Boise Cascade (NYSE:BCC) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Boise Cascade (NYSE:BCC) from a hold rating to a buy rating in a report released on Saturday morning.

BCC has been the topic of a number of other research reports. The Goldman Sachs Group raised their price target on Boise Cascade from $81.00 to $91.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 5th. Weiss Ratings cut shares of Boise Cascade from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, August 3rd. Zacks Research upgraded shares of Boise Cascade from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 17th. DA Davidson raised their target price on shares of Boise Cascade from $92.00 to $99.00 and gave the company a “buy” rating in a report on Wednesday, August 5th. Finally, Truist Financial set a $97.00 target price on shares of Boise Cascade in a research report on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $93.60.

Boise Cascade Trading Down 2.1%

Shares of Boise Cascade stock opened at $84.80 on Friday. The firm has a 50-day moving average of $75.68 and a 200-day moving average of $76.93. The stock has a market cap of $2.96 billion, a PE ratio of 28.75, a PEG ratio of 1.17 and a beta of 1.10. Boise Cascade has a 52-week low of $65.00 and a 52-week high of $91.97. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.31 and a current ratio of 2.71.

Boise Cascade (NYSE:BCC) last posted its quarterly earnings data on Monday, August 3rd. The construction company reported $1.63 EPS for the quarter, topping analysts’ consensus estimates of $1.23 by $0.40. The firm had revenue of $1.83 billion for the quarter, compared to analyst estimates of $1.77 billion. Boise Cascade had a return on equity of 5.41% and a net margin of 1.64%.The company’s revenue was up 5.2% on a year-over-year basis. During the same quarter last year, the company earned $1.64 EPS. As a group, sell-side analysts forecast that Boise Cascade will post 3.86 EPS for the current year.

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 issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 1.1%. This is a boost from Boise Cascade’s previous quarterly dividend of $0.22. The ex-dividend date is Tuesday, September 1st. Boise Cascade’s dividend payout ratio (DPR) is currently 29.83%.

Insiders Place Their Bets

In related news, Director Kristopher J. Matula sold 1,930 shares of the business’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $84.58, for a total transaction of $163,239.40. Following the sale, the director owned 13,982 shares in the company, valued at $1,182,597.56. The trade was a 12.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Jill Twedt sold 6,070 shares of the company’s stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $66.45, for a total value of $403,351.50. Following the completion of the transaction, the senior vice president directly owned 26,545 shares of the company’s stock, valued at approximately $1,763,915.25. The trade was a 18.61% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.42% of the stock is currently owned by corporate insiders.

Institutional Trading of Boise Cascade

Hedge funds have recently made changes to their positions in the company. BlackRock Inc. acquired a new position in shares of Boise Cascade in the second quarter valued at approximately $463,729,000. Deutsche Bank AG bought a new position in Boise Cascade in the 2nd quarter valued at approximately $2,920,000. Bank of New York Mellon Corp bought a new position in Boise Cascade in the 2nd quarter valued at approximately $18,194,000. State of Wyoming acquired a new stake in Boise Cascade during the 2nd quarter worth approximately $283,000. Finally, GSA Capital Partners LLP acquired a new stake in Boise Cascade during the 2nd quarter worth approximately $453,000. 96.18% of the stock is owned by institutional investors and hedge funds.

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.