Assenagon Asset Management S.A. Purchases 6,466 Shares of Boise Cascade, L.L.C. $BCC

Key Points

• Assenagon Asset Management S.A. increased its stake in Boise Cascade by 27.3%, acquiring an additional 6,466 shares during the second quarter, bringing its total ownership to approximately 30,165 shares valued at $2.6 million.
• Boise Cascade recently announced a quarterly dividend of $0.22 per share, up from $0.21, reflecting a 1.1% yield and a payout ratio of 12.92%.
• Despite missing earnings estimates for the last quarter, analysts maintain a consensus rating of "Moderate Buy" with an average target price of $110.67 for the stock.

Assenagon Asset Management S.A. raised its stake in Boise Cascade, L.L.C. (NYSE:BCC - Free Report) by 27.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 30,165 shares of the construction company's stock after buying an additional 6,466 shares during the period. Assenagon Asset Management S.A. owned about 0.08% of Boise Cascade worth $2,619,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Boise Cascade by 120.7% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 406 shares of the construction company's stock worth $40,000 after buying an additional 222 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in shares of Boise Cascade by 338.5% during the 1st quarter. Farther Finance Advisors LLC now owns 478 shares of the construction company's stock valued at $47,000 after purchasing an additional 369 shares during the last quarter. Blue Trust Inc. grew its holdings in shares of Boise Cascade by 93.7% during the 1st quarter. Blue Trust Inc. now owns 918 shares of the construction company's stock valued at $90,000 after purchasing an additional 444 shares during the last quarter. Curat Global LLC bought a new position in shares of Boise Cascade during the 1st quarter valued at $122,000. Finally, GAMMA Investing LLC grew its holdings in shares of Boise Cascade by 60.6% during the 1st quarter. GAMMA Investing LLC now owns 1,458 shares of the construction company's stock valued at $143,000 after purchasing an additional 550 shares during the last quarter. Institutional investors own 96.18% of the company's stock.

Analyst Ratings Changes

Several brokerages have weighed in on BCC. Bank of America dropped their price target on shares of Boise Cascade from $111.00 to $107.00 and set a "buy" rating for the company in a research report on Wednesday, July 9th. Truist Financial dropped their price target on shares of Boise Cascade from $101.00 to $96.00 and set a "buy" rating for the company in a research report on Wednesday, September 17th. BMO Capital Markets reissued a "market perform" rating and set a $100.00 price target on shares of Boise Cascade in a research report on Tuesday, September 16th. Finally, DA Davidson dropped their price target on shares of Boise Cascade from $115.00 to $100.00 and set a "buy" rating for the company in a research report on Friday, July 18th. Four research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $110.67.

Boise Cascade Stock Performance

Shares of NYSE BCC opened at $76.65 on Friday. The firm has a 50 day moving average of $85.03 and a 200 day moving average of $89.62. The company has a current ratio of 2.96, a quick ratio of 1.54 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $2.86 billion, a price-to-earnings ratio of 11.26, a price-to-earnings-growth ratio of 5.29 and a beta of 1.33. Boise Cascade, L.L.C. has a 12-month low of $76.21 and a 12-month high of $155.42.

Boise Cascade (NYSE:BCC - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The construction company reported $1.64 earnings per share for the quarter, missing analysts' consensus estimates of $1.69 by ($0.05). The firm had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.76 billion. Boise Cascade had a return on equity of 12.26% and a net margin of 4.00%.The business's revenue for the quarter was down 3.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.84 earnings per share. On average, research analysts anticipate that Boise Cascade, L.L.C. will post 10.15 earnings per share for the current year.

Boise Cascade Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 17th. Stockholders of record on Tuesday, September 2nd were issued a $0.22 dividend. 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 was Tuesday, September 2nd. Boise Cascade's payout ratio is presently 12.92%.

Insider Transactions at Boise Cascade

In other news, EVP Troy Little sold 2,033 shares of the business's stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $83.10, for a total value of $168,942.30. Following the transaction, the executive vice president owned 12,701 shares of the company's stock, valued at approximately $1,055,453.10. The trade was a 13.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Jeffrey Robert Strom sold 1,000 shares of the business's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $91.06, for a total transaction of $91,060.00. Following the completion of the transaction, the chief operating officer directly owned 37,026 shares in the company, valued at $3,371,587.56. This trade represents a 2.63% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 4,815 shares of company stock valued at $409,637. 0.98% of the stock is currently owned by corporate insiders.

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.

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