Boise Cascade (NYSE:BCC) Announces Quarterly Earnings Results, Hits Estimates

Boise Cascade (NYSE:BCC) released its earnings results on Monday. The construction company reported $0.58 earnings per share for the quarter, meeting the consensus estimate of $0.58, Zacks reports. The company had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.64 billion. Boise Cascade had a return on equity of 9.00% and a net margin of 2.96%.Boise Cascade’s quarterly revenue was down 2.7% compared to the same quarter last year. During the same period in the previous year, the business earned $2.33 earnings per share.

Boise Cascade Price Performance

Shares of NYSE:BCC traded up $1.90 during mid-day trading on Wednesday, reaching $72.31. The stock had a trading volume of 34,935 shares, compared to its average volume of 361,851. The company has a current ratio of 2.96, a quick ratio of 1.54 and a debt-to-equity ratio of 0.21. The company has a market cap of $2.70 billion, a P/E ratio of 14.21, a price-to-earnings-growth ratio of 5.34 and a beta of 1.27. Boise Cascade has a 1 year low of $65.62 and a 1 year high of $155.42. The business’s 50 day moving average price is $78.09 and its 200 day moving average price is $84.75.

Boise Cascade Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 17th. Investors of record on Monday, December 1st will be given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Monday, December 1st. Boise Cascade’s payout ratio is currently 17.39%.

Analyst Ratings Changes

Several research firms recently weighed in on BCC. DA Davidson lowered their target price on Boise Cascade from $100.00 to $95.00 and set a “buy” rating on the stock in a research report on Friday, October 24th. Wall Street Zen downgraded Boise Cascade from a “hold” rating to a “sell” rating in a research report on Saturday, October 25th. BMO Capital Markets upgraded Boise Cascade from a “market perform” rating to an “outperform” rating and set a $100.00 target price on the stock in a research report on Wednesday. Weiss Ratings reiterated a “hold (c-)” rating on shares of Boise Cascade in a research report on Wednesday, October 8th. Finally, The Goldman Sachs Group lowered their target price on Boise Cascade from $96.00 to $82.00 and set a “neutral” rating on the stock in a research report on Monday, October 13th. Five analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $102.50.

Insider Transactions at Boise Cascade

In other Boise Cascade news, EVP Troy Little sold 2,033 shares of the business’s stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $83.10, for a total transaction of $168,942.30. Following the sale, the executive vice president directly owned 12,701 shares of the company’s stock, valued at $1,055,453.10. The trade was a 13.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Jeffrey Robert Strom sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $91.06, for a total value of $91,060.00. Following the sale, the chief operating officer directly owned 37,026 shares in the company, valued at $3,371,587.56. The trade was a 2.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.11% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Boise Cascade

Several large investors have recently added to or reduced their stakes in BCC. Bank of America Corp DE increased its stake in Boise Cascade by 76.5% during the second quarter. Bank of America Corp DE now owns 417,642 shares of the construction company’s stock worth $36,260,000 after acquiring an additional 181,025 shares during the last quarter. Balyasny Asset Management L.P. grew its stake in shares of Boise Cascade by 35.8% during the second quarter. Balyasny Asset Management L.P. now owns 200,824 shares of the construction company’s stock valued at $17,436,000 after buying an additional 52,990 shares during the last quarter. Engineers Gate Manager LP grew its stake in shares of Boise Cascade by 313.4% during the second quarter. Engineers Gate Manager LP now owns 64,961 shares of the construction company’s stock valued at $5,640,000 after buying an additional 49,248 shares during the last quarter. Canada Pension Plan Investment Board bought a new position in shares of Boise Cascade during the second quarter valued at approximately $2,596,000. Finally, Squarepoint Ops LLC bought a new position in shares of Boise Cascade during the second quarter valued at approximately $1,942,000. 96.18% of the stock is owned by institutional investors.

Boise Cascade Company Profile

Boise Cascade Company engages in manufacture of wood products and distribution of building materials in the United States and Canada. It operates through two segments, Wood Products and Building Materials Distribution. The Wood Products segment manufactures laminated veneer lumber and laminated beams used in headers and beams; I-joists for residential and commercial flooring and roofing systems, and other structural applications; structural, appearance, and industrial plywood panels; and ponderosa pine shop lumber and appearance grade boards.