market cap of $693.63 million, a price-to-earnings ratio of 13.68 and a beta of 2.04. BlueLinx has a fifty-two week low of $83.77 and a fifty-two week high of $134.79. The company has a debt-to-equity ratio of 0.89, a quick ratio of 3.26 and a current ratio of 4.85.

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

Institutional Investors Weigh In On BlueLinx

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vestcor Inc grew its position in shares of BlueLinx by 1,797.6% in the third quarter. Vestcor Inc now owns 12,714 shares of the construction company’s stock valued at $1,340,000 after purchasing an additional 12,044 shares during the period. Victory Capital Management Inc. grew its position in shares of BlueLinx by 600.3% in the third quarter. Victory Capital Management Inc. now owns 218,685 shares of the construction company’s stock valued at $23,054,000 after purchasing an additional 187,456 shares during the period. JPMorgan Chase & Co. grew its position in shares of BlueLinx by 5.0% in the third quarter. JPMorgan Chase & Co. now owns 92,144 shares of the construction company’s stock valued at $9,714,000 after purchasing an additional 4,363 shares during the period. State Street Corp grew its position in shares of BlueLinx by 0.6% in the third quarter. State Street Corp now owns 198,003 shares of the construction company’s stock valued at $20,873,000 after purchasing an additional 1,252 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in BlueLinx by 28.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 167,178 shares of the construction company’s stock valued at $17,624,000 after acquiring an additional 36,968 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.