Boise Cascade (NYSE:BCC) Stock Gets Price Target Reduction from Bank of America

Boise Cascade (NYSE:BCC) had its price objective trimmed by Bank of America from $89.00 to $80.00 in a research report released on Wednesday morning,Benzinga reports. The firm currently has an underperform rating on the construction company’s stock.

Several other equities analysts have also recently issued reports on the stock. Zacks Research cut shares of Boise Cascade from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 17th. Wall Street Zen upgraded shares of Boise Cascade from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. DA Davidson increased their target price on shares of Boise Cascade from $92.00 to $99.00 and gave the company a “buy” rating in a research note on Wednesday, August 5th. The Goldman Sachs Group raised their target price on shares of Boise Cascade from $81.00 to $91.00 and gave the stock a “neutral” rating in a report on Wednesday, August 5th. Finally, Weiss Ratings upgraded shares of Boise Cascade from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, August 17th. Three research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $93.40.

Boise Cascade Trading Up 1.0%

Shares of BCC stock opened at $76.23 on Wednesday. The stock has a 50-day simple moving average of $77.70 and a 200 day simple moving average of $76.00. Boise Cascade has a fifty-two week low of $65.00 and a fifty-two week high of $91.97. The stock has a market capitalization of $2.66 billion, a P/E ratio of 24.27, a P/E/G ratio of 0.98 and a beta of 1.08. The company has a quick ratio of 1.31, a current ratio of 2.71 and a debt-to-equity ratio of 0.24.

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

Boise Cascade Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 16th. Stockholders of record on Tuesday, September 1st were issued a dividend of $0.23 per share. This is a positive change from Boise Cascade’s previous quarterly dividend of $0.22. This represents a $0.92 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Tuesday, September 1st. Boise Cascade’s dividend payout ratio (DPR) is currently 31.19%.

Insider Buying and Selling at Boise Cascade

In related news, SVP Jill Twedt sold 1,250 shares of the stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $79.40, for a total value of $99,250.00. Following the completion of the transaction, the senior vice president owned 25,295 shares in the company, valued at $2,008,423. This trade represents a 4.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Kristopher Matula sold 1,930 shares of the stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $84.58, for a total value of $163,239.40. Following the completion of the transaction, the director owned 13,982 shares of the company’s stock, valued at $1,182,597.56. This trade represents a 12.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.42% of the company’s stock.

Institutional Trading of Boise Cascade

A number of hedge funds have recently bought and sold shares of BCC. Nykredit A S purchased a new position in shares of Boise Cascade in the second quarter worth approximately $69,000. GAMMA Investing LLC lifted its position in shares of Boise Cascade by 19.0% in the 3rd quarter. GAMMA Investing LLC now owns 1,164 shares of the construction company’s stock valued at $86,000 after acquiring an additional 186 shares in the last quarter. Farther Finance Advisors LLC boosted its stake in Boise Cascade by 309.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,431 shares of the construction company’s stock worth $180,000 after purchasing an additional 1,837 shares during the period. Vise Technologies Inc. acquired a new position in Boise Cascade in the 2nd quarter worth approximately $208,000. Finally, Swiss Life Asset Management Ltd acquired a new position in Boise Cascade in the 2nd quarter worth approximately $212,000. 96.18% of the stock is owned by hedge funds and other institutional investors.

Boise Cascade Company Profile

Boise Cascade Company is a manufacturer of wood products and a wholesale distributor of building materials. The company serves residential and commercial construction markets, as well as industrial and remodeling customers, primarily in the United States.

Through its Wood Products segment, Boise Cascade manufactures engineered wood products such as laminated veneer lumber, I-joists, laminated beams, plywood and related structural panels. These products are used in floors, roofs, walls and other structural applications.