Boise Cascade (NYSE:BCC) Downgraded by Wall Street Zen to Hold

Wall Street Zen downgraded shares of Boise Cascade (NYSE:BCC) from a buy rating to a hold rating in a research note issued to investors on Saturday morning,Wall Street Zen reports.

A number of other equities research analysts have also recently issued reports on the stock. The Goldman Sachs Group boosted their target price on shares of Boise Cascade from $81.00 to $91.00 and gave the company a “neutral” rating in a report on Wednesday, August 5th. Weiss Ratings raised Boise Cascade from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, August 17th. Loop Capital cut Boise Cascade from a “buy” rating to a “hold” rating and set a $85.00 price target for the company. in a research report on Monday, October 26th. Zacks Research lowered Boise Cascade from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 17th. Finally, Bank of America decreased their price objective on Boise Cascade from $89.00 to $80.00 and set an “underperform” rating on the stock in a research note on Wednesday, October 14th. Three equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Boise Cascade has an average rating of “Hold” and a consensus target price of $92.00.

Boise Cascade Stock Performance

NYSE BCC opened at $78.66 on Friday. The company’s 50 day moving average is $76.45 and its 200-day moving average is $77.28. Boise Cascade has a 12-month low of $65.00 and a 12-month high of $91.97. The company has a quick ratio of 1.31, a current ratio of 2.71 and a debt-to-equity ratio of 0.24. The firm has a market cap of $2.74 billion, a P/E ratio of 26.66, a price-to-earnings-growth ratio of 1.03 and a beta of 1.08.

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

Boise Cascade Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 16th. Investors of record on Tuesday, December 1st will be paid a dividend of $0.23 per share. The ex-dividend date of this dividend is Tuesday, December 1st. This represents a $0.92 annualized dividend and a yield of 1.2%. Boise Cascade’s payout ratio is currently 31.19%.

Insider Activity at Boise Cascade

In other Boise Cascade news, SVP Jill Twedt sold 1,250 shares of the stock in a transaction that occurred 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 sale, the senior vice president directly owned 25,295 shares in the company, valued at $2,008,423. This represents a 4.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Kristopher J. Matula sold 1,930 shares of the stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $84.58, for a total transaction of $163,239.40. Following the completion of the sale, the director owned 13,982 shares in the company, valued at $1,182,597.56. This represents a 12.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.42% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in BCC. BlackRock Inc. bought a new position in shares of Boise Cascade in the second quarter worth $463,729,000. Atlas FRM LLC purchased a new stake in shares of Boise Cascade in the second quarter worth $34,545,350. Bank of America Corp DE purchased a new stake in shares of Boise Cascade in the second quarter worth $30,351,000. Bank of New York Mellon Corp bought a new stake in Boise Cascade during the second quarter valued at $18,194,000. Finally, Medina Value Partners LLC bought a new stake in Boise Cascade during the second quarter valued at $17,858,160. 96.18% of the stock is currently owned by hedge funds and other institutional investors.

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.