Boise Cascade (NYSE:BCC) Stock Rating Lowered by BMO Capital Markets

Boise Cascade (NYSE:BCC) was downgraded by investment analysts at BMO Capital Markets from an “outperform” rating to a “market perform” rating in a note issued to investors on Thursday, MarketBeat Ratings reports. They currently have a $88.00 price objective on the construction company’s stock. BMO Capital Markets‘s target price points to a potential upside of 12.71% from the stock’s previous close.

Other research analysts have also issued research reports about the company. The Goldman Sachs Group increased their target price on Boise Cascade from $81.00 to $91.00 and gave the company a “neutral” rating in a research report on Wednesday, August 5th. Truist Financial cut their price target on shares of Boise Cascade from $97.00 to $86.00 and set a “buy” rating for the company in a report on Wednesday. Weiss Ratings cut shares of Boise Cascade from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday. Wall Street Zen downgraded shares of Boise Cascade from a “buy” rating to a “hold” rating in a report on Saturday, October 31st. Finally, DA Davidson set a $99.00 target price on shares of Boise Cascade in a research report on Tuesday. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $88.17.

Boise Cascade Stock Performance

NYSE BCC opened at $78.08 on Thursday. The stock has a market capitalization of $2.72 billion, a price-to-earnings ratio of 22.90, a PEG ratio of 0.97 and a beta of 1.08. The stock has a 50-day moving average of $76.10 and a 200 day moving average of $77.15. The company has a current ratio of 2.82, a quick ratio of 1.31 and a debt-to-equity ratio of 0.24. Boise Cascade has a twelve month low of $65.00 and a twelve month high of $91.97.

Boise Cascade (NYSE:BCC) last issued its quarterly earnings data on Monday, November 2nd. The construction company reported $1.04 EPS for the quarter, missing the consensus estimate of $1.12 by ($0.08). The business had revenue of $1.80 billion during the quarter, compared to analyst estimates of $1.76 billion. Boise Cascade had a net margin of 1.83% and a return on equity of 6.18%. The firm’s revenue for the quarter was up 8.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.58 earnings per share. Sell-side analysts anticipate that Boise Cascade will post 3.86 EPS for the current fiscal year.

Insider Activity

In related news, SVP Jill Twedt sold 1,250 shares of the business’s stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $79.40, for a total transaction of $99,250.00. Following the completion of the sale, the senior vice president directly owned 25,295 shares in the company, valued at approximately $2,008,423. The trade was a 4.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.42% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Boise Cascade

A number of hedge funds have recently modified their holdings of the business. Covestor Ltd lifted its stake in shares of Boise Cascade by 162.5% in the third quarter. Covestor Ltd now owns 504 shares of the construction company’s stock worth $38,000 after buying an additional 312 shares in the last quarter. Nykredit A S purchased a new stake in Boise Cascade during the 2nd quarter valued at about $69,000. Signaturefd LLC grew its stake in Boise Cascade by 16.3% during the 3rd quarter. Signaturefd LLC now owns 1,000 shares of the construction company’s stock valued at $74,000 after acquiring an additional 140 shares in the last quarter. GAMMA Investing LLC grew its stake in Boise Cascade by 19.0% during the 3rd quarter. GAMMA Investing LLC now owns 1,164 shares of the construction company’s stock valued at $86,000 after acquiring an additional 186 shares in the last quarter. Finally, Fulcrum Asset Management LLP raised its holdings in Boise Cascade by 3,704.3% in the 3rd quarter. Fulcrum Asset Management LLP now owns 1,750 shares of the construction company’s stock valued at $133,000 after acquiring an additional 1,704 shares during the last quarter. 96.18% of the stock is currently owned by institutional investors and hedge funds.

Boise Cascade News Summary

Here are the key news stories impacting Boise Cascade this week:

• Positive Sentiment: Third-quarter revenue rose 8.1% year over year to $1.80 billion, topping estimates. Plywood pricing supported Wood Products profits, although growth in engineered-wood shipments was offset by weak construction demand. Boise Cascade Q3 Earnings, Sales Rise
• Neutral Sentiment: Truist lowered its price target to $86 from $97 but maintained a Buy rating. The new target implies about 10% upside from the $78.08 reference price, while the cut signals a more cautious outlook. Truist Securities Adjusts Price Target
• Negative Sentiment: Adjusted for the stronger sales, earnings were less encouraging: EPS of $1.04 missed the $1.12 consensus. Commentary also pointed to persistent housing-market pressure, and an analyst view cited a limited recovery and a valuation above historical averages. Boise Cascade: A Good Business Facing A Bad Housing Market
• Negative Sentiment: A new James Hardie/AZEK distribution arrangement replaces lost Trex business, but inventory buildup and shifting contractor relationships create transition and execution risks. BCC Q3 deep dive

Boise Cascade Company Profile

Boise Cascade Company is a U.S.-based manufacturer of engineered wood products and a wholesale distributor of building materials. Headquartered in Boise, Idaho, the company serves the residential construction, repair and remodeling, and industrial sectors primarily across the United States.

Through its Wood Products segment, Boise Cascade manufactures laminated veneer lumber, I-joists, laminated strand lumber, plywood, and other engineered wood products used in floors, roofs, walls, and structural applications.