Boise Cascade (NYSE:BCC) Downgraded by Bank of America to Underperform

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Boise Cascade (NYSE:BCC) was downgraded by equities researchers at Bank of America from a “neutral” rating to an “underperform” rating in a research report issued on Friday, Marketbeat.com reports. They currently have a $22.00 target price on the construction company’s stock. Bank of America‘s target price would indicate a potential downside of 15.84% from the stock’s current price.

Several other equities analysts also recently commented on BCC. Zacks Investment Research upgraded DLH from a “sell” rating to a “hold” rating in a research note on Tuesday, July 9th. Goldman Sachs Group downgraded Metcash from a “conviction-buy” rating to a “neutral” rating in a research note on Monday, June 24th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company’s stock. Boise Cascade presently has a consensus rating of “Hold” and a consensus target price of $31.20.

Boise Cascade stock opened at $26.14 on Friday. Boise Cascade has a 12 month low of $22.00 and a 12 month high of $47.15. The company has a current ratio of 2.54, a quick ratio of 1.13 and a debt-to-equity ratio of 0.77. The firm has a 50 day moving average price of $25.31. The stock has a market capitalization of $1.02 billion, a P/E ratio of 12.69, a price-to-earnings-growth ratio of 2.23 and a beta of 2.10.

Boise Cascade (NYSE:BCC) last posted its quarterly earnings data on Tuesday, May 7th. The construction company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.28 by $0.01. Boise Cascade had a positive return on equity of 11.49% and a negative net margin of 0.11%. The business had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the prior year, the business earned $0.94 earnings per share. Boise Cascade’s revenue for the quarter was down 11.9% on a year-over-year basis. Equities analysts anticipate that Boise Cascade will post 1.82 earnings per share for the current year.

In related news, Director Kristopher J. Matula bought 3,500 shares of the company’s stock in a transaction on Thursday, May 30th. The shares were purchased at an average price of $23.12 per share, for a total transaction of $80,920.00. Following the completion of the transaction, the director now directly owns 14,049 shares in the company, valued at approximately $324,812.88. The transaction was disclosed in a filing with the SEC, which is available at this link. 1.50% of the stock is currently owned by corporate insiders.

Large investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP lifted its position in shares of Boise Cascade by 10.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,177,418 shares of the construction company’s stock worth $75,781,000 after acquiring an additional 289,177 shares in the last quarter. Pictet Asset Management Ltd. purchased a new stake in shares of Boise Cascade during the first quarter worth $13,059,000. Millennium Management LLC lifted its position in shares of Boise Cascade by 69.9% during the fourth quarter. Millennium Management LLC now owns 457,602 shares of the construction company’s stock worth $10,914,000 after acquiring an additional 188,345 shares in the last quarter. Municipal Employees Retirement System of Michigan purchased a new stake in shares of Boise Cascade during the fourth quarter worth $596,000. Finally, Texas Permanent School Fund lifted its position in shares of Boise Cascade by 4.0% during the fourth quarter. Texas Permanent School Fund now owns 25,462 shares of the construction company’s stock worth $607,000 after acquiring an additional 990 shares in the last quarter. Hedge funds and other institutional investors own 90.82% of the company’s stock.

Boise Cascade Company Profile

Boise Cascade Company manufactures wood products and distributes building materials in the United States and Canada. It operates in 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; and structural, appearance, and industrial plywood panels.

Further Reading: Oversold

Analyst Recommendations for Boise Cascade (NYSE:BCC)

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