Zacks Investment Research Lowers Boise Cascade (BCC) to Hold
Zacks Investment Research lowered shares of Boise Cascade (NYSE:BCC) from a buy rating to a hold rating in a research note released on Thursday.
According to Zacks, “Boise Cascade Company operates as a wood products manufacturer and building materials distributor. The Company manufactures engineered wood products, plywood, lumber and particleboard and distributes wood products, such as decking, EWP, lumber, panel, particleboard, and MDF products. It has operations primarily in the United States and Canada. Boise Cascade Company is headquartered in Boise, Idaho. “
A number of other analysts also recently issued reports on BCC. ValuEngine downgraded Boise Cascade from a buy rating to a hold rating in a report on Monday, July 2nd. BMO Capital Markets reaffirmed a hold rating and set a $41.00 price target on shares of Boise Cascade in a report on Tuesday, July 17th. Finally, Bank of America decreased their price target on Boise Cascade from $49.00 to $48.00 and set a neutral rating for the company in a report on Tuesday, August 7th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company’s stock. Boise Cascade presently has a consensus rating of Hold and a consensus price target of $44.20.
Boise Cascade (NYSE:BCC) last announced its quarterly earnings results on Monday, August 6th. The construction company reported $1.29 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.10 by $0.19. The company had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.31 billion. Boise Cascade had a return on equity of 18.66% and a net margin of 2.64%. Boise Cascade’s revenue for the quarter was up 23.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.57 EPS. equities research analysts expect that Boise Cascade will post 3.4 EPS for the current fiscal year.
The firm also recently declared a special dividend, which will be paid on Monday, September 17th. Shareholders of record on Friday, August 31st will be issued a dividend of $1.00 per share. This represents a yield of 0.63%. The ex-dividend date is Thursday, August 30th. Boise Cascade’s dividend payout ratio (DPR) is 14.66%.
In other news, SVP John T. Sahlberg sold 7,815 shares of the business’s stock in a transaction dated Wednesday, August 8th. The stock was sold at an average price of $43.99, for a total value of $343,781.85. Following the completion of the sale, the senior vice president now directly owns 58,988 shares of the company’s stock, valued at approximately $2,594,882.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Daniel G. Hutchinson sold 13,671 shares of the business’s stock in a transaction dated Tuesday, August 7th. The shares were sold at an average price of $43.79, for a total value of $598,653.09. Following the completion of the sale, the executive vice president now directly owns 43,223 shares of the company’s stock, valued at $1,892,735.17. The disclosure for this sale can be found here. 1.00% of the stock is owned by insiders.
Several institutional investors have recently bought and sold shares of BCC. BlackRock Inc. lifted its holdings in shares of Boise Cascade by 10.3% in the 2nd quarter. BlackRock Inc. now owns 5,648,484 shares of the construction company’s stock valued at $252,488,000 after purchasing an additional 528,529 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in shares of Boise Cascade by 52.6% in the 2nd quarter. Acadian Asset Management LLC now owns 774,562 shares of the construction company’s stock valued at $34,622,000 after purchasing an additional 266,849 shares during the last quarter. Matarin Capital Management LLC purchased a new stake in shares of Boise Cascade in the 1st quarter valued at about $8,541,000. Wells Fargo & Company MN lifted its holdings in shares of Boise Cascade by 88.9% in the 2nd quarter. Wells Fargo & Company MN now owns 308,151 shares of the construction company’s stock valued at $13,773,000 after purchasing an additional 145,060 shares during the last quarter. Finally, Hennessy Advisors Inc. lifted its holdings in shares of Boise Cascade by 14.8% in the 1st quarter. Hennessy Advisors Inc. now owns 959,100 shares of the construction company’s stock valued at $37,021,000 after purchasing an additional 123,600 shares during the last quarter. 93.77% of the stock is owned by institutional investors and hedge funds.
Boise Cascade Company Profile
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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