Boise Cascade (NYSE:BCC) Downgraded to Hold Rating by Zacks Research

Zacks Research cut shares of Boise Cascade (NYSE:BCC) from a strong-buy rating to a hold rating in a research note issued to investors on Monday,Zacks.com reports.

Several other research firms have also issued reports on BCC. Weiss Ratings lowered shares of Boise Cascade from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, August 3rd. Truist Financial set a $97.00 price objective on shares of Boise Cascade in a research report on Wednesday, May 6th. Wall Street Zen upgraded Boise Cascade from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. The Goldman Sachs Group raised their target price on Boise Cascade from $81.00 to $91.00 and gave the company a “neutral” rating in a report on Wednesday, August 5th. Finally, DA Davidson boosted their price target on Boise Cascade from $92.00 to $99.00 and gave the stock a “buy” rating in a report on Wednesday, August 5th. Three investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $93.60.

Boise Cascade Stock Down 2.2%

Shares of NYSE BCC opened at $80.17 on Monday. The stock has a market capitalization of $2.80 billion, a P/E ratio of 27.18, a PEG ratio of 1.12 and a beta of 1.10. The stock’s fifty day moving average is $77.39 and its 200 day moving average is $76.92. Boise Cascade has a 52 week low of $65.00 and a 52 week high of $91.97. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.31 and a current ratio of 2.71.

Boise Cascade (NYSE:BCC) last announced its quarterly earnings data on Monday, August 3rd. The construction company reported $1.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.23 by $0.40. Boise Cascade had a net margin of 1.64% and a return on equity of 5.41%. The firm had revenue of $1.83 billion for the quarter, compared to the consensus estimate of $1.77 billion. During the same period in the prior year, the company posted $1.64 earnings per share. The business’s revenue for the quarter was up 5.2% on a year-over-year basis. Sell-side analysts forecast that Boise Cascade will post 3.86 earnings per share for the current fiscal year.

Boise Cascade Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Tuesday, September 1st will be given a dividend of $0.23 per share. The ex-dividend date is Tuesday, September 1st. This represents a $0.92 dividend on an annualized basis and a yield of 1.1%. This is a positive change from Boise Cascade’s previous quarterly dividend of $0.22. Boise Cascade’s dividend payout ratio is currently 31.19%.

Insider Buying and Selling

In related news, Director Kristopher J. Matula sold 1,930 shares of the stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $84.58, for a total value of $163,239.40. Following the completion of the transaction, the director owned 13,982 shares of the company’s stock, valued at $1,182,597.56. This represents a 12.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.42% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of BCC. BlackRock Inc. acquired a new position in Boise Cascade in the 2nd quarter worth about $463,729,000. Norges Bank acquired a new stake in shares of Boise Cascade during the fourth quarter valued at about $42,146,000. Wellington Management Group LLP boosted its stake in shares of Boise Cascade by 19.8% during the third quarter. Wellington Management Group LLP now owns 3,268,407 shares of the construction company’s stock valued at $252,713,000 after purchasing an additional 539,962 shares in the last quarter. Atlas FRM LLC bought a new stake in shares of Boise Cascade during the second quarter worth about $34,545,350,000. Finally, Northwestern Mutual Wealth Management Co. increased its stake in shares of Boise Cascade by 214,282.1% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 420,189 shares of the construction company’s stock valued at $30,926,000 after buying an additional 419,993 shares during the period. 96.18% of the stock is currently owned by institutional investors and hedge funds.

About Boise Cascade

Boise Cascade Company operates as a leading manufacturer and distributor of wood products and building materials in North America. The company’s operations are organized into two primary segments: wood products manufacturing and building materials distribution. In its manufacturing segment, Boise Cascade produces a wide array of engineered wood products, including plywood, oriented strand board (OSB), lumber, particleboard and laminated veneer lumber (LVL), serving residential, commercial and industrial customers.

In its distribution segment, Boise Cascade sources and delivers building materials through an extensive network of distribution centers, servicing professional builders, remodelers, contractors and industrial customers.