Boise Cascade (NYSE:BCC) Given New $72.00 Price Target at Bank of America

Boise Cascade (NYSE:BCC – Get Rating) had its price objective reduced by Bank of America from $73.00 to $72.00 in a report published on Tuesday, The Fly reports. They currently have a neutral rating on the construction company’s stock.

Several other equities research analysts also recently issued reports on the company. The Goldman Sachs Group increased their price target on Boise Cascade from $63.00 to $70.00 and gave the stock a neutral rating in a report on Wednesday, August 3rd. DA Davidson raised their price objective on Boise Cascade to $85.00 in a research report on Tuesday, August 9th. Finally, Truist Financial started coverage on Boise Cascade in a research note on Wednesday, June 29th. They set a hold rating and a $64.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Hold and an average target price of $72.75.

Boise Cascade Stock Down 2.7 %

Shares of BCC stock opened at $59.33 on Tuesday. The stock’s 50 day simple moving average is $65.86 and its 200 day simple moving average is $70.56. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.14 and a current ratio of 3.18. Boise Cascade has a twelve month low of $52.15 and a twelve month high of $85.17. The company has a market capitalization of $2.34 billion, a price-to-earnings ratio of 3.02, a PEG ratio of 1.29 and a beta of 1.62.

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Boise Cascade (NYSE:BCC – Get Rating) last released its quarterly earnings data on Monday, August 1st. The construction company reported $5.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.64 by $0.85. The business had revenue of $2.28 billion for the quarter, compared to analysts’ expectations of $2.16 billion. Boise Cascade had a return on equity of 51.48% and a net margin of 9.45%. Boise Cascade’s quarterly revenue was down 6.8% on a year-over-year basis. During the same period in the previous year, the business posted $7.62 earnings per share. As a group, research analysts predict that Boise Cascade will post 20.06 EPS for the current year.

Boise Cascade Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st were paid a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, August 31st. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.81%. Boise Cascade’s payout ratio is presently 2.44%.

Insider Activity at Boise Cascade

In other Boise Cascade news, CFO Kelly E. Hibbs sold 3,180 shares of the stock in a transaction on Friday, August 5th. The stock was sold at an average price of $68.96, for a total transaction of $219,292.80. Following the sale, the chief financial officer now owns 40,736 shares in the company, valued at $2,809,154.56. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.89% of the stock is owned by company insiders.

Institutional Trading of Boise Cascade

Several institutional investors have recently added to or reduced their stakes in BCC. Rockefeller Capital Management L.P. increased its stake in shares of Boise Cascade by 758.1% during the fourth quarter. Rockefeller Capital Management L.P. now owns 369 shares of the construction company’s stock valued at $26,000 after purchasing an additional 326 shares in the last quarter. Neo Ivy Capital Management bought a new stake in Boise Cascade in the 2nd quarter worth approximately $25,000. Point72 Hong Kong Ltd purchased a new position in shares of Boise Cascade during the 4th quarter worth $34,000. Mystic Asset Management Inc. purchased a new position in shares of Boise Cascade during the 4th quarter worth $40,000. Finally, CoreCap Advisors LLC purchased a new position in shares of Boise Cascade during the 2nd quarter valued at $40,000. 93.66% of the stock is currently owned by hedge funds and other institutional investors.

Boise Cascade Company Profile

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Boise Cascade Company manufactures wood products and distributes 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 lumber products.