Boise Cascade (NYSE:BCC) Cut to Strong Sell at Zacks Research

Boise Cascade (NYSE:BCC) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a report released on Thursday, Zacks reports.

A number of other research analysts have also recently issued reports on the company. BMO Capital Markets cut Boise Cascade from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $100.00 to $88.00 in a research note on Thursday. Wall Street Zen downgraded shares of Boise Cascade from a “buy” rating to a “hold” rating in a research note on Saturday, October 31st. Truist Financial cut their price objective on Boise Cascade from $97.00 to $86.00 and set a “buy” rating for the company in a research report on Wednesday. The Goldman Sachs Group increased their price target on Boise Cascade from $81.00 to $91.00 and gave the company a “neutral” rating in a research note on Wednesday, August 5th. Finally, DA Davidson set a $99.00 target price on Boise Cascade in a research report on Tuesday. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $88.17.

Boise Cascade Trading Down 4.8%

NYSE:BCC opened at $70.22 on Thursday. The company has a market cap of $2.45 billion, a PE ratio of 20.59, a price-to-earnings-growth ratio of 0.98 and a beta of 1.08. Boise Cascade has a 12 month low of $65.00 and a 12 month high of $91.97. The company has a 50 day simple moving average of $75.81 and a two-hundred day simple moving average of $77.02. The company has a current ratio of 2.71, a quick ratio of 1.31 and a debt-to-equity ratio of 0.24.

Boise Cascade (NYSE:BCC) last posted its quarterly earnings results on Monday, November 2nd. The construction company reported $1.04 EPS for the quarter, missing the consensus estimate of $1.12 by ($0.08). The company had revenue of $1.80 billion during the quarter, compared to analyst estimates of $1.76 billion. Boise Cascade had a net margin of 1.83% and a return on equity of 6.20%. Boise Cascade’s revenue for the quarter was up 8.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.58 EPS. Research analysts forecast that Boise Cascade will post 3.20 earnings per share for the current year.

Insider Transactions at Boise Cascade

In other news, SVP Jill Twedt sold 1,250 shares of the stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $79.40, for a total transaction of $99,250.00. Following the sale, the senior vice president owned 25,295 shares of the company’s stock, valued at approximately $2,008,423. This represents a 4.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.42% of the company’s stock.

Hedge Funds Weigh In On Boise Cascade

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new position in Boise Cascade during the second quarter valued at $463,729,000. Dimensional Fund Advisors LP grew its holdings in shares of Boise Cascade by 2.0% in the first quarter. Dimensional Fund Advisors LP now owns 2,325,781 shares of the construction company’s stock valued at $176,410,000 after purchasing an additional 46,561 shares in the last quarter. State Street Corp grew its position in Boise Cascade by 2.8% in the 2nd 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 during the last quarter. Atlas FRM LLC purchased a new stake in shares of Boise Cascade during the second quarter worth about $34,545,350. Finally, Bank of America Corp DE purchased a new position in shares of Boise Cascade in the second quarter valued at $30,351,000. 96.18% of the stock is currently owned by institutional investors and hedge funds.

Boise Cascade Company Profile

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.