Brevan Howard Capital Management LP Cuts Holdings in Boise Cascade (NYSE:BCC)

Brevan Howard Capital Management LP lowered its stake in Boise Cascade (NYSE:BCC) by 77.2% during the fourth quarter, Holdings Channel.com reports. The firm owned 2,532 shares of the construction company’s stock after selling 8,557 shares during the quarter. Brevan Howard Capital Management LP’s holdings in Boise Cascade were worth $301,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. R Squared Ltd purchased a new stake in shares of Boise Cascade during the fourth quarter worth approximately $29,000. Quarry LP grew its holdings in Boise Cascade by 502.4% during the 4th quarter. Quarry LP now owns 253 shares of the construction company’s stock worth $30,000 after acquiring an additional 211 shares in the last quarter. Principal Securities Inc. increased its position in shares of Boise Cascade by 44.2% in the 4th quarter. Principal Securities Inc. now owns 473 shares of the construction company’s stock valued at $56,000 after purchasing an additional 145 shares during the last quarter. Smartleaf Asset Management LLC raised its holdings in shares of Boise Cascade by 254.8% in the 4th quarter. Smartleaf Asset Management LLC now owns 777 shares of the construction company’s stock valued at $92,000 after purchasing an additional 558 shares in the last quarter. Finally, PEAK6 LLC acquired a new stake in shares of Boise Cascade in the 4th quarter valued at $201,000. Hedge funds and other institutional investors own 96.18% of the company’s stock.

Insider Buying and Selling

In related news, Director Kristopher J. Matula sold 553 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $103.16, for a total value of $57,047.48. Following the completion of the sale, the director now owns 13,099 shares in the company, valued at $1,351,292.84. This trade represents a 4.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Jeffrey Robert Strom sold 4,500 shares of the stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $100.21, for a total value of $450,945.00. Following the transaction, the chief operating officer now directly owns 38,026 shares of the company’s stock, valued at approximately $3,810,585.46. This trade represents a 10.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.98% of the company’s stock.

Boise Cascade Trading Down 1.1%

BCC opened at $88.59 on Monday. The company has a quick ratio of 1.92, a current ratio of 3.34 and a debt-to-equity ratio of 0.22. Boise Cascade has a 52 week low of $84.53 and a 52 week high of $155.42. The business’s 50 day moving average is $95.99 and its two-hundred day moving average is $117.28. The firm has a market cap of $3.33 billion, a price-to-earnings ratio of 9.27 and a beta of 1.43.

Boise Cascade (NYSE:BCC) last released its quarterly earnings results on Monday, May 5th. The construction company reported $1.06 EPS for the quarter, missing the consensus estimate of $1.36 by ($0.30). The business had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.53 billion. Boise Cascade had a net margin of 5.60% and a return on equity of 17.04%. The firm’s revenue for the quarter was down 6.6% compared to the same quarter last year. During the same quarter last year, the company earned $2.61 EPS. On average, research analysts predict that Boise Cascade will post 10.15 EPS for the current year.

Boise Cascade Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Monday, June 2nd will be paid a dividend of $0.21 per share. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $0.84 annualized dividend and a dividend yield of 0.95%. Boise Cascade’s dividend payout ratio (DPR) is 10.49%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Benchmark reiterated a “hold” rating on shares of Boise Cascade in a research note on Tuesday, February 25th. Truist Financial dropped their price objective on Boise Cascade from $134.00 to $118.00 and set a “buy” rating on the stock in a report on Tuesday, April 22nd. The Goldman Sachs Group cut their target price on Boise Cascade from $145.00 to $126.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 14th. BMO Capital Markets lowered their price target on Boise Cascade from $136.00 to $122.00 and set a “market perform” rating for the company in a report on Tuesday, February 25th. Finally, DA Davidson dropped their price target on shares of Boise Cascade from $155.00 to $125.00 and set a “buy” rating on the stock in a research note on Monday, February 24th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $125.00.

Boise Cascade 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.