BlueLinx (NYSE:BXC) Shares Gap Up – Should You Buy?

BlueLinx Holdings Inc. (NYSE:BXC) shares gapped up prior to trading on Wednesday . The stock had previously closed at $103.43, but opened at $107.70. BlueLinx shares last traded at $109.00, with a volume of 1,178 shares traded.

Analyst Ratings Changes

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

BlueLinx Stock Performance

The stock has a market capitalization of $933.26 million, a price-to-earnings ratio of 25.57 and a beta of 1.94. The company has a current ratio of 4.88, a quick ratio of 3.37 and a debt-to-equity ratio of 0.88. The firm has a 50-day moving average of $103.76 and a 200-day moving average of $102.91.

BlueLinx (NYSE:BXC) last released its earnings results on Tuesday, July 30th. The construction company reported $1.53 EPS for the quarter. The firm 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%.

Hedge Funds Weigh In On BlueLinx

A number of large investors have recently bought and sold shares of BXC. Summit Global Investments increased its position in shares of BlueLinx by 24.7% in the third quarter. Summit Global Investments now owns 11,545 shares of the construction company’s stock valued at $1,217,000 after buying an additional 2,289 shares in the last quarter. Harbor Capital Advisors Inc. raised its position in BlueLinx by 151.6% during the third quarter. Harbor Capital Advisors Inc. now owns 137,193 shares of the construction company’s stock worth $14,463,000 after acquiring an additional 82,657 shares during the period. Koss Olinger Consulting LLC raised its position in shares of BlueLinx by 5.5% during the 3rd quarter. Koss Olinger Consulting LLC now owns 4,967 shares of the construction company’s stock worth $524,000 after purchasing an additional 260 shares during the last quarter. nVerses Capital LLC lifted its holdings in BlueLinx by 100.0% in the 3rd quarter. nVerses Capital LLC now owns 600 shares of the construction company’s stock valued at $63,000 after purchasing an additional 300 shares in the last quarter. Finally, Oliver Luxxe Assets LLC boosted its position in BlueLinx by 108.5% during the third quarter. Oliver Luxxe Assets LLC now owns 14,799 shares of the construction company’s stock worth $1,560,000 after acquiring an additional 7,701 shares during the last quarter. Institutional investors and hedge funds own 90.83% of the company’s stock.

BlueLinx Company Profile

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.