Boise Cascade (NYSE:BCC) Issues Quarterly Earnings Results

Key Points

• Boise Cascade reported quarterly EPS of $0.50, beating the $0.43 consensus, and revenue of $1.50 billion versus $1.46 billion estimates; the company posted a net margin of 2.07% and a return on equity of 6.54%.
• Shares fell $3.89 intraday to $74.24 on heavy volume (990,750 shares vs. average 415,705) despite the beat; the stock has a market cap of $2.66 billion and a P/E of 21.09.
• Boise Cascade declared a quarterly dividend of $0.22 per share (annualized $0.88, yield 1.2%, ex-dividend June 1), and analysts' consensus rating is a Moderate Buy with an average price target of $99.20.

Boise Cascade (NYSE:BCC - Get Free Report) announced its quarterly earnings data on Monday. The construction company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.07, FiscalAI reports. The company had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.46 billion. Boise Cascade had a net margin of 2.07% and a return on equity of 6.54%.

Boise Cascade Price Performance

Shares of BCC stock traded down $3.89 during midday trading on Monday, reaching $74.24. 990,750 shares of the company were exchanged, compared to its average volume of 415,705. Boise Cascade has a 12 month low of $65.14 and a 12 month high of $95.72. The company has a market cap of $2.66 billion, a P/E ratio of 21.09, a PEG ratio of 1.13 and a beta of 1.15. The company's 50 day moving average price is $77.55 and its two-hundred day moving average price is $77.14. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.74 and a current ratio of 3.36.

Boise Cascade Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 17th. Shareholders of record on Monday, June 1st will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Monday, June 1st. Boise Cascade's payout ratio is 25.00%.

Wall Street Analysts Forecast Growth

BCC has been the subject of several recent analyst reports. Weiss Ratings raised shares of Boise Cascade from a "sell (d+)" rating to a "hold (c-)" rating in a report on Monday, March 30th. DA Davidson reaffirmed a "buy" rating and issued a $95.00 price target on shares of Boise Cascade in a report on Tuesday, February 24th. BMO Capital Markets reaffirmed an "outperform" rating on shares of Boise Cascade in a report on Thursday, January 8th. Wall Street Zen raised shares of Boise Cascade from a "sell" rating to a "hold" rating in a report on Saturday, February 28th. Finally, The Goldman Sachs Group lifted their price target on shares of Boise Cascade from $85.00 to $94.00 and gave the company a "neutral" rating in a report on Wednesday, February 25th. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $99.20.

Institutional Trading of Boise Cascade

A number of hedge funds and other institutional investors have recently made changes to their positions in BCC. Caitong International Asset Management Co. Ltd lifted its stake in shares of Boise Cascade by 231.3% in the third quarter. Caitong International Asset Management Co. Ltd now owns 371 shares of the construction company's stock worth $29,000 after buying an additional 259 shares during the last quarter. Advisory Services Network LLC acquired a new stake in shares of Boise Cascade in the third quarter worth $38,000. UMB Bank n.a. lifted its stake in shares of Boise Cascade by 98.5% in the fourth quarter. UMB Bank n.a. now owns 524 shares of the construction company's stock worth $39,000 after buying an additional 260 shares during the last quarter. iSAM Funds UK Ltd acquired a new position in Boise Cascade during the 3rd quarter valued at $44,000. Finally, CIBC Private Wealth Group LLC raised its stake in Boise Cascade by 662.4% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 648 shares of the construction company's stock valued at $50,000 after purchasing an additional 563 shares during the last quarter. 96.18% of the stock is currently owned by institutional investors.

About Boise Cascade

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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