Bank of America Increases Boise Cascade (NYSE:BCC) Price Target to $124.00

Boise Cascade (NYSE:BCC) had its target price upped by Bank of America from $120.00 to $124.00 in a research note published on Thursday morning, Benzinga reports. The firm currently has an underperform rating on the construction company’s stock.

Several other equities analysts also recently commented on BCC. StockNews.com downgraded Boise Cascade from a buy rating to a hold rating in a research report on Tuesday, August 6th. Truist Financial reaffirmed a buy rating and issued 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 report on Wednesday, July 10th. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of Hold and an average price target of $128.00.

Boise Cascade Stock Up 6.6 %

BCC stock opened at $135.86 on Thursday. The business’s 50 day simple moving average is $129.56 and its 200 day simple moving average is $133.32. Boise Cascade has a 1-year low of $87.32 and a 1-year high of $154.67. The firm has a market capitalization of $5.36 billion, a PE ratio of 11.05 and a beta of 1.52. The company has a current ratio of 3.28, a quick ratio of 2.08 and a debt-to-equity ratio of 0.21.

Boise Cascade (NYSE:BCC) last issued its quarterly earnings data 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. The company had revenue of $1.80 billion for the quarter, compared to analyst estimates of $1.77 billion. Boise Cascade had a net margin of 6.60% and a return on equity of 20.17%. The company’s revenue was down 1.0% on a year-over-year basis. During the same period in the prior year, the firm earned $3.67 earnings per share. As a group, research analysts anticipate that Boise Cascade will post 9.76 EPS for the current year.

Boise Cascade Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd will be paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 0.62%. The ex-dividend date is Tuesday, September 3rd. This is a positive change from Boise Cascade’s previous quarterly dividend of $0.20. Boise Cascade’s dividend payout ratio (DPR) is 6.83%.

Institutional Trading of Boise Cascade

Several large investors have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. grew its stake in Boise Cascade by 3.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 421,920 shares of the construction company’s stock worth $54,580,000 after buying an additional 12,140 shares in the last quarter. Principal Securities Inc. bought a new stake in shares of Boise Cascade during the 4th quarter worth approximately $27,000. Massachusetts Financial Services Co. MA boosted its position in shares of Boise Cascade by 30.7% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 33,989 shares of the construction company’s stock worth $4,397,000 after acquiring an additional 7,992 shares in the last quarter. Vanguard Personalized Indexing Management LLC increased its stake in Boise Cascade by 16.1% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 4,855 shares of the construction company’s stock valued at $628,000 after acquiring an additional 674 shares during the last quarter. Finally, Quadrant Capital Group LLC increased its stake in Boise Cascade by 38.7% in the fourth quarter. Quadrant Capital Group LLC now owns 763 shares of the construction company’s stock valued at $99,000 after acquiring an additional 213 shares during the last quarter. 96.18% of the stock is owned by institutional investors and hedge funds.

Boise Cascade Company Profile

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.