BlueLinx Holdings Inc. (NYSE:BXC) Sees Large Increase in Short Interest

BlueLinx Holdings Inc. (NYSE:BXCGet Rating) was the target of a large increase in short interest during the month of May. As of May 15th, there was short interest totalling 926,800 shares, an increase of 148.3% from the April 30th total of 373,300 shares. Based on an average daily trading volume, of 176,400 shares, the days-to-cover ratio is currently 5.3 days.

Several hedge funds have recently modified their holdings of BXC. Morgan Stanley lifted its holdings in shares of BlueLinx by 2.5% during the first quarter. Morgan Stanley now owns 14,727 shares of the construction company’s stock worth $577,000 after buying an additional 355 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of BlueLinx by 8.9% during the second quarter. Bank of America Corp DE now owns 9,396 shares of the construction company’s stock worth $473,000 after buying an additional 765 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in shares of BlueLinx by 327.1% during the second quarter. Wells Fargo & Company MN now owns 1,542 shares of the construction company’s stock worth $77,000 after buying an additional 1,181 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of BlueLinx during the third quarter worth approximately $154,000. Finally, Truist Financial Corp acquired a new position in shares of BlueLinx during the third quarter worth approximately $282,000. Institutional investors own 81.13% of the company’s stock.

BXC opened at $82.67 on Friday. The business has a 50 day moving average price of $76.76 and a 200 day moving average price of $79.45. BlueLinx has a twelve month low of $35.00 and a twelve month high of $100.01. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.80 and a current ratio of 3.47. The firm has a market cap of $798.43 million, a P/E ratio of 2.24 and a beta of 1.79.

BlueLinx (NYSE:BXCGet Rating) last posted its earnings results on Tuesday, May 3rd. The construction company reported $13.19 earnings per share for the quarter. BlueLinx had a return on equity of 107.29% and a net margin of 8.07%. The firm had revenue of $1.30 billion during the quarter.

Several equities research analysts have recently issued reports on the company. StockNews.com assumed coverage on BlueLinx in a report on Thursday, March 31st. They set a “buy” rating for the company. Benchmark lifted their price target on BlueLinx from $110.00 to $125.00 and gave the company a “buy” rating in a report on Thursday, February 24th. Craig Hallum lifted their price target on BlueLinx from $104.00 to $115.00 in a report on Thursday, February 24th. Finally, TheStreet upgraded BlueLinx from a “c” rating to a “b-” rating in a report on Wednesday, May 4th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, BlueLinx presently has an average rating of “Buy” and an average target price of $104.25.

About BlueLinx (Get Rating)

BlueLinx Holdings Inc, together with its subsidiaries, distributes residential and commercial building products in the United States. The company distributes specialty products comprising engineered wood, industrial products, cedar, moulding, siding, metal, and insulation products; and structural products include lumber, plywood, oriented strand boards, rebars and remesh, spruce, and other wood products primarily that are used for structural support in construction projects.

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