Boise Cascade (NYSE:BCC) Posts Quarterly Earnings Results, Misses Estimates By $0.05 EPS

Key Points

• Boise Cascade reported its earnings per share (EPS) at $1.64, falling short of analysts' expectations of $1.88 by $0.24.
• The company declared a $0.22 quarterly dividend, up from the previous $0.21, representing an annualized yield of 1.1%.
• Despite the earnings miss, Boise Cascade maintains a consensus analyst rating of "Moderate Buy" with a revised average price target of $116.00.

Boise Cascade (NYSE:BCC - Get Free Report) posted its earnings results on Monday. The construction company reported $1.64 EPS for the quarter, missing the consensus estimate of $1.69 by ($0.05), Zacks reports. Boise Cascade had a return on equity of 12.26% and a net margin of 4.00%. The firm had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.76 billion. During the same quarter last year, the company posted $2.84 EPS. Boise Cascade's revenue for the quarter was down 3.2% on a year-over-year basis.

Boise Cascade Price Performance

Shares of NYSE BCC traded down $0.36 during mid-day trading on Friday, reaching $82.84. The company had a trading volume of 62,341 shares, compared to its average volume of 353,931. Boise Cascade has a 1-year low of $80.30 and a 1-year high of $155.42. The stock has a market cap of $3.09 billion, a PE ratio of 12.16, a P/E/G ratio of 4.04 and a beta of 1.28. The company has a current ratio of 2.96, a quick ratio of 1.51 and a debt-to-equity ratio of 0.21. The company has a 50-day moving average price of $87.41 and a two-hundred day moving average price of $97.33.

Boise Cascade Increases Dividend

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

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. DA Davidson decreased their price objective on Boise Cascade from $115.00 to $100.00 and set a "buy" rating for the company in a report on Friday, July 18th. Truist Financial decreased their price target on Boise Cascade from $106.00 to $101.00 and set a "buy" rating for the company in a research note on Thursday. Loop Capital cut their price objective on shares of Boise Cascade from $140.00 to $135.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Bank of America reduced their price objective on shares of Boise Cascade from $111.00 to $107.00 and set a "buy" rating for the company in a report on Wednesday, July 9th. Finally, BMO Capital Markets lowered their target price on shares of Boise Cascade from $114.00 to $108.00 and set a "market perform" rating on the stock in a research note on Thursday. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $112.83.

Insider Buying and Selling

In other news, EVP Troy Little sold 2,033 shares of the stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $83.10, for a total value of $168,942.30. Following the completion of the sale, the executive vice president directly owned 12,701 shares of the company's stock, valued at $1,055,453.10. This represents a 13.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Joanna L. Barney sold 1,000 shares of the company's stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $87.68, for a total transaction of $87,680.00. Following the completion of the transaction, the executive vice president owned 12,372 shares in the company, valued at approximately $1,084,776.96. This represents a 7.48% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 6,015 shares of company stock valued at $511,869. 0.98% of the stock is owned by corporate insiders.

Institutional Trading of Boise Cascade

Several hedge funds and other institutional investors have recently modified their holdings of BCC. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Boise Cascade by 2.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 203,631 shares of the construction company's stock worth $19,974,000 after purchasing an additional 3,978 shares during the last quarter. United Services Automobile Association bought a new position in shares of Boise Cascade in the first quarter valued at approximately $258,000. Jones Financial Companies Lllp boosted its holdings in shares of Boise Cascade by 1,638.4% during the 1st quarter. Jones Financial Companies Lllp now owns 4,120 shares of the construction company's stock worth $404,000 after buying an additional 3,883 shares during the period. AQR Capital Management LLC lifted its position in Boise Cascade by 8.8% during the 1st quarter. AQR Capital Management LLC now owns 36,639 shares of the construction company's stock worth $3,594,000 after acquiring an additional 2,966 shares during the last quarter. Finally, Royal Bank of Canada lifted its position in shares of Boise Cascade by 4.0% during the 1st quarter. Royal Bank of Canada now owns 34,704 shares of the construction company's stock worth $3,404,000 after purchasing an additional 1,332 shares during the last quarter. 96.18% of the stock is currently owned by hedge funds and other institutional investors.

About Boise Cascade

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.