Boise Cascade (NYSE:BCC) Reaches New 52-Week Low – Here’s What Happened

Boise Cascade, L.L.C. (NYSE:BCC)’s share price reached a new 52-week low on Monday . The stock traded as low as $70.00 and last traded at $71.31, with a volume of 329150 shares changing hands. The stock had previously closed at $70.84.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on BCC. The Goldman Sachs Group reduced their price objective on Boise Cascade from $96.00 to $82.00 and set a “neutral” rating for the company in a report on Monday, October 13th. BMO Capital Markets restated a “market perform” rating and issued a $100.00 price target on shares of Boise Cascade in a research note on Tuesday, September 16th. Bank of America decreased their price objective on Boise Cascade from $111.00 to $107.00 and set a “buy” rating on the stock in a report on Wednesday, July 9th. Truist Financial dropped their target price on Boise Cascade from $101.00 to $96.00 and set a “buy” rating for the company in a report on Wednesday, September 17th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Boise Cascade in a research note on Wednesday, October 8th. Four research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, Boise Cascade presently has a consensus rating of “Moderate Buy” and an average target price of $103.33.

Boise Cascade Price Performance

The company has a fifty day simple moving average of $81.34 and a two-hundred day simple moving average of $86.47. The stock has a market capitalization of $2.72 billion, a price-to-earnings ratio of 10.70, a PEG ratio of 5.42 and a beta of 1.27. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.54 and a current ratio of 2.96.

Boise Cascade (NYSE:BCC) last issued its quarterly earnings results on Monday, August 4th. The construction company reported $1.64 EPS for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.05). Boise Cascade had a return on equity of 12.26% and a net margin of 4.00%.The company had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.76 billion. During the same quarter in the previous year, the business posted $2.84 EPS. The firm’s revenue for the quarter was down 3.2% on a year-over-year basis. As a group, equities research analysts expect that Boise Cascade, L.L.C. will post 10.15 earnings per share for the current fiscal year.

Boise Cascade Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 17th. Stockholders of record on Tuesday, September 2nd were issued a dividend of $0.22 per share. This is a boost from Boise Cascade’s previous quarterly dividend of $0.21. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.2%. Boise Cascade’s payout ratio is currently 12.92%.

Insider Activity

In related news, COO Jeffrey Robert Strom sold 1,000 shares of the firm’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $91.06, for a total value of $91,060.00. Following the sale, the chief operating officer directly owned 37,026 shares of the company’s stock, valued at $3,371,587.56. This trade represents a 2.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Troy Little sold 2,033 shares of the business’s stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $83.10, for a total value of $168,942.30. Following the transaction, the executive vice president directly owned 12,701 shares of the company’s stock, valued at approximately $1,055,453.10. The trade was a 13.80% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 4,815 shares of company stock worth $409,637. Insiders own 1.11% of the company’s stock.

Institutional Investors Weigh In On Boise Cascade

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in Boise Cascade by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 4,422,544 shares of the construction company’s stock valued at $433,807,000 after purchasing an additional 70,231 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Boise Cascade by 1.4% during the first quarter. Wellington Management Group LLP now owns 2,629,978 shares of the construction company’s stock worth $257,975,000 after buying an additional 35,639 shares during the last quarter. Westwood Holdings Group Inc. increased its holdings in shares of Boise Cascade by 9.7% during the second quarter. Westwood Holdings Group Inc. now owns 1,645,026 shares of the construction company’s stock worth $142,821,000 after buying an additional 145,721 shares in the last quarter. American Century Companies Inc. lifted its stake in shares of Boise Cascade by 4.5% in the 2nd quarter. American Century Companies Inc. now owns 1,281,435 shares of the construction company’s stock valued at $111,254,000 after acquiring an additional 55,052 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of Boise Cascade by 0.8% during the 2nd quarter. Geode Capital Management LLC now owns 947,477 shares of the construction company’s stock valued at $82,267,000 after acquiring an additional 7,618 shares in the last quarter. 96.18% of the stock is owned by institutional investors.

Boise Cascade Company 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.