Boise Cascade (NYSE:BCC) Releases Quarterly Earnings Results, Misses Expectations 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) issued its earnings results on Monday. The construction company reported $1.64 earnings per share for the quarter, missing the consensus estimate of $1.69 by ($0.05), Zacks reports. Boise Cascade had a return on equity of 12.29% and a net margin of 4.00%. The company had revenue of $1.74 billion during the quarter, compared to analysts' expectations of $1.76 billion. During the same period in the previous year, the company earned $2.84 EPS. Boise Cascade's quarterly revenue was down 3.2% on a year-over-year basis.

Boise Cascade Stock Performance

Shares of NYSE:BCC traded down $3.84 during trading on Wednesday, hitting $82.93. 224,600 shares of the company traded hands, compared to its average volume of 353,511. The stock has a market capitalization of $3.12 billion, a price-to-earnings ratio of 12.16, a PEG ratio of 4.03 and a beta of 1.28. The business's fifty day moving average is $87.58 and its 200-day moving average is $97.74. Boise Cascade has a one year low of $80.30 and a one year high of $155.42. The company has a quick ratio of 1.51, a current ratio of 2.82 and a debt-to-equity ratio of 0.22.

Boise Cascade Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 17th. Stockholders of record on Tuesday, September 2nd will be issued a dividend of $0.22 per share. 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. The ex-dividend date of this dividend is Tuesday, September 2nd. Boise Cascade's dividend payout ratio is currently 10.49%.

Insider Activity at Boise Cascade

In other news, SVP Jill Twedt sold 1,200 shares of the company's stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $88.01, for a total transaction of $105,612.00. Following the completion of the transaction, the senior vice president directly owned 34,649 shares of the company's stock, valued at approximately $3,049,458.49. This represents a 3.35% 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 the SEC website. 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 value of $87,680.00. Following the transaction, the executive vice president directly owned 12,372 shares of the company's stock, valued at $1,084,776.96. This trade represents a 7.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.11% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Boise Cascade

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Royal Bank of Canada grew its holdings in Boise Cascade by 4.0% in the 1st quarter. Royal Bank of Canada now owns 34,704 shares of the construction company's stock worth $3,404,000 after buying an additional 1,332 shares in the last quarter. United Services Automobile Association bought a new stake in shares of Boise Cascade during the 1st quarter worth $258,000. AQR Capital Management LLC boosted its stake in shares of 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 in the last quarter. Jones Financial Companies Lllp boosted its stake 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 acquiring an additional 3,883 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted 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 acquiring an additional 3,978 shares in the last quarter. 96.18% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on BCC. DA Davidson decreased their target price on Boise Cascade from $115.00 to $100.00 and set a "buy" rating for the company in a research report on Friday, July 18th. Truist Financial cut their price target on Boise Cascade from $114.00 to $106.00 and set a "buy" rating on the stock in a research note on Tuesday, July 8th. Bank of America cut their price target on Boise Cascade from $111.00 to $107.00 and set a "buy" rating on the stock in a research note on Wednesday, July 9th. Finally, Loop Capital cut their price target on Boise Cascade from $140.00 to $135.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $116.00.

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.