Bank of America Corp DE lifted its stake in Boise Cascade (NYSE:BCC – Get Rating) by 76.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 540,937 shares of the construction company's stock after purchasing an additional 233,636 shares during the period. Bank of America Corp DE owned about 1.37% of Boise Cascade worth $37,578,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in BCC. BlackRock Inc. grew its holdings in Boise Cascade by 3.0% during the 1st quarter. BlackRock Inc. now owns 6,609,770 shares of the construction company's stock worth $459,180,000 after acquiring an additional 191,595 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Boise Cascade by 3.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,437,320 shares of the construction company's stock valued at $169,327,000 after purchasing an additional 84,261 shares during the last quarter. State Street Corp raised its position in shares of Boise Cascade by 7.4% in the 1st quarter. State Street Corp now owns 1,417,139 shares of the construction company's stock valued at $98,449,000 after purchasing an additional 97,209 shares during the last quarter. Acadian Asset Management LLC raised its position in shares of Boise Cascade by 24.0% in the 1st quarter. Acadian Asset Management LLC now owns 1,039,884 shares of the construction company's stock valued at $72,229,000 after purchasing an additional 201,074 shares during the last quarter. Finally, Rathbones Group PLC increased its holdings in Boise Cascade by 21.0% in the 1st quarter. Rathbones Group PLC now owns 774,454 shares of the construction company's stock worth $53,801,000 after buying an additional 134,529 shares during the period. 93.66% of the stock is currently owned by institutional investors.
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Boise Cascade Stock Down 1.9 %
BCC stock opened at $58.39 on Friday. Boise Cascade has a 12 month low of $53.52 and a 12 month high of $85.17. The company has a market cap of $2.30 billion, a price-to-earnings ratio of 2.97, a price-to-earnings-growth ratio of 1.21 and a beta of 1.62. The company has a fifty day moving average price of $65.17 and a 200 day moving average price of $69.77. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.18 and a quick ratio of 2.14.
Boise Cascade (NYSE:BCC – Get Rating) last posted its quarterly earnings data on Monday, August 1st. The construction company reported $5.49 earnings per share for the quarter, topping analysts' consensus estimates of $4.64 by $0.85. Boise Cascade had a return on equity of 51.48% and a net
margin of 9.45%. The company had revenue of $2.28 billion during the quarter, compared to analysts' expectations of $2.16 billion. During the same period last year, the firm earned $7.62 EPS. The firm's revenue for the quarter was down 6.8% on a year-over-year basis. Sell-side analysts expect that Boise Cascade will post 20.48 earnings per share for the current year.
Boise Cascade Cuts Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.82%. The ex-dividend date of this dividend was Wednesday, August 31st. Boise Cascade's dividend payout ratio (DPR) is presently 2.44%.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently commented on the stock. DA Davidson raised their price objective on shares of Boise Cascade to $85.00 in a research note on Tuesday, August 9th. The Goldman Sachs Group lifted their price target on shares of Boise Cascade from $63.00 to $70.00 and gave the company a "neutral" rating in a research note on Wednesday, August 3rd. Bank of America decreased their price objective on Boise Cascade from $73.00 to $72.00 and set a "neutral" rating on the stock in a report on Tuesday, September 20th. Finally, Truist Financial assumed coverage on Boise Cascade in a report on Wednesday, June 29th. They set a "hold" rating and a $64.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $72.75.
Insider Activity
In related news, CFO Kelly E. Hibbs sold 3,180 shares of the firm's stock in a transaction dated Friday, August 5th. The shares were sold at an average price of $68.96, for a total value of $219,292.80. Following the completion of the sale, the chief financial officer now owns 40,736 shares in the company, valued at $2,809,154.56. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.89% of the company's stock.
Boise Cascade Company Profile
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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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