Boise Cascade (NYSE:BCC) Sets New 1-Year Low – Here’s What Happened

Boise Cascade, L.L.C. (NYSE:BCC) shares hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $65.14 and last traded at $66.2570, with a volume of 45489 shares traded. The stock had previously closed at $66.07.

Wall Street Analysts Forecast Growth

BCC has been the subject of a number of recent research reports. Weiss Ratings restated a “sell (d+)” rating on shares of Boise Cascade in a research note on Thursday, November 13th. BMO Capital Markets raised shares of Boise Cascade from a “market perform” rating to an “outperform” rating and set a $100.00 price target on the stock in a research report on Wednesday, November 5th. Truist Financial decreased their price objective on Boise Cascade from $101.00 to $96.00 and set a “buy” rating for the company in a report on Wednesday, September 17th. DA Davidson dropped their target price on Boise Cascade from $100.00 to $95.00 and set a “buy” rating on the stock in a report on Friday, October 24th. Finally, Wall Street Zen downgraded Boise Cascade from a “hold” rating to a “sell” rating in a report on Saturday, October 25th. Five investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $102.50.

Boise Cascade Trading Down 0.0%

The stock has a market capitalization of $2.45 billion, a PE ratio of 13.06, a price-to-earnings-growth ratio of 5.51 and a beta of 1.27. The company has a current ratio of 3.10, a quick ratio of 1.69 and a debt-to-equity ratio of 0.22. The firm has a 50-day moving average price of $74.53 and a 200-day moving average price of $83.01.

Boise Cascade (NYSE:BCC) last posted its quarterly earnings results on Monday, November 3rd. The construction company reported $0.58 earnings per share for the quarter, meeting the consensus estimate of $0.58. Boise Cascade had a net margin of 2.96% and a return on equity of 9.00%. The company had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.64 billion. During the same quarter in the prior year, the business earned $2.33 earnings per share. The firm’s revenue for the quarter was down 2.7% on a year-over-year basis. As a group, equities analysts forecast that Boise Cascade, L.L.C. will post 10.15 EPS for the current fiscal year.

Boise Cascade Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 17th. Stockholders of record on Monday, December 1st will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Monday, December 1st. Boise Cascade’s dividend payout ratio is currently 17.39%.

Insider Transactions at Boise Cascade

In other Boise Cascade news, COO Jeffrey Robert Strom sold 1,000 shares of the stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $91.06, for a total transaction of $91,060.00. Following the completion of the transaction, the chief operating officer owned 37,026 shares in the company, valued at $3,371,587.56. This trade represents a 2.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.11% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of BCC. Massachusetts Financial Services Co. MA boosted its holdings in shares of Boise Cascade by 34.8% in the first quarter. Massachusetts Financial Services Co. MA now owns 4,136 shares of the construction company’s stock worth $406,000 after acquiring an additional 1,067 shares during the period. J.W. Cole Advisors Inc. purchased a new stake in Boise Cascade during the 1st quarter worth about $1,439,000. Y Intercept Hong Kong Ltd bought a new position in Boise Cascade in the 1st quarter worth about $293,000. KLP Kapitalforvaltning AS grew its holdings in Boise Cascade by 25.1% during the 1st quarter. KLP Kapitalforvaltning AS now owns 60,800 shares of the construction company’s stock valued at $5,964,000 after buying an additional 12,200 shares in the last quarter. Finally, Mackenzie Financial Corp increased its position in shares of Boise Cascade by 12.4% during the first quarter. Mackenzie Financial Corp now owns 21,521 shares of the construction company’s stock valued at $2,111,000 after buying an additional 2,379 shares during the period. 96.18% of the stock is currently owned by hedge funds and other 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.