Home Hedge Funds Short Interest in BlueLinx Holdings Inc. (NYSE:BXC) Drops By 11.6%

Short Interest in BlueLinx Holdings Inc. (NYSE:BXC) Drops By 11.6%

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BlueLinx Holdings Inc. (NYSE:BXCGet Rating) was the recipient of a significant decline in short interest in the month of November. As of November 30th, there was short interest totalling 420,000 shares, a decline of 11.6% from the November 15th total of 475,200 shares. Based on an average trading volume of 99,000 shares, the short-interest ratio is presently 4.2 days. Currently, 4.8% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded shares of BlueLinx from a “hold” rating to a “buy” rating in a research report on Wednesday, November 30th.

BlueLinx Price Performance

Shares of BXC traded up $1.30 during trading hours on Friday, hitting $69.93. 178,657 shares of the company were exchanged, compared to its average volume of 144,244. The firm has a fifty day simple moving average of $67.54 and a 200-day simple moving average of $70.50. The company has a market capitalization of $631.82 million, a PE ratio of 2.04 and a beta of 1.81. The company has a debt-to-equity ratio of 1.00, a current ratio of 4.24 and a quick ratio of 2.28. BlueLinx has a one year low of $57.49 and a one year high of $100.01.

BlueLinx (NYSE:BXCGet Rating) last issued its quarterly earnings results on Tuesday, November 1st. The construction company reported $6.38 earnings per share for the quarter, topping analysts’ consensus estimates of $5.40 by $0.98. BlueLinx had a return on equity of 70.64% and a net margin of 7.38%. The firm had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.07 billion. As a group, sell-side analysts predict that BlueLinx will post 30.17 earnings per share for the current year.

Hedge Funds Weigh In On BlueLinx

Hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp raised its stake in shares of BlueLinx by 4.8% in the 3rd quarter. Bank of New York Mellon Corp now owns 71,723 shares of the construction company’s stock valued at $4,455,000 after acquiring an additional 3,305 shares in the last quarter. Balyasny Asset Management LLC bought a new stake in shares of BlueLinx during the third quarter valued at approximately $260,000. BNP Paribas Arbitrage SNC increased its holdings in BlueLinx by 193.8% in the 3rd quarter. BNP Paribas Arbitrage SNC now owns 8,922 shares of the construction company’s stock valued at $554,000 after buying an additional 5,885 shares during the period. Algert Global LLC lifted its stake in BlueLinx by 75.9% during the third quarter. Algert Global LLC now owns 24,266 shares of the construction company’s stock worth $1,507,000 after purchasing an additional 10,472 shares during the period. Finally, UBS Asset Management Americas Inc. lifted its position in shares of BlueLinx by 21.4% during the 3rd quarter. UBS Asset Management Americas Inc. now owns 7,919 shares of the construction company’s stock worth $492,000 after buying an additional 1,395 shares during the period. 80.97% of the stock is owned by institutional investors and hedge funds.

About BlueLinx

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BlueLinx Holdings Inc, together with its subsidiaries, distributes residential and commercial building products in the United States. The company distributes specialty products comprising engineered wood, industrial products, cedar, moulding, siding, metal, and insulation products; and structural products include lumber, plywood, oriented strand boards, rebars and remesh, spruce, and other wood products primarily that are used for structural support in construction projects.

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