Boise Cascade (NYSE:BCC) Lowered to Hold at Benchmark

Benchmark lowered shares of Boise Cascade (NYSE:BCCGet Rating) from a buy rating to a hold rating in a research note issued to investors on Tuesday, Marketbeat reports.

BCC has been the topic of a number of other reports. DA Davidson upgraded shares of Boise Cascade from a neutral rating to a buy rating and boosted their target price for the stock from $80.00 to $82.00 in a report on Thursday, February 24th. Zacks Investment Research raised shares of Boise Cascade from a hold rating to a buy rating and set a $78.00 price objective for the company in a research report on Tuesday, January 11th. The Goldman Sachs Group raised shares of Boise Cascade from a sell rating to a neutral rating and lifted their price objective for the stock from $55.00 to $77.00 in a research report on Friday, January 21st. Bank of America raised shares of Boise Cascade from an underperform rating to a buy rating and boosted their target price for the company from $68.00 to $82.00 in a research report on Wednesday, January 19th. Finally, StockNews.com cut shares of Boise Cascade from a strong-buy rating to a buy rating in a research report on Wednesday, May 4th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Boise Cascade currently has an average rating of Buy and a consensus price target of $79.75.

Shares of BCC opened at $79.37 on Tuesday. The company has a market cap of $3.13 billion, a price-to-earnings ratio of 3.69, a PEG ratio of 2.05 and a beta of 1.50. Boise Cascade has a 1-year low of $46.51 and a 1-year high of $85.17. The company’s fifty day simple moving average is $75.10 and its 200 day simple moving average is $72.47. The company has a current ratio of 2.75, a quick ratio of 1.84 and a debt-to-equity ratio of 0.29.

Boise Cascade (NYSE:BCCGet Rating) last issued its earnings results on Thursday, May 5th. The construction company reported $7.61 earnings per share for the quarter, topping analysts’ consensus estimates of $6.50 by $1.11. The business had revenue of $2.33 billion for the quarter, compared to the consensus estimate of $2.19 billion. Boise Cascade had a net margin of 10.27% and a return on equity of 62.72%. The firm’s revenue for the quarter was up 27.7% on a year-over-year basis. During the same period in the previous year, the company earned $3.76 earnings per share. As a group, research analysts forecast that Boise Cascade will post 18.43 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 15th. Investors of record on Wednesday, June 1st will be given a dividend of $2.62 per share. This is a boost from Boise Cascade’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Tuesday, May 31st. This represents a $10.48 annualized dividend and a yield of 13.20%. Boise Cascade’s dividend payout ratio is currently 2.20%.

In other Boise Cascade news, EVP Dean Michael Brown sold 4,821 shares of the business’s stock in a transaction dated Monday, February 28th. The stock was sold at an average price of $77.40, for a total transaction of $373,145.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Jill Twedt sold 4,000 shares of the business’s stock in a transaction dated Monday, February 28th. The stock was sold at an average price of $77.85, for a total value of $311,400.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 11,215 shares of company stock valued at $882,242. Insiders own 0.89% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC acquired a new position in shares of Boise Cascade in the fourth quarter valued at approximately $25,000. Rockefeller Capital Management L.P. increased its stake in shares of Boise Cascade by 758.1% in the fourth quarter. Rockefeller Capital Management L.P. now owns 369 shares of the construction company’s stock valued at $26,000 after buying an additional 326 shares during the period. Point72 Hong Kong Ltd acquired a new position in shares of Boise Cascade in the fourth quarter valued at approximately $34,000. Mystic Asset Management Inc. acquired a new position in shares of Boise Cascade in the fourth quarter valued at approximately $40,000. Finally, Van ECK Associates Corp acquired a new position in shares of Boise Cascade in the fourth quarter valued at approximately $52,000. 91.42% of the stock is owned by institutional investors.

About Boise Cascade (Get Rating)

Boise Cascade Company manufactures wood products and distributes 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 lumber products.

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