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

Boise Cascade (NYSE:BCC) released its quarterly earnings results on Monday. The construction company reported $1.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.23 by $0.40, FiscalAI reports. Boise Cascade had a return on equity of 5.55% and a net margin of 1.73%.The firm had revenue of $1.83 billion for the quarter, compared to the consensus estimate of $1.77 billion.

Boise Cascade Stock Performance

NYSE BCC traded up $6.54 on Monday, hitting $82.92. 813,379 shares of the company traded hands, compared to its average volume of 430,828. The business’s 50 day moving average price is $73.77 and its 200-day moving average price is $76.92. Boise Cascade has a 52-week low of $65.00 and a 52-week high of $91.97. The company has a current ratio of 2.77, a quick ratio of 1.37 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $2.92 billion, a price-to-earnings ratio of 28.01, a P/E/G ratio of 1.05 and a beta of 1.10.

Boise Cascade Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Tuesday, September 1st will be given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a 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 presently 29.73%.

Analysts Set New Price Targets

A number of research firms recently commented on BCC. Truist Financial set a $97.00 price objective on Boise Cascade in a research report on Wednesday, May 6th. DA Davidson cut their price target on Boise Cascade from $95.00 to $92.00 and set a “buy” rating for the company in a research note on Wednesday, May 6th. Weiss Ratings raised shares of Boise Cascade from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, May 18th. Zacks Research upgraded shares of Boise Cascade from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 17th. 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 report on Tuesday, July 14th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $92.80.

Insider Buying and Selling

In other news, SVP Jill Twedt sold 6,070 shares of the firm’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 transaction, the senior vice president owned 26,545 shares of the company’s stock, valued at $1,763,915.25. This trade represents a 18.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.42% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Boise Cascade

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Invesco Ltd. lifted its stake in shares of Boise Cascade by 1.3% during the 4th quarter. Invesco Ltd. now owns 202,488 shares of the construction company’s stock valued at $14,903,000 after buying an additional 2,640 shares in the last quarter. Corient Private Wealth LLC purchased a new stake in Boise Cascade in the 4th quarter worth $425,000. Mercer Global Advisors Inc. ADV increased its stake in Boise Cascade by 2.9% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 33,481 shares of the construction company’s stock worth $2,464,000 after buying an additional 934 shares in the last quarter. XTX Topco Ltd bought a new stake in Boise Cascade during the fourth quarter valued at about $4,029,000. Finally, Balyasny Asset Management L.P. raised its holdings in Boise Cascade by 12.1% during the fourth quarter. Balyasny Asset Management L.P. now owns 68,888 shares of the construction company’s stock valued at $5,070,000 after acquiring an additional 7,433 shares during the period. 96.18% of the stock is owned by hedge funds and other institutional investors.

Boise Cascade Company Profile

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.