Boise Cascade (NYSE:BCC) Cut to "Strong Sell" at Zacks Research

Key Points

• Zacks Research downgraded Boise Cascade from “hold” to “strong sell.” Other firms also lowered ratings; MarketBeat’s consensus rating is “Reduce,” with an average price target of $88.17.
• Boise Cascade reported quarterly EPS of $1.04, missing the $1.12 consensus estimate, while revenue of $1.80 billion beat expectations and rose 8.1% year over year.
• Shares opened at $70.22 on Thursday, down 4.8%, and were trading within a 52-week range of $65.00 to $91.97.

Boise Cascade (NYSE:BCC - Get Free Report) was downgraded by equities researchers at Zacks Research from a "hold" rating to a "strong sell" rating in a research report issued on Thursday, Zacks reports.

A number of other research firms also recently issued reports on BCC. Wall Street Zen downgraded shares of Boise Cascade from a "buy" rating to a "hold" rating in a report on Saturday, October 31st. BMO Capital Markets cut Boise Cascade from an "outperform" rating to a "market perform" rating and decreased their target price for the stock from $100.00 to $88.00 in a research note on Thursday. The Goldman Sachs Group upped their target price on shares of Boise Cascade from $81.00 to $91.00 and gave the company a "neutral" rating in a report on Wednesday, August 5th. Weiss Ratings cut Boise Cascade from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Tuesday. Finally, Loop Capital downgraded Boise Cascade from a "buy" rating to a "hold" rating and set a $85.00 price objective for the company. in a research note on Monday, October 26th. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Reduce" and an average target price of $88.17.

Boise Cascade Stock Down 4.8%

Shares of NYSE:BCC opened at $70.22 on Thursday. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.71 and a quick ratio of 1.31. The firm has a market capitalization of $2.45 billion, a PE ratio of 20.59, a price-to-earnings-growth 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 firm's 50-day moving average is $75.81 and its two-hundred day moving average is $77.02.

Boise Cascade (NYSE:BCC - Get Free Report) last announced its earnings results 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 firm had revenue of $1.80 billion for the quarter, compared to the consensus estimate of $1.76 billion. Boise Cascade had a return on equity of 6.20% and a net margin of 1.83%. Boise Cascade's revenue for the quarter was up 8.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.58 EPS. Analysts predict that Boise Cascade will post 3.20 EPS for the current year.

Insider Transactions at Boise Cascade

In other Boise Cascade news, SVP Jill Twedt sold 1,250 shares of the stock in a transaction 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 transaction, the senior vice president directly owned 25,295 shares of the company's stock, valued at approximately $2,008,423. This represents a 4.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.42% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Boise Cascade

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

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