Boise Cascade (NYSE:BCC) Rating Lowered to Hold at Zacks Research

Boise Cascade (NYSE:BCC) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

BCC has been the subject of a number of other reports. Weiss Ratings cut Boise Cascade from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, August 3rd. Bank of America upped their price target on shares of Boise Cascade from $80.00 to $81.00 and gave the company an “underperform” rating in a research note on Tuesday, July 14th. DA Davidson increased their price target on shares of Boise Cascade from $92.00 to $99.00 and gave the company a “buy” rating in a report on Wednesday, August 5th. Truist Financial set a $97.00 price objective on shares of Boise Cascade in a research report on Wednesday, May 6th. Finally, Wall Street Zen upgraded Boise Cascade from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $93.60.

Boise Cascade Price Performance

Shares of BCC opened at $80.17 on Monday. The company has a current ratio of 2.71, a quick ratio of 1.31 and a debt-to-equity ratio of 0.24. The company’s fifty day simple moving average is $77.39 and its 200 day simple moving average is $76.92. Boise Cascade has a 1-year low of $65.00 and a 1-year high of $91.97. The company has a market cap of $2.80 billion, a price-to-earnings ratio of 27.18, a PEG ratio of 1.12 and a beta of 1.10.

Boise Cascade (NYSE:BCC) last announced its quarterly earnings results on Monday, August 3rd. The construction company reported $1.63 EPS for the quarter, beating analysts’ consensus estimates of $1.23 by $0.40. Boise Cascade had a net margin of 1.64% and a return on equity of 5.41%. The firm had revenue of $1.83 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter last year, the company posted $1.64 earnings per share. The company’s revenue for the quarter was up 5.2% compared to the same quarter last year. On average, research analysts forecast that Boise Cascade will post 3.86 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Kristopher J. Matula sold 1,930 shares of the stock in a transaction 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 sale, the director directly owned 13,982 shares of the company’s stock, valued at approximately $1,182,597.56. This represents a 12.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.42% of the company’s stock.

Institutional Investors Weigh In On Boise Cascade

Institutional investors and hedge funds have recently bought and sold shares of the company. Cerity Partners LLC raised its stake in shares of Boise Cascade by 3.8% during the 2nd quarter. Cerity Partners LLC now owns 3,274 shares of the construction company’s stock worth $284,000 after purchasing an additional 121 shares during the period. Raymond James Financial Inc. grew its position in Boise Cascade by 1.0% during the second quarter. Raymond James Financial Inc. now owns 13,219 shares of the construction company’s stock valued at $1,148,000 after buying an additional 126 shares during the period. Fifth Third Bancorp grew its position in Boise Cascade by 77.5% during the fourth quarter. Fifth Third Bancorp now owns 410 shares of the construction company’s stock valued at $30,000 after buying an additional 179 shares during the period. ProShare Advisors LLC increased its holdings in Boise Cascade by 3.2% during the fourth quarter. ProShare Advisors LLC now owns 7,329 shares of the construction company’s stock worth $539,000 after buying an additional 226 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd raised its position in Boise Cascade by 231.2% in the third quarter. Caitong International Asset Management Co. Ltd now owns 371 shares of the construction company’s stock worth $29,000 after acquiring an additional 259 shares during the period. Institutional investors own 96.18% of the company’s stock.

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.