Acadian Asset Management LLC Decreases Holdings in Boise Cascade (NYSE:BCC)

Acadian Asset Management LLC trimmed its holdings in shares of Boise Cascade (NYSE:BCC) by 16.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,072,979 shares of the construction company’s stock after selling 213,064 shares during the period. Acadian Asset Management LLC owned about 2.72% of Boise Cascade worth $127,903,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BCC. USA Financial Formulas raised its position in Boise Cascade by 5,050.0% in the fourth quarter. USA Financial Formulas now owns 206 shares of the construction company’s stock worth $27,000 after acquiring an additional 202 shares during the period. Principal Securities Inc. bought a new stake in shares of Boise Cascade in the 4th quarter worth approximately $27,000. Scarborough Advisors LLC purchased a new position in Boise Cascade in the fourth quarter valued at approximately $36,000. Larson Financial Group LLC bought a new position in Boise Cascade during the second quarter valued at $36,000. Finally, iA Global Asset Management Inc. purchased a new stake in Boise Cascade in the first quarter worth $82,000. 96.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on BCC. StockNews.com downgraded Boise Cascade from a “buy” rating to a “hold” rating in a research note on Tuesday, August 6th. Truist Financial reaffirmed a “buy” rating and set a $154.00 price objective (down from $159.00) on shares of Boise Cascade in a report on Wednesday, August 7th. Finally, The Goldman Sachs Group reduced their target price on shares of Boise Cascade from $140.00 to $122.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $124.75.

Boise Cascade Stock Performance

Shares of BCC opened at $124.13 on Friday. Boise Cascade has a 52-week low of $87.32 and a 52-week high of $154.67. The stock’s 50-day simple moving average is $128.67 and its 200 day simple moving average is $133.43. The company has a debt-to-equity ratio of 0.21, a quick ratio of 2.08 and a current ratio of 3.28. The stock has a market capitalization of $4.90 billion, a price-to-earnings ratio of 10.09 and a beta of 1.52.

Boise Cascade (NYSE:BCC) last announced its quarterly earnings results on Monday, August 5th. The construction company reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.68 by $0.16. Boise Cascade had a return on equity of 20.17% and a net margin of 6.60%. The firm had revenue of $1.80 billion for the quarter, compared to analysts’ expectations of $1.77 billion. During the same period in the prior year, the business posted $3.67 earnings per share. The company’s revenue was down 1.0% on a year-over-year basis. Research analysts forecast that Boise Cascade will post 9.76 EPS for the current fiscal year.

Boise Cascade Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd will be issued a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 0.68%. This is an increase from Boise Cascade’s previous quarterly dividend of $0.20. The ex-dividend date is Tuesday, September 3rd. Boise Cascade’s dividend payout ratio (DPR) is presently 6.83%.

About Boise Cascade

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.