BlueLinx (NYSE:BXC) Sets New 12-Month High – Still a Buy?

BlueLinx Holdings Inc. (NYSE:BXC)’s stock price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $133.94 and last traded at $133.87, with a volume of 7722 shares changing hands. The stock had previously closed at $127.53.

Analysts Set New Price Targets

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

BlueLinx Trading Up 1.8 %

The company has a quick ratio of 3.26, a current ratio of 4.58 and a debt-to-equity ratio of 0.88. The company has a market capitalization of $1.07 billion, a P/E ratio of 36.60 and a beta of 1.94. The business has a fifty day moving average price of $112.07 and a 200 day moving average price of $104.60.

Hedge Funds Weigh In On BlueLinx

A number of large investors have recently bought and sold shares of BXC. Victory Capital Management Inc. lifted its position in shares of BlueLinx by 600.3% in the third quarter. Victory Capital Management Inc. now owns 218,685 shares of the construction company’s stock worth $23,054,000 after purchasing an additional 187,456 shares in the last quarter. Harbor Capital Advisors Inc. lifted its position in BlueLinx by 151.6% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 137,193 shares of the construction company’s stock worth $14,463,000 after buying an additional 82,657 shares in the last quarter. Meros Investment Management LP acquired a new position in shares of BlueLinx during the 2nd quarter worth about $3,663,000. Charles Schwab Investment Management Inc. grew its holdings in shares of BlueLinx by 28.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 167,178 shares of the construction company’s stock valued at $17,624,000 after acquiring an additional 36,968 shares in the last quarter. Finally, American Century Companies Inc. increased its position in shares of BlueLinx by 12.4% in the second quarter. American Century Companies Inc. now owns 268,059 shares of the construction company’s stock valued at $24,954,000 after acquiring an additional 29,582 shares during the last quarter. Institutional investors and hedge funds own 90.83% of the company’s stock.

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.