Boise Cascade (NYSE:BCC) Shares Cross Below 200-Day Moving Average – What’s Next?

Shares of Boise Cascade, L.L.C. (NYSE:BCC) crossed below its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $76.03 and traded as low as $74.95. Boise Cascade shares last traded at $75.57, with a volume of 335,779 shares trading hands.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on BCC shares. Wall Street Zen upgraded shares of Boise Cascade from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Bank of America reduced their price target on shares of Boise Cascade from $89.00 to $80.00 and set an “underperform” rating for the company in a research report on Wednesday, October 14th. Zacks Research downgraded shares of Boise Cascade from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 17th. DA Davidson raised their price objective on shares of Boise Cascade from $92.00 to $99.00 and gave the stock a “buy” rating in a research report on Wednesday, August 5th. Finally, Weiss Ratings raised shares of Boise Cascade from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, August 17th. Three analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $93.40.

Boise Cascade Stock Down 0.7%

The business has a 50-day simple moving average of $77.04 and a two-hundred day simple moving average of $76.06. The company has a market capitalization of $2.71 billion, a price-to-earnings ratio of 26.36, a PEG ratio of 0.98 and a beta of 1.08. 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 released its quarterly earnings results on Monday, August 3rd. The construction company reported $1.63 EPS for the quarter, topping the consensus estimate of $1.23 by $0.40. Boise Cascade had a return on equity of 5.41% and a net margin of 1.64%. The business had revenue of $1.83 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter in the prior year, the business earned $1.64 earnings per share. The company’s quarterly revenue was up 5.2% compared to the same quarter last year. As a group, equities analysts predict that Boise Cascade, L.L.C. will post 3.86 EPS for the current year.

Boise Cascade Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 16th. Shareholders of record on Tuesday, September 1st were given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date was Tuesday, September 1st. This is an increase from Boise Cascade’s previous quarterly dividend of $0.22. Boise Cascade’s payout ratio is currently 31.19%.

Insiders Place Their Bets

In other news, SVP Jill Twedt sold 1,250 shares of the firm’s stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $79.40, for a total value of $99,250.00. Following the completion of the sale, the senior vice president owned 25,295 shares in the company, valued at approximately $2,008,423. This trade represents a 4.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kristopher 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 transaction of $163,239.40. Following the completion of the sale, the director directly owned 13,982 shares in the company, valued at approximately $1,182,597.56. The trade was a 12.13% decrease in their position. The SEC filing for this sale provides additional information. 1.42% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Boise Cascade

A number of institutional investors have recently added to or reduced their stakes in BCC. BlackRock Inc. acquired a new position in Boise Cascade during the 2nd quarter worth approximately $463,729,000. Dimensional Fund Advisors LP lifted its holdings in shares of Boise Cascade by 2.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,325,781 shares of the construction company’s stock valued at $176,410,000 after buying an additional 46,561 shares during the period. State Street Corp boosted its stake in shares of Boise Cascade by 2.8% in the second quarter. State Street Corp now owns 1,497,224 shares of the construction company’s stock valued at $116,229,000 after buying an additional 41,324 shares in the last quarter. Atlas FRM LLC purchased a new stake in shares of Boise Cascade in the second quarter valued at approximately $34,545,350. Finally, Bank of America Corp DE purchased a new stake in shares of Boise Cascade in the second quarter valued at approximately $30,351,000. Hedge funds and other institutional investors own 96.18% of the company’s stock.

About Boise Cascade

Boise Cascade Company is a U.S.-based manufacturer of engineered wood products and a wholesale distributor of building materials. Headquartered in Boise, Idaho, the company serves the residential construction, repair and remodeling, and industrial sectors primarily across the United States.

Through its Wood Products segment, Boise Cascade manufactures laminated veneer lumber, I-joists, laminated strand lumber, plywood, and other engineered wood products used in floors, roofs, walls, and structural applications.