Boise Cascade (NYSE:BCC) Shares Gap Up – Here’s Why

Boise Cascade, L.L.C. (NYSE:BCC)’s stock price gapped up before the market opened on Tuesday. The stock had previously closed at $75.00, but opened at $80.06. Boise Cascade shares last traded at $76.4620, with a volume of 63,323 shares trading hands.

Wall Street Analyst Weigh In

BCC has been the topic of a number of recent analyst reports. Weiss Ratings raised shares of Boise Cascade from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, August 17th. Bank of America decreased their price objective on shares of Boise Cascade from $89.00 to $80.00 and set an “underperform” rating for the company in a research note on Wednesday, October 14th. DA Davidson lifted their target price on shares of Boise Cascade from $92.00 to $99.00 and gave the stock a “buy” rating in a research report on Wednesday, August 5th. Zacks Research downgraded Boise Cascade from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 17th. Finally, Loop Capital lowered Boise Cascade from a “buy” rating to a “hold” rating and set a $85.00 target price for the company. in a report on Monday, October 26th. Three equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Boise Cascade has a consensus rating of “Hold” and a consensus target price of $92.00.

Boise Cascade Stock Up 1.9%

The company has a market cap of $2.67 billion, a P/E ratio of 26.04, a price-to-earnings-growth ratio of 0.97 and a beta of 1.08. The company has a 50 day moving average of $76.30 and a 200-day moving average of $77.24. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.71 and a quick ratio of 1.31.

Boise Cascade (NYSE:BCC) last posted its quarterly earnings data on Monday, November 2nd. The construction company reported $1.04 earnings per share for the quarter, missing the consensus estimate of $1.12 by ($0.08). The company had revenue of $1.80 billion for the quarter, compared to analysts’ expectations of $1.76 billion. Boise Cascade had a net margin of 1.64% and a return on equity of 5.41%. The business’s quarterly revenue was up 8.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.58 EPS. On average, equities analysts predict that Boise Cascade, L.L.C. will post 3.86 earnings per share for the current year.

Boise Cascade Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 16th. Stockholders of record on Tuesday, December 1st will be paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Tuesday, December 1st. Boise Cascade’s dividend payout ratio is 31.19%.

Insider Activity at Boise Cascade

In other news, Director Kristopher J. Matula sold 1,930 shares of Boise Cascade stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $84.58, for a total transaction of $163,239.40. Following the sale, the director owned 13,982 shares of the company’s stock, valued at approximately $1,182,597.56. The trade was a 12.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Jill Twedt sold 1,250 shares of the business’s stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $79.40, for a total transaction of $99,250.00. Following the transaction, the senior vice president owned 25,295 shares in the company, valued at $2,008,423. This represents a 4.71% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 1.42% of the company’s stock.

Institutional Trading of Boise Cascade

Hedge funds have recently modified their holdings of the business. BlackRock Inc. bought a new position in shares of Boise Cascade in the second quarter valued at $463,729,000. Dimensional Fund Advisors LP raised its stake in Boise Cascade by 2.0% during the first quarter. Dimensional Fund Advisors LP now owns 2,325,781 shares of the construction company’s stock worth $176,410,000 after acquiring an additional 46,561 shares in the last quarter. State Street Corp grew its position in Boise Cascade by 2.8% during the 2nd quarter. State Street Corp now owns 1,497,224 shares of the construction company’s stock worth $116,229,000 after acquiring an additional 41,324 shares during the last quarter. Atlas FRM LLC bought a new position in shares of Boise Cascade in the 2nd quarter valued at about $34,545,350. Finally, Bank of America Corp DE bought a new stake in Boise Cascade in the second quarter valued at about $30,351,000. Institutional investors own 96.18% of the company’s stock.

About Boise Cascade

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.