Boise Cascade (NYSE:BCC) Trading Down 7% on Disappointing Earnings

Boise Cascade (NYSE:BCC - Get Free Report) traded down 7% during mid-day trading on Tuesday following a dissappointing earnings announcement. The company traded as low as $87.45 and last traded at $86.04. 113,670 shares changed hands during mid-day trading, a decline of 65% from the average session volume of 328,510 shares. The stock had previously closed at $92.47.

The construction company reported $1.06 earnings per share for the quarter, missing the consensus estimate of $1.36 by ($0.30). The firm had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.53 billion. Boise Cascade had a net margin of 5.60% and a return on equity of 17.04%. The business's revenue for the quarter was down 6.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.61 earnings per share.

Boise Cascade Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Monday, June 2nd will be paid a dividend of $0.21 per share. The ex-dividend date is Monday, June 2nd. This represents a $0.84 annualized dividend and a yield of 0.98%. Boise Cascade's dividend payout ratio (DPR) is 8.79%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on BCC. Loop Capital lowered their price target on Boise Cascade from $140.00 to $135.00 and set a "buy" rating for the company in a report on Monday, April 14th. Benchmark reiterated a "hold" rating on shares of Boise Cascade in a research report on Tuesday, February 25th. Truist Financial decreased their price objective on shares of Boise Cascade from $134.00 to $118.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. The Goldman Sachs Group dropped their target price on shares of Boise Cascade from $145.00 to $126.00 and set a "neutral" rating for the company in a report on Tuesday, January 14th. Finally, BMO Capital Markets lowered their price objective on shares of Boise Cascade from $136.00 to $122.00 and set a "market perform" rating for the company in a research note on Tuesday, February 25th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $125.00.

Insiders Place Their Bets

In other news, Director Kristopher J. Matula sold 553 shares of the company's stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $103.16, for a total transaction of $57,047.48. Following the completion of the transaction, the director now directly owns 13,099 shares of the company's stock, valued at approximately $1,351,292.84. This represents a 4.05 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Jeffrey Robert Strom sold 4,500 shares of the firm's stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $100.21, for a total value of $450,945.00. Following the sale, the chief operating officer now directly owns 38,026 shares in the company, valued at $3,810,585.46. This trade represents a 10.58 % decrease in their position. The disclosure for this sale can be found here. 0.98% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Boise Cascade

Hedge funds have recently added to or reduced their stakes in the stock. R Squared Ltd acquired a new position in shares of Boise Cascade in the 4th quarter valued at $29,000. Quarry LP boosted its stake in Boise Cascade by 502.4% in the fourth quarter. Quarry LP now owns 253 shares of the construction company's stock valued at $30,000 after acquiring an additional 211 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in shares of Boise Cascade by 338.5% during the first quarter. Farther Finance Advisors LLC now owns 478 shares of the construction company's stock worth $47,000 after purchasing an additional 369 shares during the last quarter. Principal Securities Inc. lifted its holdings in shares of Boise Cascade by 44.2% in the 4th quarter. Principal Securities Inc. now owns 473 shares of the construction company's stock valued at $56,000 after purchasing an additional 145 shares during the last quarter. Finally, Blue Trust Inc. increased its position in Boise Cascade by 93.7% during the first quarter. Blue Trust Inc. now owns 918 shares of the construction company's stock worth $90,000 after buying an additional 444 shares during the period. 96.18% of the stock is currently owned by hedge funds and other institutional investors.

Boise Cascade Stock Down 7.0 %

The company has a current ratio of 3.34, a quick ratio of 1.92 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $3.27 billion, a price-to-earnings ratio of 9.00 and a beta of 1.52. The business's fifty day moving average price is $97.07 and its 200 day moving average price is $118.60.

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.

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