Bank of America Forecasts Strong Price Appreciation for Boise Cascade (NYSE:BCC) Stock

Boise Cascade (NYSE:BCC) had its target price increased by equities researchers at Bank of America from $80.00 to $81.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has an “underperform” rating on the construction company’s stock. Bank of America‘s price target would indicate a potential upside of 11.27% from the company’s previous close.

Several other research firms have also recently commented on BCC. Weiss Ratings upgraded Boise Cascade from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, May 18th. Zacks Research raised Boise Cascade from a “strong sell” rating to a “hold” rating in a report on Wednesday, May 6th. Truist Financial set a $97.00 price target on Boise Cascade in a research report on Wednesday, May 6th. Finally, DA Davidson cut their price objective on Boise Cascade from $95.00 to $92.00 and set a “buy” rating for the company in a report on Wednesday, May 6th. Three analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $92.80.

Boise Cascade Price Performance

NYSE BCC traded down $1.92 on Tuesday, hitting $72.80. The stock had a trading volume of 292,477 shares, compared to its average volume of 426,329. The firm has a 50-day moving average of $71.49 and a 200-day moving average of $76.83. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.37 and a current ratio of 2.77. Boise Cascade has a 52-week low of $65.00 and a 52-week high of $91.97. The company has a market capitalization of $2.56 billion, a price-to-earnings ratio of 24.63, a price-to-earnings-growth ratio of 1.14 and a beta of 1.08.

Boise Cascade (NYSE:BCC) last released its quarterly earnings results on Monday, May 4th. The construction company reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.07. Boise Cascade had a net margin of 1.73% and a return on equity of 5.55%. The firm had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.46 billion. During the same period in the previous year, the business earned $1.06 EPS. The business’s revenue for the quarter was down 2.5% on a year-over-year basis. Equities analysts expect that Boise Cascade will post 3.67 EPS for the current year.

Insiders Place Their Bets

In other Boise Cascade news, SVP Jill Twedt sold 6,070 shares of the firm’s stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $66.45, for a total transaction of $403,351.50. Following the sale, the senior vice president owned 26,545 shares in the company, valued at $1,763,915.25. This trade represents a 18.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.42% of the stock is owned by insiders.

Hedge Funds Weigh In On Boise Cascade

Several institutional investors have recently modified their holdings of the company. Royal Bank of Canada lifted its position in Boise Cascade by 4.0% in the 1st quarter. Royal Bank of Canada now owns 34,704 shares of the construction company’s stock worth $3,404,000 after buying an additional 1,332 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of Boise Cascade by 8.8% during the first quarter. AQR Capital Management LLC now owns 36,639 shares of the construction company’s stock worth $3,594,000 after acquiring an additional 2,966 shares in the last quarter. Jones Financial Companies Lllp raised its stake in shares of Boise Cascade by 1,638.4% during the first quarter. Jones Financial Companies Lllp now owns 4,120 shares of the construction company’s stock worth $404,000 after acquiring an additional 3,883 shares in the last quarter. United Services Automobile Association bought a new stake in shares of Boise Cascade in the 1st quarter worth approximately $258,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Boise Cascade by 2.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 203,631 shares of the construction company’s stock worth $19,974,000 after acquiring an additional 3,978 shares during the last quarter. 96.18% of the stock is currently owned by institutional investors.

Boise Cascade Company Profile

Boise Cascade Company operates as a leading manufacturer and distributor of wood products and building materials in North America. The company’s operations are organized into two primary segments: wood products manufacturing and building materials distribution. In its manufacturing segment, Boise Cascade produces a wide array of engineered wood products, including plywood, oriented strand board (OSB), lumber, particleboard and laminated veneer lumber (LVL), serving residential, commercial and industrial customers.

In its distribution segment, Boise Cascade sources and delivers building materials through an extensive network of distribution centers, servicing professional builders, remodelers, contractors and industrial customers.