Boise Cascade (NYSE:BCC) Price Target Raised to $91.00

Boise Cascade (NYSE:BCC) had its price objective increased by The Goldman Sachs Group from $81.00 to $91.00 in a report released on Wednesday morning,Benzinga reports. They currently have a neutral rating on the construction company’s stock.

A number of other research analysts also recently weighed in on the stock. Weiss Ratings downgraded shares of Boise Cascade from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday. 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 research report on Wednesday, May 6th. Bank of America upped their target price on Boise Cascade from $80.00 to $81.00 and gave the stock an “underperform” rating in a research note on Tuesday, July 14th. Truist Financial set a $97.00 target price on Boise Cascade in a research report on Wednesday, May 6th. Finally, Zacks Research raised shares of Boise Cascade from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Boise Cascade presently has a consensus rating of “Hold” and an average price target of $93.60.

Boise Cascade Stock Performance

NYSE BCC opened at $86.74 on Wednesday. Boise Cascade has a fifty-two week low of $65.00 and a fifty-two week high of $91.97. The firm has a market capitalization of $3.03 billion, a P/E ratio of 29.40, a PEG ratio of 1.13 and a beta of 1.10. The stock has a 50-day simple moving average of $75.35 and a two-hundred day simple moving average of $76.98. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.37 and a current ratio of 2.71.

Boise Cascade (NYSE:BCC) last issued its quarterly earnings data on Monday, August 3rd. The construction company reported $1.63 EPS for the quarter, topping analysts’ consensus estimates of $1.23 by $0.40. The business had revenue of $1.83 billion for the quarter, compared to analysts’ expectations of $1.77 billion. Boise Cascade had a net margin of 1.64% and a return on equity of 5.41%. The business’s revenue was up 5.2% on a year-over-year basis. During the same quarter last year, the company earned $1.64 EPS. On average, equities analysts forecast that Boise Cascade will post 3.86 earnings per share for the current year.

Boise Cascade Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Tuesday, September 1st will be paid a $0.23 dividend. This is a positive change from Boise Cascade’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.92 dividend on an annualized basis and a yield of 1.1%. Boise Cascade’s dividend payout ratio is 29.83%.

Insider Activity at Boise Cascade

In related news, Director Kristopher J. Matula sold 1,930 shares of the stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $84.58, for a total value of $163,239.40. Following the completion of the sale, the director owned 13,982 shares of the company’s stock, valued at approximately $1,182,597.56. This trade represents a 12.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Jill Twedt sold 6,070 shares of Boise Cascade stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $66.45, for a total value of $403,351.50. Following the transaction, the senior vice president owned 26,545 shares in the company, valued at approximately $1,763,915.25. The trade was a 18.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.42% of the company’s stock.

Institutional Trading of Boise Cascade

Several hedge funds have recently made changes to their positions in BCC. BlackRock Inc. acquired a new position in Boise Cascade during the second quarter worth $463,729,000. Wellington Management Group LLP boosted its holdings in Boise Cascade by 19.8% during the 3rd quarter. Wellington Management Group LLP now owns 3,268,407 shares of the construction company’s stock valued at $252,713,000 after acquiring an additional 539,962 shares during the period. Dimensional Fund Advisors LP grew its position in Boise Cascade by 2.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,325,781 shares of the construction company’s stock valued at $176,410,000 after acquiring an additional 46,561 shares in the last quarter. State Street Corp increased its stake in Boise Cascade by 0.3% during the fourth quarter. State Street Corp now owns 1,472,071 shares of the construction company’s stock worth $108,344,000 after purchasing an additional 3,817 shares during the period. Finally, Norges Bank purchased a new stake in Boise Cascade during the fourth quarter worth about $42,146,000. Hedge funds and other institutional investors own 96.18% of the company’s stock.

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.