Boise Cascade (NYSE:BCC) Given New $108.00 Price Target at BMO Capital Markets

Key Points

• BMO Capital Markets has lowered its price target for Boise Cascade from $114.00 to $108.00, indicating a potential upside of 29.75% from the current stock price.
• Boise Cascade reported a quarterly earnings miss, with earnings per share of $1.64, falling short of the consensus estimate of $1.69, and revenue of $1.74 billion compared to expectations of $1.76 billion.
• Analyst ratings for Boise Cascade are mixed, with four analysts giving it a "hold" rating and four assigning a "buy" rating, resulting in an average price target of $113.67.

Boise Cascade (NYSE:BCC - Free Report) had its price target decreased by BMO Capital Markets from $114.00 to $108.00 in a research report report published on Thursday morning,Benzinga reports. BMO Capital Markets currently has a market perform rating on the construction company's stock.

Several other equities research analysts have also recently commented on BCC. Bank of America cut their price target on shares of Boise Cascade from $111.00 to $107.00 and set a "buy" rating on the stock in a research report on Wednesday, July 9th. Loop Capital reduced their price target on shares of Boise Cascade from $140.00 to $135.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Truist Financial dropped their price target on shares of Boise Cascade from $114.00 to $106.00 and set a "buy" rating for the company in a research note on Tuesday, July 8th. Finally, DA Davidson reduced their price target on shares of Boise Cascade from $115.00 to $100.00 and set a "buy" rating for the company in a report on Friday, July 18th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $112.83.

Boise Cascade Price Performance

NYSE BCC traded down $1.54 during trading on Thursday, reaching $80.55. 129,276 shares of the company traded hands, compared to its average volume of 354,267. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.54 and a current ratio of 2.96. The stock's 50 day moving average price is $87.31 and its two-hundred day moving average price is $96.57. The company has a market cap of $3.01 billion, a price-to-earnings ratio of 11.82, a P/E/G ratio of 4.88 and a beta of 1.28. Boise Cascade has a 1-year low of $80.01 and a 1-year high of $155.42.

Boise Cascade (NYSE:BCC - Get Free Report) last issued its earnings results on Monday, August 4th. The construction company reported $1.64 EPS for the quarter, missing the consensus estimate of $1.69 by ($0.05). The business had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.76 billion. Boise Cascade had a net margin of 4.00% and a return on equity of 12.26%. The business's revenue was down 3.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.84 EPS. As a group, analysts anticipate that Boise Cascade will post 10.15 EPS for the current year.

Boise Cascade Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 17th. Shareholders of record on Tuesday, September 2nd will be given a dividend of $0.22 per share. This is a positive change from Boise Cascade's previous quarterly dividend of $0.21. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $0.88 dividend on an annualized basis and a yield of 1.1%. Boise Cascade's payout ratio is 12.92%.

Insider Transactions at Boise Cascade

In related news, EVP Joanna L. Barney sold 1,000 shares of Boise Cascade stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $87.68, for a total value of $87,680.00. Following the completion of the sale, the executive vice president directly owned 12,372 shares in the company, valued at $1,084,776.96. This trade represents a 7.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Jill Twedt sold 1,782 shares of the business's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $83.97, for a total transaction of $149,634.54. Following the completion of the transaction, the senior vice president owned 32,867 shares of the company's stock, valued at approximately $2,759,841.99. This represents a 5.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 6,015 shares of company stock valued at $511,869 in the last 90 days. Insiders own 0.98% of the company's stock.

Institutional Investors Weigh In On Boise Cascade

Hedge funds have recently modified their holdings of the business. Blue Trust Inc. lifted its stake in Boise Cascade by 93.7% in the first quarter. Blue Trust Inc. now owns 918 shares of the construction company's stock worth $90,000 after acquiring an additional 444 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Boise Cascade by 60.6% during the 1st quarter. GAMMA Investing LLC now owns 1,458 shares of the construction company's stock worth $143,000 after purchasing an additional 550 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of Boise Cascade by 50.8% during the 1st quarter. Assenagon Asset Management S.A. now owns 23,699 shares of the construction company's stock worth $2,325,000 after purchasing an additional 7,983 shares during the last quarter. D. E. Shaw & Co. Inc. acquired a new stake in shares of Boise Cascade during the 4th quarter worth about $728,000. Finally, Caxton Associates LP acquired a new stake in shares of Boise Cascade during the 4th quarter worth about $522,000. 96.18% of the stock is currently owned by institutional investors and hedge funds.

Boise Cascade Company Profile

Boise Cascade Company engages in manufacture of wood products and distribution of 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 shop lumber and appearance grade boards.