BlueLinx (NYSE:BXC) Shares Gap Down Following Weak Earnings

Shares of BlueLinx Holdings Inc. (NYSE:BXCGet Rating) gapped down prior to trading on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $82.05, but opened at $77.16. BlueLinx shares last traded at $79.64, with a volume of 791 shares.

The construction company reported $7.48 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $7.64 by ($0.16). BlueLinx had a return on equity of 107.29% and a net margin of 8.07%. During the same period in the prior year, the company earned $11.61 EPS.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Seaport Res Ptn restated a “buy” rating on shares of BlueLinx in a report on Monday, July 25th. TheStreet upgraded BlueLinx from a “c” rating to a “b-” rating in a report on Wednesday, May 4th. Finally, StockNews.com downgraded BlueLinx from a “buy” rating to a “hold” rating in a report on Thursday, July 14th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $104.25.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of BXC. New York State Teachers Retirement System purchased a new position in BlueLinx in the fourth quarter worth $77,000. Brown Advisory Inc. purchased a new position in BlueLinx in the fourth quarter worth $206,000. Janney Montgomery Scott LLC purchased a new position in BlueLinx in the fourth quarter worth $261,000. Allspring Global Investments Holdings LLC bought a new stake in shares of BlueLinx in the fourth quarter valued at $2,356,000. Finally, Commonwealth Equity Services LLC raised its stake in shares of BlueLinx by 37.1% in the fourth quarter. Commonwealth Equity Services LLC now owns 9,383 shares of the construction company’s stock valued at $898,000 after buying an additional 2,540 shares during the period. Hedge funds and other institutional investors own 81.13% of the company’s stock.

BlueLinx Stock Performance

The stock has a market capitalization of $778.63 million, a P/E ratio of 2.19 and a beta of 1.84. The company has a 50 day simple moving average of $74.33 and a 200-day simple moving average of $77.30. The company has a debt-to-equity ratio of 1.13, a current ratio of 3.47 and a quick ratio of 1.80.

BlueLinx Company Profile

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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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