Boise Cascade (NYSE:BCC) Trading Down 6.9% on Analyst Downgrade

Boise Cascade (NYSE:BCCGet Rating) traded down 6.9% on Thursday after The Goldman Sachs Group lowered their price target on the stock from $88.00 to $72.00. The Goldman Sachs Group currently has a neutral rating on the stock. Boise Cascade traded as low as $57.80 and last traded at $58.12. 2,358 shares were traded during trading, a decline of 99% from the average session volume of 416,763 shares. The stock had previously closed at $62.41.

Several other equities analysts have also recently weighed in on BCC. Bank of America cut shares of Boise Cascade from a “buy” rating to a “neutral” rating and set a $71.00 price objective on the stock. in a research report on Thursday. DA Davidson raised shares of Boise Cascade from a “neutral” rating to a “buy” rating and lifted their target price for the company from $80.00 to $82.00 in a research note on Thursday, February 24th. Benchmark lowered shares of Boise Cascade from a “buy” rating to a “hold” rating in a research note on Tuesday, May 10th. Finally, StockNews.com lowered shares of Boise Cascade from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, May 4th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $75.00.

Several hedge funds have recently added to or reduced their stakes in BCC. Bank of America Corp DE lifted its stake in shares of Boise Cascade by 76.0% in the 1st quarter. Bank of America Corp DE now owns 540,937 shares of the construction company’s stock valued at $37,578,000 after purchasing an additional 233,636 shares during the last quarter. Acadian Asset Management LLC lifted its stake in shares of Boise Cascade by 24.0% in the 1st quarter. Acadian Asset Management LLC now owns 1,039,884 shares of the construction company’s stock valued at $72,229,000 after purchasing an additional 201,074 shares during the last quarter. BlackRock Inc. lifted its stake in shares of Boise Cascade by 3.0% in the 1st quarter. BlackRock Inc. now owns 6,609,770 shares of the construction company’s stock valued at $459,180,000 after purchasing an additional 191,595 shares during the last quarter. Rathbones Group PLC lifted its stake in shares of Boise Cascade by 21.0% in the 1st quarter. Rathbones Group PLC now owns 774,454 shares of the construction company’s stock valued at $53,801,000 after purchasing an additional 134,529 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new stake in shares of Boise Cascade in the 4th quarter valued at $7,513,000. 91.42% of the stock is owned by institutional investors and hedge funds.

The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.84 and a current ratio of 2.75. The firm’s 50 day moving average is $76.00 and its 200-day moving average is $74.16. The firm has a market cap of $2.20 billion, a price-to-earnings ratio of 2.56, a price-to-earnings-growth ratio of 1.51 and a beta of 1.50.

Boise Cascade (NYSE:BCCGet Rating) last released its quarterly earnings data on Thursday, May 5th. The construction company reported $7.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.95 by $0.66. The business had revenue of $2.33 billion during the quarter, compared to analyst estimates of $2.19 billion. Boise Cascade had a net margin of 10.27% and a return on equity of 62.72%. Boise Cascade’s quarterly revenue was up 27.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.76 EPS. As a group, research analysts predict that Boise Cascade will post 18.43 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 15th. Investors of record on Wednesday, June 1st were issued a $2.62 dividend. This represents a $10.48 annualized dividend and a yield of 18.80%. The ex-dividend date was Tuesday, May 31st. This is an increase from Boise Cascade’s previous quarterly dividend of $0.12. Boise Cascade’s dividend payout ratio (DPR) is 2.20%.

About Boise Cascade (NYSE:BCC)

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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