BlueLinx (NYSE:BXC) Shares Gap Down – Here’s What Happened

Shares of BlueLinx Holdings Inc. (NYSE:BXC) gapped down prior to trading on Monday . The stock had previously closed at $89.63, but opened at $85.61. BlueLinx shares last traded at $85.74, with a volume of 10,863 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Weiss Ratings reiterated a “sell (d)” rating on shares of BlueLinx in a report on Wednesday, May 20th. DA Davidson lifted their price objective on BlueLinx from $65.00 to $84.00 and gave the stock a “neutral” rating in a research report on Thursday, August 6th. Benchmark increased their price target on shares of BlueLinx from $75.00 to $83.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Finally, Wall Street Zen upgraded shares of BlueLinx from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $83.50.

BlueLinx Stock Down 3.3%

The company has a current ratio of 4.01, a quick ratio of 2.59 and a debt-to-equity ratio of 0.95. The firm has a market capitalization of $648.37 million, a P/E ratio of -329.95 and a beta of 1.45. The company has a 50 day simple moving average of $62.99 and a two-hundred day simple moving average of $59.78.

BlueLinx (NYSE:BXC) last announced its quarterly earnings results on Tuesday, August 4th. The construction company reported $1.15 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.85. BlueLinx had a negative net margin of 0.06% and a positive return on equity of 0.13%. The company had revenue of $814.08 million for the quarter, compared to analysts’ expectations of $793.72 million.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Summit Securities Group LLC acquired a new position in shares of BlueLinx in the fourth quarter worth about $31,000. Tower Research Capital LLC TRC lifted its stake in shares of BlueLinx by 114.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 792 shares of the construction company’s stock valued at $59,000 after purchasing an additional 422 shares during the last quarter. Comerica Bank lifted its stake in BlueLinx by 5,468.2% during the 3rd quarter. Comerica Bank now owns 1,225 shares of the construction company’s stock worth $90,000 after acquiring an additional 1,203 shares in the last quarter. State of Wyoming lifted its holdings in BlueLinx by 19.5% during the 4th quarter. State of Wyoming now owns 1,456 shares of the construction company’s stock worth $89,000 after buying an additional 238 shares in the last quarter. Finally, Inceptionr LLC acquired a new stake in shares of BlueLinx in the third quarter valued at $230,000. 90.83% of the stock is owned by institutional investors and hedge funds.

BlueLinx Company Profile

BlueLinx Corporation is a leading distributor of building products in the United States, serving professional builders, contractors and industrial customers. The company offers a comprehensive portfolio that includes lumber, engineered wood products, plywood, oriented strand board, siding, railing, millwork and specialty construction materials. Through its nationwide network of distribution centers, BlueLinx provides inventory management, delivery and supply-chain solutions designed to help customers streamline operations and reduce carrying costs.

Founded in 2004 as a spin-off from Georgia-Pacific’s distribution business, BlueLinx has developed a broad product line that spans both residential and commercial construction markets.