BlueLinx (NYSE:BXC) Shares Pass Above 200 Day Moving Average – Here’s Why

Shares of BlueLinx Holdings Inc. (NYSE:BXC) passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred 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 traded.

Wall Street Analysts Forecast Growth

BXC has been the subject of a number of research analyst reports. DA Davidson raised their target price on BlueLinx from $121.00 to $137.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. StockNews.com upgraded BlueLinx from a “hold” rating to a “buy” rating in a research note on Saturday, October 12th. Finally, Craig Hallum lifted their price objective on BlueLinx from $125.00 to $135.00 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 MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $135.67.

BlueLinx Price Performance

The company has a quick ratio of 3.37, a current ratio of 4.88 and a debt-to-equity ratio of 0.88. The firm’s fifty day moving average price is $103.51 and its 200 day moving average price is $102.86. The stock has a market cap of $933.26 million, a PE ratio of 25.57 and a beta of 1.94.

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

Institutional Trading of BlueLinx

Several hedge funds have recently modified their holdings of BXC. Harbor Capital Advisors Inc. raised its position in shares of BlueLinx by 151.6% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 137,193 shares of the construction company’s stock valued at $14,463,000 after buying an additional 82,657 shares in the last quarter. Meros Investment Management LP bought a new stake in BlueLinx during the second quarter worth approximately $3,663,000. Lord Abbett & CO. LLC purchased a new stake in BlueLinx during the first quarter valued at approximately $4,195,000. American Century Companies Inc. lifted its stake in shares of BlueLinx by 12.4% in the 2nd quarter. American Century Companies Inc. now owns 268,059 shares of the construction company’s stock valued at $24,954,000 after purchasing an additional 29,582 shares during the last quarter. Finally, Empowered Funds LLC boosted its holdings in shares of BlueLinx by 70.9% in the 1st quarter. Empowered Funds LLC now owns 62,627 shares of the construction company’s stock worth $8,157,000 after purchasing an additional 25,972 shares during the period. 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.