BlueLinx Holdings Inc. (NYSE:BXC) Forecasted to Earn Q3 2023 Earnings of $3.04 Per Share

BlueLinx Holdings Inc. (NYSE:BXC – Get Rating) – Equities research analysts at Seaport Res Ptn cut their Q3 2023 earnings per share (EPS) estimates for BlueLinx in a report released on Monday, May 22nd. Seaport Res Ptn analyst W. Liptak now forecasts that the construction company will post earnings of $3.04 per share for the quarter, down from their prior forecast of $3.38. The consensus estimate for BlueLinx’s current full-year earnings is $12.42 per share. Seaport Res Ptn also issued estimates for BlueLinx’s Q4 2023 earnings at $2.18 EPS and Q2 2024 earnings at $3.99 EPS.

BlueLinx (NYSE:BXC – Get Rating) last posted its earnings results on Tuesday, February 21st. The construction company reported $3.66 EPS for the quarter, beating the consensus estimate of $2.81 by $0.85. BlueLinx had a return on equity of 32.60% and a net margin of 4.58%. The company had revenue of $847.77 million for the quarter, compared to the consensus estimate of $930.00 million.

Other equities research analysts have also recently issued reports about the company. Benchmark boosted their price target on BlueLinx from $95.00 to $105.00 and gave the company a “buy” rating in a research note on Thursday, February 23rd. StockNews.com assumed coverage on BlueLinx in a research note on Thursday, May 18th. They set a “hold” rating for the company.

BlueLinx Price Performance

BlueLinx stock opened at $83.97 on Tuesday. BlueLinx has a 12 month low of $57.49 and a 12 month high of $93.22. The stock’s 50 day moving average is $72.05 and its 200-day moving average is $75.22. The company has a current ratio of 4.88, a quick ratio of 3.08 and a debt-to-equity ratio of 1.03. The company has a market capitalization of $763.29 million, a price-to-earnings ratio of 4.35 and a beta of 1.85.

Institutional Investors Weigh In On BlueLinx

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Robeco Institutional Asset Management B.V. bought a new position in shares of BlueLinx in the 1st quarter valued at $34,000. Covestor Ltd bought a new position in shares of BlueLinx in the 1st quarter valued at $50,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of BlueLinx in the 3rd quarter valued at $73,000. Steward Partners Investment Advisory LLC lifted its stake in shares of BlueLinx by 7.1% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,090 shares of the construction company’s stock valued at $149,000 after acquiring an additional 138 shares during the last quarter. Finally, Meeder Asset Management Inc. lifted its stake in shares of BlueLinx by 69.1% in the 4th quarter. Meeder Asset Management Inc. now owns 2,209 shares of the construction company’s stock valued at $157,000 after acquiring an additional 903 shares during the last quarter. 84.90% of the stock is currently owned by institutional investors.

About BlueLinx

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BlueLinx Holdings, Inc engages in the distribution of building and industrial products. Its products include structural and specialty. The Structural products consist of plywood, oriented strand board, rebar and remesh, lumber, spruce and other wood used for structural support, walls, and flooring in construction projects.