BlueLinx (NYSE:BXC) Posts Quarterly Earnings Results

BlueLinx (NYSE:BXC) issued its earnings results on Tuesday. The construction company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.39), Zacks reports. BlueLinx had a net margin of 0.96% and a return on equity of 3.48%.

BlueLinx Price Performance

NYSE BXC traded down $0.90 during trading on Tuesday, reaching $63.95. The company’s stock had a trading volume of 108,244 shares, compared to its average volume of 95,592. The stock has a market capitalization of $504.70 million, a PE ratio of 18.98 and a beta of 1.58. The company has a debt-to-equity ratio of 0.96, a current ratio of 4.55 and a quick ratio of 2.94. The firm has a fifty day moving average of $74.92 and a 200 day moving average of $74.06. BlueLinx has a one year low of $62.22 and a one year high of $134.79.

BlueLinx declared that its Board of Directors has authorized a share repurchase program on Tuesday, July 29th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the construction company to purchase up to 8% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Institutional Trading of BlueLinx

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Tower Research Capital LLC TRC lifted its holdings 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 worth $59,000 after acquiring an additional 422 shares during the last quarter. Vident Advisory LLC raised its stake in BlueLinx by 12.9% in the second quarter. Vident Advisory LLC now owns 6,622 shares of the construction company’s stock worth $493,000 after buying an additional 755 shares in the last quarter. Engineers Gate Manager LP purchased a new stake in BlueLinx in the second quarter worth about $1,065,000. Ameriprise Financial Inc. grew its holdings in shares of BlueLinx by 1.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 123,391 shares of the construction company’s stock worth $9,178,000 after acquiring an additional 1,366 shares during the period. Finally, Raymond James Financial Inc. grew its holdings in shares of BlueLinx by 6.3% during the 2nd quarter. Raymond James Financial Inc. now owns 33,613 shares of the construction company’s stock worth $2,500,000 after acquiring an additional 1,987 shares during the period. Hedge funds and other institutional investors own 90.83% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on BXC. Wall Street Zen lowered BlueLinx from a “hold” rating to a “sell” rating in a research note on Friday, July 18th. Weiss Ratings restated a “sell (d+)” rating on shares of BlueLinx in a research note on Wednesday, October 8th. Benchmark decreased their price objective on BlueLinx from $110.00 to $83.00 and set a “buy” rating on the stock in a research note on Friday, August 1st. Finally, DA Davidson set a $75.00 price objective on BlueLinx and gave the company a “neutral” rating in a research note on Monday, August 4th. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $91.00.

BlueLinx Company Profile

BlueLinx Holdings Inc, together with its subsidiaries, engages in the distribution of residential and commercial building products in the United States. It distributes specialty products, including engineered wood, siding, millwork, outdoor living, specialty lumber and panels, and industrial products; and structural products, such as lumber, plywood, oriented strand boards, rebars and remesh, as well as other wood products that are used for structural support in construction projects.