Boise Cascade (NYSE:BCC) Announces Quarterly Earnings Results

Key Points

• Boise Cascade exceeded quarterly expectations, reporting earnings of $1.63 per share versus the $1.23 consensus estimate and revenue of $1.83 billion compared with expectations of $1.77 billion.
• Shares rose 8.6% to $82.92 following the results. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $92.80.
• The company increased its quarterly dividend to $0.23 per share, up from $0.22, implying an annualized dividend of $0.92 and a 1.1% yield.

Boise Cascade (NYSE:BCC - Get Free Report) posted its quarterly earnings data on Monday. The construction company reported $1.63 earnings per share for the quarter, beating the consensus estimate of $1.23 by $0.40, FiscalAI reports. Boise Cascade had a return on equity of 5.55% and a net margin of 1.73%.The business had revenue of $1.83 billion for the quarter, compared to analysts' expectations of $1.77 billion.

Boise Cascade Stock Up 8.6%

Shares of Boise Cascade stock traded up $6.54 during midday trading on Monday, hitting $82.92. The company had a trading volume of 813,379 shares, compared to its average volume of 430,828. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.37 and a current ratio of 2.77. The stock has a market capitalization of $2.92 billion, a P/E ratio of 28.01, a P/E/G ratio of 1.05 and a beta of 1.10. The company has a 50 day moving average of $73.77 and a 200 day moving average of $76.92. Boise Cascade has a 52-week low of $65.00 and a 52-week high of $91.97.

Boise Cascade Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Tuesday, September 1st will be given a $0.23 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.1%. This is an increase from Boise Cascade's previous quarterly dividend of $0.22. Boise Cascade's payout ratio is presently 29.73%.

Analysts Set New Price Targets

A number of research analysts have recently commented on BCC shares. Bank of America raised their target price on Boise Cascade from $80.00 to $81.00 and gave the company an "underperform" rating in a research note on Tuesday, July 14th. Zacks Research upgraded Boise Cascade from a "hold" rating to a "strong-buy" rating in a report on Friday, July 17th. DA Davidson lowered their price objective on Boise Cascade from $95.00 to $92.00 and set a "buy" rating for the company in a research report on Wednesday, May 6th. Truist Financial set a $97.00 target price on shares of Boise Cascade in a report on Wednesday, May 6th. Finally, Weiss Ratings raised shares of Boise Cascade from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Monday, May 18th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $92.80.

Insider Transactions at Boise Cascade

In other Boise Cascade news, SVP Jill Twedt sold 6,070 shares of Boise Cascade stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $66.45, for a total transaction of $403,351.50. Following the completion of the transaction, the senior vice president owned 26,545 shares in the company, valued at approximately $1,763,915.25. The trade was a 18.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.42% of the company's stock.

Hedge Funds Weigh In On Boise Cascade

A number of hedge funds have recently bought and sold shares of BCC. Wellington Management Group LLP lifted its stake in Boise Cascade by 19.8% during the 3rd quarter. Wellington Management Group LLP now owns 3,268,407 shares of the construction company's stock valued at $252,713,000 after acquiring an additional 539,962 shares during the period. Two Sigma Investments LP raised its holdings in shares of Boise Cascade by 377.6% during the third quarter. Two Sigma Investments LP now owns 292,556 shares of the construction company's stock valued at $22,620,000 after purchasing an additional 231,302 shares during the last quarter. Bank of America Corp DE raised its holdings in shares of Boise Cascade by 76.5% during the second quarter. Bank of America Corp DE now owns 417,642 shares of the construction company's stock valued at $36,260,000 after purchasing an additional 181,025 shares during the last quarter. Third Avenue Management LLC lifted its position in Boise Cascade by 57.1% during the fourth quarter. Third Avenue Management LLC now owns 429,999 shares of the construction company's stock valued at $31,648,000 after purchasing an additional 156,294 shares during the period. Finally, Concentric Capital Strategies LP bought a new position in Boise Cascade during the third quarter valued at approximately $10,885,000. Institutional investors own 96.18% of the company's stock.

Boise Cascade Company Profile

Boise Cascade Company operates as a leading manufacturer and distributor of wood products and building materials in North America. The company's operations are organized into two primary segments: wood products manufacturing and building materials distribution. In its manufacturing segment, Boise Cascade produces a wide array of engineered wood products, including plywood, oriented strand board (OSB), lumber, particleboard and laminated veneer lumber (LVL), serving residential, commercial and industrial customers.

In its distribution segment, Boise Cascade sources and delivers building materials through an extensive network of distribution centers, servicing professional builders, remodelers, contractors and industrial customers.

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