Boise Cascade (NYSE:BCC) Stock Moved Down to “Strong Sell” by Zacks Research

Zacks Research lowered shares of Boise Cascade (NYSE:BCC) from a hold rating to a strong sell rating in a report published on Thursday morning,Zacks reports.

Other analysts have also recently issued reports about the stock. The Goldman Sachs Group boosted their price objective on shares of Boise Cascade from $81.00 to $91.00 and gave the company a “neutral” rating in a research note on Wednesday, August 5th. Truist Financial cut their target price on Boise Cascade from $97.00 to $86.00 and set a “buy” rating on the stock in a research report on Wednesday. Weiss Ratings cut Boise Cascade from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday. Wall Street Zen cut Boise Cascade from a “buy” rating to a “hold” rating in a report on Saturday, October 31st. Finally, Loop Capital downgraded Boise Cascade from a “buy” rating to a “hold” rating and set a $85.00 price target for the company. in a research report on Monday, October 26th. Two investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average target price of $88.17.

Boise Cascade Trading Down 4.8%

Shares of BCC stock traded down $3.53 during trading hours on Thursday, hitting $70.22. 324,041 shares of the company were exchanged, compared to its average volume of 340,266. The firm has a market cap of $2.45 billion, a PE ratio of 20.59, a PEG ratio of 0.98 and a beta of 1.08. Boise Cascade has a 1 year low of $65.00 and a 1 year high of $91.97. The company has a quick ratio of 1.31, a current ratio of 2.71 and a debt-to-equity ratio of 0.24. The firm has a fifty day moving average of $75.81 and a 200 day moving average of $77.02.

Boise Cascade (NYSE:BCC) last released its earnings results on Monday, November 2nd. The construction company reported $1.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.08). Boise Cascade had a net margin of 1.83% and a return on equity of 6.20%. The company had revenue of $1.80 billion during the quarter, compared to analysts’ expectations of $1.76 billion. During the same quarter in the previous year, the firm posted $0.58 earnings per share. Boise Cascade’s revenue for the quarter was up 8.1% compared to the same quarter last year. Analysts expect that Boise Cascade will post 3.20 earnings per share for the current year.

Boise Cascade Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 16th. Stockholders of record on Tuesday, December 1st will be given a $0.23 dividend. The ex-dividend date of this dividend is Tuesday, December 1st. This represents a $0.92 annualized dividend and a dividend yield of 1.3%. Boise Cascade’s dividend payout ratio is presently 26.98%.

Insider Activity

In other news, SVP Jill Twedt sold 1,250 shares of the firm’s stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $79.40, for a total value of $99,250.00. Following the transaction, the senior vice president owned 25,295 shares of the company’s stock, valued at approximately $2,008,423. This trade represents a 4.71% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.42% of the stock is owned by insiders.

Institutional Trading of Boise Cascade

Institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new position in Boise Cascade in the second quarter valued at about $463,729,000. Dimensional Fund Advisors LP boosted its position in shares of Boise Cascade by 2.0% in the first quarter. Dimensional Fund Advisors LP now owns 2,325,781 shares of the construction company’s stock worth $176,410,000 after buying an additional 46,561 shares during the period. State Street Corp grew its stake in shares of Boise Cascade by 2.8% in the second quarter. State Street Corp now owns 1,497,224 shares of the construction company’s stock valued at $116,229,000 after buying an additional 41,324 shares in the last quarter. Atlas FRM LLC acquired a new stake in shares of Boise Cascade in the second quarter valued at about $34,545,350. Finally, Bank of America Corp DE acquired a new stake in shares of Boise Cascade in the second quarter valued at about $30,351,000. 96.18% of the stock is owned by hedge funds and other institutional investors.

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.