BlueLinx Holdings Inc. (NYSE:BXC) Sees Significant Growth in Short Interest

BlueLinx Holdings Inc. (NYSE:BXC) was the recipient of a large growth in short interest in October. As of October 15th, there was short interest totalling 204,300 shares, a growth of 5.3% from the September 30th total of 194,000 shares. Based on an average trading volume of 79,300 shares, the short-interest ratio is presently 2.6 days. Currently, 2.5% of the shares of the stock are short sold.

Hedge Funds Weigh In On BlueLinx

A number of institutional investors have recently modified their holdings of the company. Lord Abbett & CO. LLC acquired a new position in shares of BlueLinx during the first quarter valued at about $4,195,000. GSA Capital Partners LLP bought a new stake in BlueLinx during the first quarter worth $1,501,000. Cornercap Investment Counsel Inc. purchased a new stake in BlueLinx in the 2nd quarter valued at $495,000. SG Americas Securities LLC purchased a new position in BlueLinx during the 1st quarter worth $1,076,000. Finally, Empowered Funds LLC grew its stake in shares of BlueLinx by 70.9% in the 1st quarter. Empowered Funds LLC now owns 62,627 shares of the construction company’s stock worth $8,157,000 after acquiring an additional 25,972 shares in the last quarter. 90.83% of the stock is owned by institutional investors and hedge funds.

BlueLinx Trading Up 1.8 %

NYSE BXC traded up $1.98 during mid-day trading on Friday, reaching $111.44. 12,089 shares of the stock were exchanged, compared to its average volume of 81,883. The company has a debt-to-equity ratio of 0.88, a current ratio of 4.58 and a quick ratio of 3.37. The stock has a market cap of $933.87 million, a P/E ratio of 31.82 and a beta of 1.94. The stock has a 50 day simple moving average of $103.76 and a 200-day simple moving average of $102.91. BlueLinx has a one year low of $74.50 and a one year high of $132.67.

BlueLinx (NYSE:BXC) last released its quarterly earnings data on Tuesday, July 30th. The construction company reported $1.53 earnings per share (EPS) for the quarter. The company had revenue of $768.36 million for the quarter. BlueLinx had a net margin of 1.01% and a return on equity of 10.44%.

Analysts Set New Price Targets

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

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.