Boise Cascade (NYSE:BCC) Downgraded to “Hold” Rating by StockNews.com

StockNews.com downgraded shares of Boise Cascade (NYSE:BCC) from a buy rating to a hold rating in a research report released on Wednesday.

Other equities analysts also recently issued reports about the stock. The Goldman Sachs Group decreased their target price on shares of Boise Cascade from $140.00 to $122.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. BMO Capital Markets raised their target price on Boise Cascade from $130.00 to $136.00 and gave the stock a “market perform” rating in a research note on Tuesday, October 22nd. Loop Capital started coverage on Boise Cascade in a research note on Friday, November 1st. They issued a “buy” rating and a $155.00 price target on the stock. Bank of America raised their price objective on Boise Cascade from $120.00 to $124.00 and gave the stock an “underperform” rating in a research report on Thursday, September 12th. Finally, Truist Financial boosted their price objective on shares of Boise Cascade from $154.00 to $161.00 and gave the company a “buy” rating in a report on Tuesday, October 15th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $139.60.

Boise Cascade Price Performance

Shares of NYSE:BCC traded down $0.42 during trading on Wednesday, reaching $141.34. The stock had a trading volume of 19,815 shares, compared to its average volume of 308,663. The business has a fifty day moving average price of $136.25 and a 200-day moving average price of $132.57. Boise Cascade has a 1-year low of $102.13 and a 1-year high of $154.67. The company has a debt-to-equity ratio of 0.21, a quick ratio of 2.08 and a current ratio of 3.28. The stock has a market cap of $5.58 billion, a PE ratio of 12.36 and a beta of 1.53.

Boise Cascade (NYSE:BCC) last announced its quarterly earnings data on Monday, November 4th. The construction company reported $2.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.37 by ($0.04). Boise Cascade had a net margin of 6.60% and a return on equity of 20.17%. The business had revenue of $1.71 billion for the quarter, compared to analysts’ expectations of $1.72 billion. During the same period in the prior year, the company posted $3.58 EPS. The firm’s revenue was down 6.6% on a year-over-year basis. On average, equities analysts forecast that Boise Cascade will post 9.69 earnings per share for the current fiscal year.

Boise Cascade Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Monday, December 2nd will be issued a $0.21 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.84 dividend on an annualized basis and a yield of 0.59%. Boise Cascade’s dividend payout ratio (DPR) is presently 7.32%.

Institutional Trading of Boise Cascade

A number of institutional investors have recently bought and sold shares of BCC. Harbor Capital Advisors Inc. purchased a new stake in Boise Cascade during the 3rd quarter valued at approximately $28,000. Larson Financial Group LLC purchased a new stake in shares of Boise Cascade during the 2nd quarter worth $36,000. iA Global Asset Management Inc. purchased a new stake in shares of Boise Cascade during the 1st quarter worth approximately $82,000. Daiwa Securities Group Inc. grew its holdings in Boise Cascade by 500.0% in the first quarter. Daiwa Securities Group Inc. now owns 600 shares of the construction company’s stock valued at $92,000 after purchasing an additional 500 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in shares of Boise Cascade by 33.4% in the second quarter. GAMMA Investing LLC now owns 787 shares of the construction company’s stock valued at $94,000 after purchasing an additional 197 shares during the last quarter. 96.18% of the stock is owned by hedge funds and other institutional investors.

About Boise Cascade

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.