Boise Cascade (NYSE:BCC) Releases Earnings Results, Beats Expectations By $0.40 EPS

Boise Cascade (NYSE:BCC) announced its quarterly earnings data on Monday. The construction company reported $1.63 EPS for the quarter, topping analysts’ consensus estimates of $1.23 by $0.40, FiscalAI reports. Boise Cascade had a return on equity of 5.37% and a net margin of 1.64%.The business had revenue of $1.83 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same period in the previous year, the company posted $1.64 earnings per share. The business’s revenue for the quarter was up 5.2% on a year-over-year basis.

Boise Cascade Stock Performance

NYSE:BCC traded down $2.14 during trading hours on Wednesday, reaching $84.35. 27,006 shares of the stock were exchanged, compared to its average volume of 429,679. The stock has a market capitalization of $2.97 billion, a P/E ratio of 28.50, a P/E/G ratio of 1.15 and a beta of 1.10. The firm has a 50 day simple moving average of $74.45 and a 200-day simple moving average of $76.93. The company has a quick ratio of 1.37, a current ratio of 2.77 and a debt-to-equity ratio of 0.24. Boise Cascade has a 52 week low of $65.00 and a 52 week high of $91.97.

Boise Cascade Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Tuesday, September 1st will be given a dividend of $0.23 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This is a positive change from Boise Cascade’s previous quarterly dividend of $0.22. This represents a $0.92 annualized dividend and a dividend yield of 1.1%. Boise Cascade’s dividend payout ratio is 29.73%.

Insider Activity at Boise Cascade

In related news, SVP Jill Twedt sold 6,070 shares of the business’s stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $66.45, for a total transaction of $403,351.50. Following the completion of the transaction, the senior vice president owned 26,545 shares in the company, valued at $1,763,915.25. The trade was a 18.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 1.42% of the company’s stock.

Hedge Funds Weigh In On Boise Cascade

A number of institutional investors and hedge funds have recently bought and sold shares of BCC. Caitong International Asset Management Co. Ltd lifted its position in Boise Cascade by 231.2% in the third quarter. Caitong International Asset Management Co. Ltd now owns 371 shares of the construction company’s stock worth $29,000 after purchasing an additional 259 shares during the period. Advisory Services Network LLC purchased a new position in shares of Boise Cascade in the third quarter worth approximately $38,000. UMB Bank n.a. lifted its holdings in shares of Boise Cascade by 98.5% in the fourth quarter. UMB Bank n.a. now owns 524 shares of the construction company’s stock valued at $39,000 after purchasing an additional 260 shares in the last quarter. iSAM Funds UK Ltd acquired a new stake in Boise Cascade during the 3rd quarter worth about $44,000. Finally, CIBC Private Wealth Group LLC grew its position in Boise Cascade by 662.4% during the third quarter. CIBC Private Wealth Group LLC now owns 648 shares of the construction company’s stock valued at $50,000 after purchasing an additional 563 shares in the last quarter. Institutional investors own 96.18% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. DA Davidson dropped their price objective on Boise Cascade from $95.00 to $92.00 and set a “buy” rating on the stock in a report on Wednesday, May 6th. Weiss Ratings lowered Boise Cascade from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday. Zacks Research upgraded Boise Cascade from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 17th. Truist Financial set a $97.00 price target on shares of Boise Cascade in a research report on Wednesday, May 6th. Finally, Bank of America raised their price objective on shares of Boise Cascade from $80.00 to $81.00 and gave the stock an “underperform” rating in a research note on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $92.80.

About Boise Cascade

Boise Cascade Company operates as a leading manufacturer and distributor of wood products and building materials in North America. The company’s operations are organized into two primary segments: wood products manufacturing and building materials distribution. In its manufacturing segment, Boise Cascade produces a wide array of engineered wood products, including plywood, oriented strand board (OSB), lumber, particleboard and laminated veneer lumber (LVL), serving residential, commercial and industrial customers.

In its distribution segment, Boise Cascade sources and delivers building materials through an extensive network of distribution centers, servicing professional builders, remodelers, contractors and industrial customers.