BlueLinx (NYSE:BXC) Trading 15% Higher

BlueLinx Holdings Inc. (NYSE:BXC)’s stock price traded up 15% on Tuesday . The stock traded as high as $12.00 and last traded at $11.79, 584,800 shares changed hands during mid-day trading. An increase of 276% from the average session volume of 155,329 shares. The stock had previously closed at $10.25.

Several equities analysts recently weighed in on the stock. Zacks Investment Research cut shares of BlueLinx from a “hold” rating to a “strong sell” rating in a research note on Monday, November 11th. ValuEngine raised shares of BlueLinx from a “hold” rating to a “buy” rating in a research note on Wednesday, November 6th. Finally, TheStreet raised shares of BlueLinx from a “d+” rating to a “c-” rating in a research note on Wednesday, October 16th.

The firm’s 50 day moving average is $18.98 and its two-hundred day moving average is $23.32. The firm has a market capitalization of $92.25 million, a P/E ratio of -3.26 and a beta of 1.53.

BlueLinx (NYSE:BXC) last released its earnings results on Tuesday, November 5th. The construction company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of $0.48 by ($0.80). The company had revenue of $678.67 million for the quarter, compared to analyst estimates of $712.30 million. On average, sell-side analysts expect that BlueLinx Holdings Inc. will post -1.12 EPS for the current fiscal year.

In related news, CEO Mitchell B. Lewis acquired 11,900 shares of BlueLinx stock in a transaction on Thursday, November 7th. The stock was purchased at an average cost of $15.81 per share, with a total value of $188,139.00. Following the completion of the transaction, the chief executive officer now directly owns 160,912 shares in the company, valued at approximately $2,544,018.72. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, insider Shyam K. Reddy acquired 5,500 shares of BlueLinx stock in a transaction on Thursday, November 7th. The shares were bought at an average cost of $18.21 per share, with a total value of $100,155.00. Following the completion of the transaction, the insider now owns 20,803 shares of the company’s stock, valued at $378,822.63. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 18,900 shares of company stock valued at $309,594. Company insiders own 5.07% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in BXC. Steward Partners Investment Advisory LLC bought a new position in BlueLinx during the second quarter worth $25,000. Tower Research Capital LLC TRC boosted its position in BlueLinx by 771.4% during the second quarter. Tower Research Capital LLC TRC now owns 1,891 shares of the construction company’s stock worth $37,000 after purchasing an additional 1,674 shares during the period. Metropolitan Life Insurance Co NY bought a new position in BlueLinx during the third quarter worth $100,000. SG Americas Securities LLC bought a new position in BlueLinx during the third quarter worth $151,000. Finally, Engine Capital Management LP boosted its position in BlueLinx by 155.1% during the second quarter. Engine Capital Management LP now owns 14,795 shares of the construction company’s stock worth $291,000 after purchasing an additional 8,995 shares during the period. 85.29% of the stock is owned by hedge funds and other institutional investors.

About BlueLinx (NYSE:BXC)

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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