Boise Cascade (NYSE:BCC – Get Rating) had its target price lowered by Bank of America from $73.00 to $72.00 in a research report sent to investors on Tuesday morning, The Fly reports. The brokerage currently has a neutral rating on the construction company's stock.
Other equities analysts have also recently issued research reports about the company. Truist Financial began coverage on Boise Cascade in a research note on Wednesday, June 29th. They issued a hold rating and a $64.00 price target on the stock. DA Davidson boosted their target price on Boise Cascade to $85.00 in a report on Tuesday, August 9th. Finally, The Goldman Sachs Group lifted their price target on Boise Cascade from $63.00 to $70.00 and gave the stock a neutral rating in a research report on Wednesday, August 3rd. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Boise Cascade has an average rating of Hold and an average target price of $72.75.
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Boise Cascade Stock Down 2.7 %
Shares of NYSE:BCC opened at $59.33 on Tuesday. The company has a quick ratio of 2.14, a current ratio of 3.18 and a debt-to-equity ratio of 0.27. Boise Cascade has a 52-week low of $52.15 and a 52-week high of $85.17. The company has a 50 day moving average of $65.86 and a two-hundred day moving average of $70.56. The company has a market capitalization of $2.34 billion, a price-to-earnings ratio of 3.02, a price-to-earnings-growth ratio of 1.29 and a beta of 1.62.
Boise Cascade (NYSE:BCC – Get Rating) last announced its quarterly earnings data on Monday, August 1st. The construction company reported $5.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.64 by $0.85. The firm had revenue of $2.28 billion for the quarter, compared to analysts' expectations of $2.16 billion. Boise Cascade had a return on equity of 51.48% and a net
margin of 9.45%. The firm's revenue for the quarter was down 6.8% on a year-over-year basis. During the same period last year, the business posted $7.62 earnings per share. As a group, analysts forecast that Boise Cascade will post 20.06 earnings per share for the current fiscal year.
Boise Cascade Cuts Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Thursday, September 1st were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.81%. The ex-dividend date of this dividend was Wednesday, August 31st. Boise Cascade's dividend payout ratio is 2.44%.
Insider Activity at Boise Cascade
In related news, CFO Kelly E. Hibbs sold 3,180 shares of the business's stock in a transaction on Friday, August 5th. The stock was sold at an average price of $68.96, for a total value of $219,292.80. Following the sale, the chief financial officer now owns 40,736 shares of the company's stock, valued at approximately $2,809,154.56. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.89% of the stock is owned by insiders.
Hedge Funds Weigh In On Boise Cascade
Institutional investors and hedge funds have recently bought and sold shares of the business. Teacher Retirement System of Texas boosted its stake in Boise Cascade by 19.4% in the fourth quarter. Teacher Retirement System of Texas now owns 7,545 shares of the construction company's stock worth $537,000 after purchasing an additional 1,227 shares in the last quarter. American Century Companies Inc. boosted its stake in Boise Cascade by 25.6% in the first quarter. American Century Companies Inc. now owns 256,235 shares of the construction company's stock worth $17,801,000 after purchasing an additional 52,269 shares in the last quarter. Unison Advisors LLC acquired a new position in Boise Cascade in the first quarter worth $327,000. Jackson Creek Investment Advisors LLC boosted its stake in Boise Cascade by 2.1% in the first quarter. Jackson Creek Investment Advisors LLC now owns 15,491 shares of the construction company's stock worth $1,076,000 after purchasing an additional 324 shares in the last quarter. Finally, Qube Research & Technologies Ltd boosted its stake in Boise Cascade by 138.2% in the first quarter. Qube Research & Technologies Ltd now owns 18,291 shares of the construction company's stock worth $1,271,000 after purchasing an additional 10,613 shares in the last quarter. Institutional investors and hedge funds own 93.66% of the company's stock.
About Boise Cascade
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Boise Cascade Company manufactures wood products and distributes 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 lumber products.
Further Reading
- Get a free copy of the StockNews.com research report on Boise Cascade (BCC)
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