PNC Financial Services Group Inc. Increases Stock Holdings in BlueLinx Holdings Inc. $BXC

PNC Financial Services Group Inc. grew its position in BlueLinx Holdings Inc. (NYSE:BXC) by 169.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,618 shares of the construction company’s stock after buying an additional 1,018 shares during the quarter. PNC Financial Services Group Inc.’s holdings in BlueLinx were worth $121,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in BXC. Raymond James Financial Inc. purchased a new position in shares of BlueLinx in the fourth quarter valued at $3,451,000. Jacobs Levy Equity Management Inc. purchased a new position in shares of BlueLinx in the fourth quarter valued at $1,608,000. Susquehanna Fundamental Investments LLC purchased a new position in shares of BlueLinx in the fourth quarter valued at $1,528,000. GAMMA Investing LLC increased its position in shares of BlueLinx by 42,890.0% in the first quarter. GAMMA Investing LLC now owns 12,897 shares of the construction company’s stock valued at $967,000 after buying an additional 12,867 shares in the last quarter. Finally, Barclays PLC increased its position in shares of BlueLinx by 24.2% in the fourth quarter. Barclays PLC now owns 56,169 shares of the construction company’s stock valued at $5,739,000 after buying an additional 10,940 shares in the last quarter. Hedge funds and other institutional investors own 90.83% of the company’s stock.

BlueLinx Stock Up 2.2%

Shares of NYSE:BXC opened at $81.26 on Wednesday. The stock’s 50-day moving average price is $76.39 and its two-hundred day moving average price is $77.00. The company has a current ratio of 4.55, a quick ratio of 2.94 and a debt-to-equity ratio of 0.96. BlueLinx Holdings Inc. has a 12-month low of $63.13 and a 12-month high of $134.79. The firm has a market cap of $641.30 million, a price-to-earnings ratio of 24.11 and a beta of 1.74.

BlueLinx announced that its Board of Directors has initiated a share repurchase program on Tuesday, July 29th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the construction company to purchase up to 8% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

A number of research analysts have recently weighed in on BXC shares. Wall Street Zen cut BlueLinx from a “hold” rating to a “sell” rating in a research report on Friday, July 18th. DA Davidson set a $75.00 price target on BlueLinx and gave the company a “neutral” rating in a research report on Monday, August 4th. Finally, Benchmark dropped their price target on BlueLinx from $110.00 to $83.00 and set a “buy” rating for the company in a research report on Friday, August 1st. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, BlueLinx currently has an average rating of “Moderate Buy” and a consensus price target of $91.00.

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.