B. Riley Cuts BlueLinx (NYSE:BXC) Price Target to $25.00

BlueLinx (NYSE:BXC) had its price objective dropped by equities research analysts at B. Riley from $28.00 to $25.00 in a research note issued to investors on Thursday, Stock Target Advisor reports. The firm currently has a “buy” rating on the construction company’s stock. B. Riley’s price objective suggests a potential upside of 46.63% from the stock’s current price.

Several other equities analysts also recently commented on the company. TheStreet upgraded BlueLinx from a “d+” rating to a “c-” rating in a research report on Wednesday, October 16th. ValuEngine raised BlueLinx from a “hold” rating to a “buy” rating in a report on Wednesday.

Shares of BlueLinx stock traded up $1.09 during midday trading on Thursday, hitting $17.05. 11,830 shares of the company were exchanged, compared to its average volume of 96,251. The firm has a market cap of $290.31 million, a P/E ratio of -4.73 and a beta of 1.77. BlueLinx has a 52 week low of $13.48 and a 52 week high of $35.40. The firm has a 50 day simple moving average of $31.35 and a 200-day simple moving average of $25.32.

BlueLinx (NYSE:BXC) last posted its earnings results on Wednesday, August 7th. The construction company reported ($0.15) EPS for the quarter. The company had revenue of $706.45 million during the quarter. As a group, sell-side analysts anticipate that BlueLinx will post 0.59 earnings per share for the current year.

In other BlueLinx news, insider Shyam K. Reddy purchased 5,500 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was purchased at an average cost of $18.21 per share, with a total value of $100,155.00. Following the acquisition, the insider now directly owns 20,803 shares of the company’s stock, valued at approximately $378,822.63. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Mitchell B. Lewis purchased 11,900 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The shares were acquired at an average cost of $15.81 per share, with a total value of $188,139.00. Following the completion of the acquisition, the chief executive officer now directly owns 160,912 shares in the company, valued at $2,544,018.72. The disclosure for this purchase can be found here. Insiders have purchased a total of 18,600 shares of company stock valued at $320,682 over the last ninety days. Insiders own 5.07% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. Engine Capital Management LP increased its stake in shares of BlueLinx by 155.1% in the 2nd quarter. Engine Capital Management LP now owns 14,795 shares of the construction company’s stock valued at $291,000 after buying an additional 8,995 shares during the period. Atria Investments LLC acquired a new stake in shares of BlueLinx in the 2nd quarter valued at $4,029,000. Vanguard Group Inc. increased its stake in shares of BlueLinx by 6.7% in the 2nd quarter. Vanguard Group Inc. now owns 464,411 shares of the construction company’s stock valued at $9,200,000 after buying an additional 29,190 shares during the period. JBF Capital Inc. increased its stake in shares of BlueLinx by 21.5% in the 2nd quarter. JBF Capital Inc. now owns 312,955 shares of the construction company’s stock valued at $6,199,000 after buying an additional 55,400 shares during the period. Finally, Jane Street Group LLC acquired a new stake in shares of BlueLinx in the 2nd quarter valued at $311,000. 90.08% of the stock is owned by hedge funds and other institutional investors.

About BlueLinx

BlueLinx Holdings Inc, together with its subsidiaries, distributes building and industrial products in the United States. It distributes structural products, including plywood, oriented strand board, rebar and remesh, lumber, spruce, and other wood products primarily used for structural support, walls, and flooring in construction projects; and specialty products comprising engineered wood, moulding, siding, cedar, metal, and insulation products.

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