Boise Cascade (NYSE:BCC) Price Target Raised to $99.00

Boise Cascade (NYSE:BCC) had its price objective hoisted by DA Davidson from $92.00 to $99.00 in a report published on Wednesday,Benzinga reports. They currently have a buy rating on the construction company’s stock.

Other research analysts have also recently issued research reports about the stock. Truist Financial set a $97.00 target price on shares of Boise Cascade in a research note on Wednesday, May 6th. Weiss Ratings cut Boise Cascade from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday. Bank of America boosted their price objective on Boise Cascade from $80.00 to $81.00 and gave the company an “underperform” rating in a research report on Tuesday, July 14th. Zacks Research raised Boise Cascade from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 17th. Finally, The Goldman Sachs Group increased their target price on Boise Cascade from $81.00 to $91.00 and gave the stock a “neutral” rating in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $93.60.

Boise Cascade Price Performance

NYSE BCC opened at $86.74 on Wednesday. Boise Cascade has a 12 month low of $65.00 and a 12 month high of $91.97. The stock has a market cap of $3.03 billion, a price-to-earnings ratio of 29.40, a PEG ratio of 1.13 and a beta of 1.10. The company’s 50 day moving average is $75.35 and its two-hundred day moving average is $76.98. The company has a current ratio of 2.71, a quick ratio of 1.37 and a debt-to-equity ratio of 0.24.

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

Boise Cascade Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Tuesday, September 1st will be paid a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 1.1%. This is a boost from Boise Cascade’s previous quarterly dividend of $0.22. The ex-dividend date is Tuesday, September 1st. Boise Cascade’s payout ratio is presently 29.83%.

Insider Transactions at Boise Cascade

In other news, SVP Jill Twedt sold 6,070 shares of the stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $66.45, for a total value of $403,351.50. Following the sale, the senior vice president owned 26,545 shares in the company, valued at $1,763,915.25. This represents a 18.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kristopher J. Matula sold 1,930 shares of Boise Cascade stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $84.58, for a total value of $163,239.40. Following the transaction, the director owned 13,982 shares of the company’s stock, valued at $1,182,597.56. The trade was a 12.13% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.42% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Boise Cascade

A number of large investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada raised its holdings in shares of Boise Cascade by 4.0% during the 1st quarter. Royal Bank of Canada now owns 34,704 shares of the construction company’s stock worth $3,404,000 after acquiring an additional 1,332 shares during the period. AQR Capital Management LLC boosted its position in shares of Boise Cascade by 8.8% during the first quarter. AQR Capital Management LLC now owns 36,639 shares of the construction company’s stock worth $3,594,000 after buying an additional 2,966 shares during the period. Jones Financial Companies Lllp grew its holdings in shares of Boise Cascade by 1,638.4% in the first quarter. Jones Financial Companies Lllp now owns 4,120 shares of the construction company’s stock valued at $404,000 after purchasing an additional 3,883 shares in the last quarter. United Services Automobile Association purchased a new stake in Boise Cascade during the 1st quarter worth approximately $258,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Boise Cascade by 2.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 203,631 shares of the construction company’s stock worth $19,974,000 after acquiring an additional 3,978 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.