Boise Cascade (NYSE:BCC) Shares Up 5.3% - Here's What Happened

Key Points

• Boise Cascade shares jumped 5.3% on Friday, briefly reaching $75.50 before last trading around $76.06, well above the prior close of $72.24.
• Analyst sentiment remains mixed but constructive: several firms adjusted ratings and price targets, and MarketBeat shows a Moderate Buy consensus with an average target of $95.75.
• The company recently beat quarterly expectations, reporting $0.50 EPS versus $0.43 expected and revenue of $1.50 billion, while also paying a quarterly dividend of $0.22 per share.

Boise Cascade, L.L.C. (NYSE:BCC - Get Free Report) shot up 5.3% during trading on Friday . The stock traded as high as $75.50 and last traded at $76.0550. 29,007 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 425,580 shares. The stock had previously closed at $72.24.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Zacks Research raised shares of Boise Cascade from a "strong sell" rating to a "hold" rating in a report on Wednesday, May 6th. Truist Financial set a $97.00 price target on shares of Boise Cascade in a research report on Wednesday, May 6th. Weiss Ratings raised Boise Cascade from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Monday, May 18th. Finally, DA Davidson decreased their price target on Boise Cascade from $95.00 to $92.00 and set a "buy" rating on the stock in a research note on Wednesday, May 6th. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, Boise Cascade presently has a consensus rating of "Moderate Buy" and an average price target of $95.75.

Boise Cascade Price Performance

The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.37 and a current ratio of 2.77. The company's fifty day simple moving average is $71.65 and its two-hundred day simple moving average is $76.81. The stock has a market capitalization of $2.68 billion, a PE ratio of 25.79, a P/E/G ratio of 1.07 and a beta of 1.08.

Boise Cascade (NYSE:BCC - Get Free Report) last announced its quarterly earnings results on Monday, May 4th. The construction company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.07. The company had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.46 billion. Boise Cascade had a net margin of 1.73% and a return on equity of 5.55%. The company'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 firm earned $1.06 earnings per share. As a group, sell-side analysts predict that Boise Cascade, L.L.C. will post 3.67 EPS for the current year.

Boise Cascade Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Monday, June 1st were paid a $0.22 dividend. The ex-dividend date of this dividend was Monday, June 1st. This represents a $0.88 dividend on an annualized basis and a yield of 1.2%. Boise Cascade's dividend payout ratio is presently 29.73%.

Insider Buying and Selling

In other Boise Cascade news, SVP Jill Twedt sold 6,070 shares of the stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $66.45, for a total transaction of $403,351.50. Following the sale, the senior vice president owned 26,545 shares in the company, valued at approximately $1,763,915.25. This represents a 18.61% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.42% of the company's stock.

Institutional Trading of Boise Cascade

Several institutional investors and hedge funds have recently made changes to their positions in BCC. Norges Bank acquired a new stake in shares of Boise Cascade during the fourth quarter valued at $42,146,000. Wellington Management Group LLP lifted its holdings in Boise Cascade by 19.8% in the 3rd quarter. Wellington Management Group LLP now owns 3,268,407 shares of the construction company's stock valued at $252,713,000 after purchasing an additional 539,962 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in Boise Cascade by 214,282.1% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 420,189 shares of the construction company's stock valued at $30,926,000 after purchasing an additional 419,993 shares in the last quarter. Concentric Capital Strategies LP lifted its holdings in Boise Cascade by 202.0% in the 4th quarter. Concentric Capital Strategies LP now owns 425,179 shares of the construction company's stock valued at $31,293,000 after purchasing an additional 284,406 shares in the last quarter. Finally, Two Sigma Investments LP boosted its stake in shares of Boise Cascade by 377.6% during the 3rd quarter. Two Sigma Investments LP now owns 292,556 shares of the construction company's stock worth $22,620,000 after purchasing an additional 231,302 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 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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