BlueLinx (NYSE:BXC) Stock Price Down 9.4% – Here’s Why

BlueLinx Holdings Inc. (NYSE:BXC) was down 9.4% during trading on Monday . The company traded as low as $66.20 and last traded at $65.9350. Approximately 30,538 shares traded hands during trading, a decline of 65% from the average daily volume of 87,368 shares. The stock had previously closed at $72.74.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on BXC shares. Weiss Ratings reaffirmed a “sell (d)” rating on shares of BlueLinx in a research report on Monday, December 29th. DA Davidson set a $68.00 price objective on shares of BlueLinx in a research note on Thursday, November 6th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, BlueLinx presently has a consensus rating of “Hold” and an average price target of $88.67.

BlueLinx Price Performance

The firm has a market cap of $527.34 million, a P/E ratio of -6,700,600.00 and a beta of 1.63. The stock’s 50-day moving average is $70.25 and its 200-day moving average is $70.46. The company has a quick ratio of 3.15, a current ratio of 4.60 and a debt-to-equity ratio of 0.96.

Institutional Investors Weigh In On BlueLinx

Institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada raised its holdings in BlueLinx by 4.3% in the 1st quarter. Royal Bank of Canada now owns 7,870 shares of the construction company’s stock valued at $590,000 after acquiring an additional 321 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of BlueLinx by 24.6% during the 1st quarter. AQR Capital Management LLC now owns 48,257 shares of the construction company’s stock worth $3,618,000 after purchasing an additional 9,538 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of BlueLinx by 4.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,863 shares of the construction company’s stock valued at $365,000 after purchasing an additional 220 shares during the period. SG Americas Securities LLC raised its stake in shares of BlueLinx by 100.4% in the second quarter. SG Americas Securities LLC now owns 7,998 shares of the construction company’s stock valued at $595,000 after purchasing an additional 4,006 shares in the last quarter. Finally, Creative Planning acquired a new position in shares of BlueLinx in the second quarter valued at $237,000. 90.83% of the stock is owned by institutional investors and hedge funds.

About BlueLinx

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.