BlueLinx Holdings Inc. (NYSE:BXC) Sees Significant Decline in Short Interest

BlueLinx Holdings Inc. (NYSE:BXC) was the target of a significant decline in short interest during the month of September. As of September 30th, there was short interest totalling 194,000 shares, a decline of 6.5% from the September 15th total of 207,400 shares. Based on an average daily volume of 92,600 shares, the days-to-cover ratio is currently 2.1 days. Approximately 2.4% of the company’s stock are short sold.

Institutional Investors Weigh In On BlueLinx

Hedge funds have recently added to or reduced their stakes in the business. Chicago Partners Investment Group LLC acquired a new position in shares of BlueLinx in the fourth quarter worth about $224,000. Virtu Financial LLC acquired a new position in shares of BlueLinx in the fourth quarter worth about $217,000. Wellington Management Group LLP raised its position in shares of BlueLinx by 4.3% in the fourth quarter. Wellington Management Group LLP now owns 140,142 shares of the construction company’s stock worth $15,879,000 after acquiring an additional 5,842 shares during the period. BTC Capital Management Inc. acquired a new position in shares of BlueLinx in the first quarter worth about $311,000. Finally, Allspring Global Investments Holdings LLC raised its position in shares of BlueLinx by 305.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 564 shares of the construction company’s stock worth $73,000 after acquiring an additional 425 shares during the period. 90.83% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. DA Davidson lifted their price target on shares of BlueLinx from $121.00 to $137.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. StockNews.com raised shares of BlueLinx from a “hold” rating to a “buy” rating in a report on Saturday, October 12th. Finally, Craig Hallum lifted their price target on shares of BlueLinx from $125.00 to $135.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Four research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, BlueLinx currently has an average rating of “Buy” and a consensus target price of $135.67.

BlueLinx Price Performance

NYSE:BXC opened at $109.87 on Friday. BlueLinx has a one year low of $67.76 and a one year high of $132.67. The company has a debt-to-equity ratio of 0.88, a quick ratio of 3.37 and a current ratio of 4.88. The firm has a market cap of $951.69 million, a price-to-earnings ratio of 20.61 and a beta of 1.94. The firm’s fifty day moving average is $101.87 and its two-hundred day moving average is $104.25.

BlueLinx (NYSE:BXC) last posted its quarterly earnings results on Tuesday, July 30th. The construction company reported $1.53 EPS for the quarter. BlueLinx had a net margin of 1.26% and a return on equity of 12.14%. The company had revenue of $768.36 million for the quarter.

About BlueLinx

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.