Boise Cascade (NYSE:BCC) Rating Increased to Hold at Zacks Research

Key Points

• Zacks Research upgraded Boise Cascade from a "strong sell" to a "hold," joining several recent analyst moves that leave the stock with a consensus “Hold” rating and an average price target of $98.00.
• Boise Cascade beat expectations for the most recent quarter with $0.50 EPS vs. $0.43 expected and $1.50 billion in revenue vs. $1.46 billion expected, though revenue was down 2.5% year-over-year and the stock traded around $72.83 (market cap ~$2.56B, P/E 24.6).
• Institutional investors own about 96.18% of the company, with several funds materially increasing positions in recent quarters.

Boise Cascade (NYSE:BCC - Get Free Report) was upgraded by equities research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a report released on Wednesday,Zacks.com reports.

BCC has been the subject of a number of other research reports. Wall Street Zen raised shares of Boise Cascade from a "sell" rating to a "hold" rating in a report on Saturday, February 28th. DA Davidson dropped their target price on shares of Boise Cascade from $95.00 to $92.00 and set a "buy" rating for the company in a report on Wednesday. Truist Financial set a $97.00 target price on shares of Boise Cascade in a report on Wednesday. The Goldman Sachs Group increased their target price on shares of Boise Cascade from $85.00 to $94.00 and gave the stock a "neutral" rating in a report on Wednesday, February 25th. Finally, Weiss Ratings downgraded Boise Cascade from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Monday. Four equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $98.00.

Boise Cascade Stock Down 1.9%

BCC stock opened at $72.83 on Wednesday. The stock has a market capitalization of $2.56 billion, a P/E ratio of 24.60, a price-to-earnings-growth ratio of 1.10 and a beta of 1.15. The company has a current ratio of 2.77, a quick ratio of 1.74 and a debt-to-equity ratio of 0.24. Boise Cascade has a 12 month low of $65.14 and a 12 month high of $95.55. The firm has a 50-day moving average price of $76.95 and a 200-day moving average price of $77.18.

Boise Cascade (NYSE:BCC - Get Free Report) last posted its earnings results on Monday, May 4th. The construction company reported $0.50 EPS for the quarter, topping analysts' consensus estimates of $0.43 by $0.07. The firm had revenue of $1.50 billion during the quarter, compared to analysts' expectations of $1.46 billion. Boise Cascade had a net margin of 1.73% and a return on equity of 5.55%. The business's revenue for the quarter was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.06 earnings per share. As a group, equities research analysts anticipate that Boise Cascade will post 3.71 EPS for the current fiscal year.

Institutional Trading of Boise Cascade

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. SG Americas Securities LLC increased its position in Boise Cascade by 890.3% during the 4th quarter. SG Americas Securities LLC now owns 34,977 shares of the construction company's stock valued at $2,574,000 after purchasing an additional 31,445 shares during the period. AlphaQuest LLC grew its position in shares of Boise Cascade by 131.5% during the 3rd quarter. AlphaQuest LLC now owns 35,873 shares of the construction company's stock worth $2,774,000 after buying an additional 20,378 shares during the period. ARGA Investment Management LP acquired a new stake in shares of Boise Cascade during the 3rd quarter worth approximately $1,499,000. Allianz Asset Management GmbH grew its position in shares of Boise Cascade by 10.2% during the 3rd quarter. Allianz Asset Management GmbH now owns 175,031 shares of the construction company's stock worth $13,533,000 after buying an additional 16,270 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of Boise Cascade by 2.6% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,280,347 shares of the construction company's stock worth $176,313,000 after buying an additional 58,131 shares during the period. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.