BlueLinx (NYSE:BXC) Shares Pass Above 200 Day Moving Average – Here’s Why

BlueLinx Holdings Inc. (NYSE:BXC)’s share price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $102.79 and traded as high as $106.67. BlueLinx shares last traded at $103.61, with a volume of 72,262 shares.

Analysts Set New Price Targets

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

BlueLinx Price Performance

The business’s 50-day simple moving average is $103.51 and its 200 day simple moving average is $102.86. The company has a current ratio of 4.88, a quick ratio of 3.37 and a debt-to-equity ratio of 0.88. The company has a market capitalization of $933.26 million, a P/E ratio of 25.57 and a beta of 1.94.

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

Institutional Investors Weigh In On BlueLinx

A number of institutional investors and hedge funds have recently bought and sold shares of BXC. Harbor Capital Advisors Inc. boosted its holdings in shares of BlueLinx by 151.6% during the third quarter. Harbor Capital Advisors Inc. now owns 137,193 shares of the construction company’s stock worth $14,463,000 after purchasing an additional 82,657 shares during the period. Koss Olinger Consulting LLC raised its stake in BlueLinx by 5.5% during the 3rd quarter. Koss Olinger Consulting LLC now owns 4,967 shares of the construction company’s stock valued at $524,000 after purchasing an additional 260 shares during the last quarter. nVerses Capital LLC raised its stake in shares of BlueLinx by 100.0% in the third quarter. nVerses Capital LLC now owns 600 shares of the construction company’s stock valued at $63,000 after purchasing an additional 300 shares in the last quarter. Oliver Luxxe Assets LLC lifted its stake in BlueLinx by 108.5% during the third quarter. Oliver Luxxe Assets LLC now owns 14,799 shares of the construction company’s stock worth $1,560,000 after purchasing an additional 7,701 shares during the period. Finally, LongView Wealth Management grew its position in BlueLinx by 31.9% in the third quarter. LongView Wealth Management now owns 6,453 shares of the construction company’s stock valued at $680,000 after acquiring an additional 1,561 shares during the period. 90.83% of the stock is owned by institutional investors and hedge funds.

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.