Boise Cascade (NYSE:BCC) Shares Gap Up – Still a Buy?

Boise Cascade, L.L.C. (NYSE:BCC) shares gapped up before the market opened on Tuesday. The stock had previously closed at $75.00, but opened at $80.06. Boise Cascade shares last traded at $76.4620, with a volume of 63,323 shares traded.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on BCC shares. Weiss Ratings upgraded Boise Cascade from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, August 17th. DA Davidson raised their target price on Boise Cascade from $92.00 to $99.00 and gave the stock a “buy” rating in a research report on Wednesday, August 5th. Bank of America decreased their price objective on shares of Boise Cascade from $89.00 to $80.00 and set an “underperform” rating for the company in a research report on Wednesday, October 14th. The Goldman Sachs Group increased their price target on Boise Cascade from $81.00 to $91.00 and gave the stock a “neutral” rating in a report on Wednesday, August 5th. Finally, Wall Street Zen lowered Boise Cascade from a “buy” rating to a “hold” rating in a report on Saturday. Three analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $92.00.

Boise Cascade Stock Up 1.9%

The stock has a market capitalization of $2.67 billion, a P/E ratio of 26.04, a price-to-earnings-growth ratio of 0.97 and a beta of 1.08. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.71 and a quick ratio of 1.31. The stock has a fifty day moving average price of $76.30 and a 200 day moving average price of $77.24.

Boise Cascade (NYSE:BCC) last announced its earnings results on Monday, November 2nd. The construction company reported $1.04 earnings per share for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.08). Boise Cascade had a net margin of 1.64% and a return on equity of 5.41%. The company had revenue of $1.80 billion during the quarter, compared to analysts’ expectations of $1.76 billion. During the same period in the prior year, the business earned $0.58 earnings per share. The company’s revenue for the quarter was up 8.1% compared to the same quarter last year. On average, research analysts forecast that Boise Cascade, L.L.C. will post 3.86 earnings per share for the current year.

Boise Cascade Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 16th. Investors of record on Tuesday, December 1st will be paid a $0.23 dividend. The ex-dividend date of this dividend is Tuesday, December 1st. This represents a $0.92 annualized dividend and a dividend yield of 1.2%. Boise Cascade’s dividend payout ratio (DPR) is presently 31.19%.

Insider Activity at Boise Cascade

In related news, SVP Jill Twedt sold 1,250 shares of the company’s stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $79.40, for a total transaction 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 represents a 4.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kristopher Matula sold 1,930 shares of the company’s stock in a transaction 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 directly owned 13,982 shares in the company, valued at approximately $1,182,597.56. The trade was a 12.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.42% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Boise Cascade

Several hedge funds and other institutional investors have recently modified their holdings of the company. Covestor Ltd grew its stake in shares of Boise Cascade by 162.5% during the 3rd quarter. Covestor Ltd now owns 504 shares of the construction company’s stock valued at $38,000 after purchasing an additional 312 shares during the period. Nykredit A S bought a new position in Boise Cascade during the second quarter valued at $69,000. Signaturefd LLC grew its position in Boise Cascade by 16.3% in the third quarter. Signaturefd LLC now owns 1,000 shares of the construction company’s stock worth $74,000 after acquiring an additional 140 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Boise Cascade by 19.0% during the 3rd quarter. GAMMA Investing LLC now owns 1,164 shares of the construction company’s stock valued at $86,000 after purchasing an additional 186 shares during the last quarter. Finally, Farther Finance Advisors LLC raised its holdings in shares of Boise Cascade by 309.3% in the third quarter. Farther Finance Advisors LLC now owns 2,431 shares of the construction company’s stock worth $180,000 after buying an additional 1,837 shares during the period. 96.18% of the stock is owned by institutional investors.

About Boise Cascade

Boise Cascade Company is a U.S.-based manufacturer of engineered wood products and a wholesale distributor of building materials. Headquartered in Boise, Idaho, the company serves the residential construction, repair and remodeling, and industrial sectors primarily across the United States.

Through its Wood Products segment, Boise Cascade manufactures laminated veneer lumber, I-joists, laminated strand lumber, plywood, and other engineered wood products used in floors, roofs, walls, and structural applications.