BlueLinx Holdings Inc. (NYSE:BXC) Shares Sold by Vestcor Inc
Vestcor Inc reduced its stake in BlueLinx Holdings Inc. (NYSE:BXC) by 41.9% in Q1, now holding 5,500 shares valued at $412,000. Other investors, including Norges Bank and Arrowstreet Capital, have also adjusted their positions. Analysts have mixed views, with DA Davidson downgrading the stock to "neutral" and setting a target price of $80. BlueLinx's stock opened at $71.97, with a market cap of $567.80 million and a recent stock buyback program of $50 million initiated by its Board of Directors.
Vestcor Inc trimmed its position in shares of BlueLinx Holdings Inc. (NYSE:BXC - Free Report) by 41.9% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,500 shares of the construction company's stock after selling 3,967 shares during the period. Vestcor Inc owned approximately 0.07% of BlueLinx worth $412,000 as of its most recent SEC filing.
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A number of other large investors also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of BlueLinx in the fourth quarter valued at $1,532,000. Arrowstreet Capital Limited Partnership raised its stake in shares of BlueLinx by 1.7% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 82,845 shares of the construction company's stock valued at $8,463,000 after acquiring an additional 1,391 shares in the last quarter. O Shaughnessy Asset Management LLC raised its stake in shares of BlueLinx by 194.4% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 6,148 shares of the construction company's stock valued at $628,000 after acquiring an additional 4,060 shares in the last quarter. ExodusPoint Capital Management LP purchased a new position in BlueLinx in the fourth quarter valued at $589,000. Finally, Wells Fargo & Company MN increased its holdings in BlueLinx by 25.3% in the fourth quarter. Wells Fargo & Company MN now owns 4,854 shares of the construction company's stock valued at $496,000 after buying an additional 980 shares during the last quarter. 90.83% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
BXC has been the topic of several recent analyst reports. DA Davidson lowered BlueLinx from a "buy" rating to a "neutral" rating and set a $80.00 target price on the stock. in a report on Friday, July 18th. Benchmark dropped their target price on BlueLinx from $110.00 to $83.00 and set a "buy" rating on the stock in a report on Friday. Wall Street Zen lowered BlueLinx from a "hold" rating to a "sell" rating in a report on Friday, July 18th. Finally, Loop Capital dropped their target price on BlueLinx from $120.00 to $115.00 and set a "buy" rating on the stock in a report on Monday, April 14th.
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Check Out Our Latest Stock Analysis on BXC
BlueLinx Stock Performance
Shares of BXC stock opened at $71.97 on Monday. The stock's 50-day moving average is $74.49 and its two-hundred day moving average is $79.56. The firm has a market cap of $567.80 million, a price-to-earnings ratio of 21.35 and a beta of 1.74. BlueLinx Holdings Inc. has a 1 year low of $63.13 and a 1 year high of $134.79. The company has a debt-to-equity ratio of 0.96, a quick ratio of 2.94 and a current ratio of 4.55.
BlueLinx declared that its Board of Directors has initiated a stock repurchase program on Tuesday, July 29th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the construction company to reacquire up to 8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's board believes its stock is undervalued.
About BlueLinx
(Free Report)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.
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