BlueLinx (NYSE:BXC) Coverage Initiated at B. Riley

B. Riley began coverage on shares of BlueLinx (NYSE:BXC) in a research note published on Thursday morning, BenzingaRatingsTable reports. The brokerage issued a buy rating and a $28.00 price objective on the construction company’s stock.

Separately, ValuEngine raised BlueLinx from a sell rating to a hold rating in a research note on Thursday, August 1st.

Shares of NYSE BXC traded up $1.00 during midday trading on Thursday, hitting $26.23. The stock had a trading volume of 210,121 shares, compared to its average volume of 132,468. The company has a market cap of $236.28 million, a P/E ratio of -7.25 and a beta of 1.89. BlueLinx has a 1-year low of $17.88 and a 1-year high of $42.72. The business has a fifty day moving average of $20.28.

BlueLinx (NYSE:BXC) last released its quarterly earnings data on Wednesday, August 7th. The construction company reported ($0.15) earnings per share for the quarter. The firm had revenue of $706.45 million during the quarter. BlueLinx had a negative net margin of 0.92% and a negative return on equity of 606.34%. On average, analysts expect that BlueLinx will post 0.59 EPS for the current year.

In other news, major shareholder Nokomis Capital, L.L.C. acquired 2,335 shares of BlueLinx stock in a transaction dated Tuesday, July 9th. The shares were acquired at an average cost of $18.60 per share, with a total value of $43,431.00. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 5.07% of the company’s stock.

Several large investors have recently made changes to their positions in BXC. BlackRock Inc. raised its position in BlueLinx by 1.3% in the fourth quarter. BlackRock Inc. now owns 589,150 shares of the construction company’s stock worth $14,559,000 after acquiring an additional 7,425 shares in the last quarter. Bank of New York Mellon Corp raised its position in BlueLinx by 55.2% in the fourth quarter. Bank of New York Mellon Corp now owns 42,367 shares of the construction company’s stock worth $1,047,000 after acquiring an additional 15,071 shares in the last quarter. Geode Capital Management LLC raised its position in BlueLinx by 12.1% in the fourth quarter. Geode Capital Management LLC now owns 92,937 shares of the construction company’s stock worth $2,296,000 after acquiring an additional 10,050 shares in the last quarter. Bank of America Corp DE raised its position in BlueLinx by 47.5% in the fourth quarter. Bank of America Corp DE now owns 12,242 shares of the construction company’s stock worth $303,000 after acquiring an additional 3,941 shares in the last quarter. Finally, Deutsche Bank AG raised its position in BlueLinx by 229.4% in the fourth quarter. Deutsche Bank AG now owns 59,060 shares of the construction company’s stock worth $1,458,000 after acquiring an additional 41,129 shares in the last quarter. Institutional investors and hedge funds own 82.04% of the company’s stock.

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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