Bowling Portfolio Management LLC Buys New Holdings in Boise Cascade Co (BCC)
Bowling Portfolio Management LLC bought a new stake in Boise Cascade Co (NYSE:BCC) in the second quarter, HoldingsChannel reports. The institutional investor bought 6,760 shares of the construction company’s stock, valued at approximately $302,000.
Several other large investors have also made changes to their positions in BCC. Acadian Asset Management LLC raised its holdings in shares of Boise Cascade by 52.6% in the second quarter. Acadian Asset Management LLC now owns 774,562 shares of the construction company’s stock valued at $34,622,000 after buying an additional 266,849 shares during the last quarter. Matarin Capital Management LLC purchased a new stake in shares of Boise Cascade in the first quarter valued at about $8,541,000. Wells Fargo & Company MN raised its holdings in shares of Boise Cascade by 88.9% in the second quarter. Wells Fargo & Company MN now owns 308,151 shares of the construction company’s stock valued at $13,773,000 after buying an additional 145,060 shares during the last quarter. Hennessy Advisors Inc. raised its holdings in shares of Boise Cascade by 14.8% in the first quarter. Hennessy Advisors Inc. now owns 959,100 shares of the construction company’s stock valued at $37,021,000 after buying an additional 123,600 shares during the last quarter. Finally, Federated Investors Inc. PA raised its holdings in shares of Boise Cascade by 7,580.3% in the first quarter. Federated Investors Inc. PA now owns 116,894 shares of the construction company’s stock valued at $4,512,000 after buying an additional 115,372 shares during the last quarter. 94.45% of the stock is owned by institutional investors and hedge funds.
Shares of Boise Cascade stock opened at $45.80 on Friday. Boise Cascade Co has a 52-week low of $28.00 and a 52-week high of $49.30. The company has a current ratio of 2.25, a quick ratio of 1.15 and a debt-to-equity ratio of 0.57. The stock has a market cap of $1.70 billion, a PE ratio of 23.98, a PEG ratio of 1.43 and a beta of 1.98.
The company also recently declared a special dividend, which will be paid on Monday, September 17th. Stockholders of record on Friday, August 31st will be paid a dividend of $1.00 per share. The ex-dividend date of this dividend is Thursday, August 30th. This represents a dividend yield of 0.63%. Boise Cascade’s dividend payout ratio (DPR) is 14.66%.
In other Boise Cascade news, VP Kelly E. Hibbs sold 4,114 shares of the company’s stock in a transaction dated Thursday, August 9th. The shares were sold at an average price of $44.30, for a total transaction of $182,250.20. Following the transaction, the vice president now directly owns 34,101 shares in the company, valued at $1,510,674.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Daniel G. Hutchinson sold 13,671 shares of the company’s stock in a transaction dated Tuesday, August 7th. The stock was sold at an average price of $43.79, for a total transaction of $598,653.09. Following the transaction, the executive vice president now owns 43,223 shares in the company, valued at $1,892,735.17. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 25,600 shares of company stock worth $1,124,685. Company insiders own 1.20% of the company’s stock.
A number of brokerages have recently issued reports on BCC. BMO Capital Markets reiterated a “hold” rating and set a $41.00 price target on shares of Boise Cascade in a research note on Tuesday, July 17th. Zacks Investment Research upgraded shares of Boise Cascade from a “hold” rating to a “buy” rating and set a $49.00 price target on the stock in a research note on Tuesday. ValuEngine lowered shares of Boise Cascade from a “buy” rating to a “hold” rating in a research note on Monday, July 2nd. Finally, Bank of America dropped their price target on shares of Boise Cascade from $49.00 to $48.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $43.40.
About Boise Cascade
Boise Cascade Company manufactures wood products and distributes building materials in the United States and Canada. It operates in 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 lumber, studs, and particleboards.
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