Boise Cascade (NYSE:BCC) Upgraded to "Buy" at Wall Street Zen

Key Points

• Wall Street Zen upgraded Boise Cascade from “Hold” to “Buy,” although the broader analyst consensus remains “Hold” with an average price target of $93.60.
• Boise Cascade shares rose 2.9% to open at $86.74, trading near their 12-month high of $91.97 and above their 50- and 200-day moving averages.
• The company beat quarterly expectations, reporting $1.63 in EPS versus the $1.23 consensus and $1.83 billion in revenue, up 5.2% year over year; institutional investors own 96.18% of the stock.

Boise Cascade (NYSE:BCC - Get Free Report) was upgraded by Wall Street Zen from a "hold" rating to a "buy" rating in a report issued on Saturday.

BCC has been the subject of a number of other research reports. Weiss Ratings cut Boise Cascade from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Monday. Truist Financial set a $97.00 target price on Boise Cascade in a research report on Wednesday, May 6th. DA Davidson raised their price target on Boise Cascade from $92.00 to $99.00 and gave the stock a "buy" rating in a research note on Wednesday. The Goldman Sachs Group lifted their price target on Boise Cascade from $81.00 to $91.00 and gave the company a "neutral" rating in a report on Wednesday. Finally, Bank of America boosted their price target on Boise Cascade from $80.00 to $81.00 and gave the company an "underperform" rating in a research note on Tuesday, July 14th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $93.60.

Boise Cascade Stock Up 2.9%

BCC stock opened at $86.74 on Friday. The company has a 50 day moving average of $75.35 and a two-hundred day moving average of $76.98. The company has a market cap of $3.03 billion, a price-to-earnings ratio of 29.40, a PEG ratio of 1.13 and a beta of 1.10. Boise Cascade has a 12-month low of $65.00 and a 12-month high of $91.97. The company has a quick ratio of 1.37, a current ratio of 2.71 and a debt-to-equity ratio of 0.24.

Boise Cascade (NYSE:BCC - Get Free Report) last posted its quarterly earnings results on Monday, August 3rd. The construction company reported $1.63 EPS for the quarter, beating the consensus estimate of $1.23 by $0.40. Boise Cascade had a net margin of 1.64% and a return on equity of 5.41%. The business had revenue of $1.83 billion for the quarter, compared to analysts' expectations of $1.77 billion. During the same period in the previous year, the company posted $1.64 EPS. Boise Cascade's revenue was up 5.2% on a year-over-year basis. On average, equities analysts anticipate that Boise Cascade will post 3.86 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Boise Cascade news, SVP Jill Twedt sold 6,070 shares of the firm's stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $66.45, for a total transaction of $403,351.50. Following the transaction, the senior vice president directly owned 26,545 shares in the company, valued at $1,763,915.25. This trade represents a 18.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kristopher J. Matula sold 1,930 shares of the business's stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $84.58, for a total value of $163,239.40. Following the completion of the sale, the director directly owned 13,982 shares of the company's stock, valued at $1,182,597.56. This represents a 12.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.42% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in BCC. Royal Bank of Canada lifted 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 purchasing an additional 1,332 shares during the last quarter. AQR Capital Management LLC grew its holdings in Boise Cascade by 8.8% during the first quarter. AQR Capital Management LLC now owns 36,639 shares of the construction company's stock valued at $3,594,000 after purchasing an additional 2,966 shares during the last quarter. Jones Financial Companies Lllp grew its holdings in Boise Cascade by 1,638.4% during the first quarter. Jones Financial Companies Lllp now owns 4,120 shares of the construction company's stock valued at $404,000 after purchasing an additional 3,883 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. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Boise Cascade by 2.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 203,631 shares of the construction company's stock valued at $19,974,000 after purchasing an additional 3,978 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.

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