Boise Cascade's (BCC) Buy Rating Reaffirmed at DA Davidson

Key Points

• DA Davidson reaffirmed a Buy on Boise Cascade with a $95 price target, implying roughly a 28.8% upside from the current price.
• Boise Cascade beat Q results with EPS of $0.50 versus $0.43 expected and revenue of $1.50B versus $1.46B expected, though revenue was down 2.5% year-over-year.
• Analyst consensus is a Moderate Buy (four Buys, two Holds) with an average target of $99.20; the stock trades around $73.75 and has a market cap of $2.64B.

Boise Cascade (NYSE:BCC - Get Free Report)'s stock had its "buy" rating reaffirmed by equities research analysts at DA Davidson in a research report issued on Tuesday,Benzinga reports. They presently have a $95.00 target price on the construction company's stock. DA Davidson's price objective points to a potential upside of 28.81% from the stock's current price.

BCC has been the topic of several other research reports. Truist Financial lowered their target price on shares of Boise Cascade from $103.00 to $100.00 and set a "buy" rating on the stock in a research note on Wednesday, April 15th. The Goldman Sachs Group lifted their target price on shares of Boise Cascade from $85.00 to $94.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 25th. Wall Street Zen raised shares of Boise Cascade from a "sell" rating to a "hold" rating in a research note on Saturday, February 28th. Weiss Ratings raised shares of Boise Cascade from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Monday, March 30th. Finally, BMO Capital Markets reaffirmed an "outperform" rating on shares of Boise Cascade in a research note on Thursday, January 8th. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $99.20.

Boise Cascade Price Performance

Boise Cascade stock traded down $0.58 during trading on Tuesday, reaching $73.75. The company had a trading volume of 387,143 shares, compared to its average volume of 415,089. The firm's 50-day simple moving average is $77.55 and its 200 day simple moving average is $77.14. Boise Cascade has a 1-year low of $65.14 and a 1-year high of $95.55. The firm has a market capitalization of $2.64 billion, a PE ratio of 21.17, a price-to-earnings-growth ratio of 1.13 and a beta of 1.15. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.74 and a current ratio of 3.36.

Boise Cascade (NYSE:BCC - Get Free Report) last released its quarterly earnings results on Monday, May 4th. The construction company reported $0.50 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.43 by $0.07. Boise Cascade had a net margin of 2.07% and a return on equity of 6.54%. The firm had revenue of $1.50 billion for the quarter, compared to analysts' expectations of $1.46 billion. During the same quarter last year, the company earned $1.06 EPS. The firm's revenue for the quarter was down 2.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Boise Cascade will post 3.81 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Cerity Partners LLC raised its holdings in shares of Boise Cascade by 3.8% during the 2nd quarter. Cerity Partners LLC now owns 3,274 shares of the construction company's stock worth $284,000 after acquiring an additional 121 shares during the period. Raymond James Financial Inc. raised its holdings in shares of Boise Cascade by 1.0% during the 2nd quarter. Raymond James Financial Inc. now owns 13,219 shares of the construction company's stock worth $1,148,000 after acquiring an additional 126 shares during the period. PNC Financial Services Group Inc. raised its holdings in shares of Boise Cascade by 6.2% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,726 shares of the construction company's stock worth $211,000 after acquiring an additional 158 shares during the period. Harbor Capital Advisors Inc. raised its holdings in shares of Boise Cascade by 1.8% during the 4th quarter. Harbor Capital Advisors Inc. now owns 9,013 shares of the construction company's stock worth $663,000 after acquiring an additional 163 shares during the period. Finally, State of Alaska Department of Revenue raised its holdings in shares of Boise Cascade by 0.8% during the 4th quarter. State of Alaska Department of Revenue now owns 21,171 shares of the construction company's stock worth $1,558,000 after acquiring an additional 164 shares during the period. Hedge funds and other institutional investors 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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