Boise Cascade (NYSE:BCC) Stock Breaks Below 200 Day Moving Average – Here’s Why

Boise Cascade, L.L.C. (NYSE:BCC)’s stock price crossed below its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $75.97 and traded as low as $72.98. Boise Cascade shares last traded at $73.6540, with a volume of 242,808 shares traded.

Analyst Upgrades and Downgrades

BCC has been the topic of a number of research reports. The Goldman Sachs Group upped their price objective on 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. Zacks Research cut shares of Boise Cascade from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 17th. 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. Finally, Wall Street Zen upgraded shares of Boise Cascade from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Three analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $93.60.

Boise Cascade Stock Performance

The stock has a 50 day simple moving average of $78.74 and a 200 day simple moving average of $75.97. 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 stock has a market cap of $2.57 billion, a P/E ratio of 24.97, a price-to-earnings-growth ratio of 0.99 and a beta of 1.08.

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

Boise Cascade Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 16th. Investors of record on Tuesday, September 1st were paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 1.2%. This is a boost from Boise Cascade’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Tuesday, September 1st. Boise Cascade’s payout ratio is presently 31.19%.

Insider Transactions at Boise Cascade

In related news, Director Kristopher Matula sold 1,930 shares of the company’s stock in a transaction dated Wednesday, August 5th. The shares were 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 of the company’s stock, valued at $1,182,597.56. This represents a 12.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Jill Twedt sold 1,250 shares of the stock in a transaction dated Thursday, August 27th. The stock was 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 in the company, valued at $2,008,423. The trade was a 4.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.42% of the stock is owned by insiders.

Hedge Funds Weigh In On Boise Cascade

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Sequoia Financial Advisors LLC boosted its position in shares of Boise Cascade by 4.4% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 3,693 shares of the construction company’s stock worth $287,000 after acquiring an additional 157 shares in the last quarter. GAMMA Investing LLC raised its position in Boise Cascade by 19.0% during the third quarter. GAMMA Investing LLC now owns 1,164 shares of the construction company’s stock valued at $86,000 after purchasing an additional 186 shares in the last quarter. Baker Ellis Asset Management LLC raised its position in Boise Cascade by 1.8% during the first quarter. Baker Ellis Asset Management LLC now owns 21,570 shares of the construction company’s stock valued at $1,636,000 after purchasing an additional 390 shares in the last quarter. Ethic Inc. raised its position in Boise Cascade by 17.0% during the second quarter. Ethic Inc. now owns 3,599 shares of the construction company’s stock valued at $279,000 after purchasing an additional 522 shares in the last quarter. Finally, Nykredit A S bought a new stake in Boise Cascade during the second quarter worth $69,000. 96.18% of the stock is currently owned by institutional investors and hedge funds.

About Boise Cascade

Boise Cascade Company is a manufacturer of wood products and a wholesale distributor of building materials. The company serves residential and commercial construction markets, as well as industrial and remodeling customers, primarily in the United States.

Through its Wood Products segment, Boise Cascade manufactures engineered wood products such as laminated veneer lumber, I-joists, laminated beams, plywood and related structural panels. These products are used in floors, roofs, walls and other structural applications.