Principal Financial Group Inc. Reduces Holdings in Boise Cascade (NYSE:BCC)

Principal Financial Group Inc. cut its position in Boise Cascade (NYSE:BCC) by 4.1% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 203,042 shares of the construction company’s stock after selling 8,600 shares during the quarter. Principal Financial Group Inc. owned approximately 0.51% of Boise Cascade worth $28,625,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in BCC. Dimensional Fund Advisors LP grew its position in shares of Boise Cascade by 0.8% during the second quarter. Dimensional Fund Advisors LP now owns 2,813,447 shares of the construction company’s stock worth $335,419,000 after acquiring an additional 22,053 shares during the last quarter. Westwood Holdings Group Inc. increased its stake in Boise Cascade by 107.7% in the second quarter. Westwood Holdings Group Inc. now owns 1,117,914 shares of the construction company’s stock valued at $133,278,000 after purchasing an additional 579,759 shares during the period. American Century Companies Inc. increased its stake in Boise Cascade by 2.4% in the second quarter. American Century Companies Inc. now owns 897,137 shares of the construction company’s stock valued at $106,957,000 after purchasing an additional 21,030 shares during the period. Skandinaviska Enskilda Banken AB publ increased its stake in Boise Cascade by 46.0% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 383,000 shares of the construction company’s stock valued at $45,661,000 after purchasing an additional 120,600 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of Boise Cascade by 293.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 236,980 shares of the construction company’s stock valued at $36,346,000 after buying an additional 176,738 shares during the last quarter. Hedge funds and other institutional investors own 96.18% of the company’s stock.

Boise Cascade Price Performance

Boise Cascade stock opened at $141.13 on Wednesday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.08 and a current ratio of 3.13. Boise Cascade has a one year low of $104.47 and a one year high of $154.67. The company has a market cap of $5.42 billion, a P/E ratio of 13.81 and a beta of 1.53. The business has a fifty day moving average of $137.00 and a two-hundred day moving average of $132.66.

Boise Cascade (NYSE:BCC) last released its quarterly earnings data on Monday, November 4th. The construction company reported $2.33 EPS for the quarter, missing analysts’ consensus estimates of $2.37 by ($0.04). Boise Cascade had a return on equity of 18.24% and a net margin of 5.95%. The company 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 firm posted $3.58 EPS. The firm’s quarterly revenue was down 6.6% on a year-over-year basis. As a group, analysts predict that Boise Cascade will post 9.57 earnings per share for the current fiscal year.

Boise Cascade Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Monday, December 2nd will be issued a dividend of $0.21 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.84 annualized dividend and a yield of 0.60%. Boise Cascade’s dividend payout ratio is presently 8.22%.

Analyst Upgrades and Downgrades

BCC has been the subject of several analyst reports. StockNews.com downgraded Boise Cascade from a “buy” rating to a “hold” rating in a research note on Wednesday, November 6th. Loop Capital assumed coverage on Boise Cascade in a report on Friday, November 1st. They set a “buy” rating and a $155.00 price target for the company. Truist Financial lifted their price objective on shares of Boise Cascade from $154.00 to $161.00 and gave the company a “buy” rating in a research report on Tuesday, October 15th. BMO Capital Markets upped their price objective on shares of Boise Cascade from $130.00 to $136.00 and gave the stock a “market perform” rating in a research report on Tuesday, October 22nd. Finally, Bank of America lifted their target price on shares of Boise Cascade from $120.00 to $124.00 and gave the company an “underperform” rating in a report on Thursday, September 12th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Boise Cascade currently has a consensus rating of “Hold” and a consensus price target of $139.60.

Boise Cascade Profile

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.