Baird Financial Group Inc. Purchases 3,387 Shares of Boise Cascade, L.L.C. $BCC

Key Points

• Baird Financial Group Inc. increased its stake in Boise Cascade by 2.2%, acquiring an additional 3,387 shares during the first quarter, bringing its total to 158,774 shares valued at approximately $15.57 million.
• Boise Cascade recently reported earnings per share (EPS) of $1.64, falling short of analyst estimates and marking a 3.2% decline in revenue year-over-year.
• The company announced a quarterly dividend increase to $0.22 per share, with the ex-dividend date set for September 2nd, 2023, reflecting a 1.0% dividend yield.

Baird Financial Group Inc. increased its position in Boise Cascade, L.L.C. (NYSE:BCC - Free Report) by 2.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 158,774 shares of the construction company's stock after buying an additional 3,387 shares during the quarter. Baird Financial Group Inc. owned 0.42% of Boise Cascade worth $15,574,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Quarry LP grew its holdings in Boise Cascade by 502.4% in the 4th quarter. Quarry LP now owns 253 shares of the construction company's stock worth $30,000 after acquiring an additional 211 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in shares of Boise Cascade by 120.7% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 406 shares of the construction company's stock valued at $40,000 after acquiring an additional 222 shares during the last quarter. Farther Finance Advisors LLC boosted 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 period. Blue Trust Inc. grew its stake in shares of Boise Cascade by 93.7% in the first quarter. Blue Trust Inc. now owns 918 shares of the construction company's stock worth $90,000 after purchasing an additional 444 shares during the last quarter. Finally, Curat Global LLC purchased a new position in Boise Cascade during the 1st quarter valued at about $122,000. 96.18% of the stock is currently owned by institutional investors.

Boise Cascade Stock Up 3.2%

BCC stock traded up $2.82 during midday trading on Friday, hitting $90.05. The stock had a trading volume of 299,587 shares, compared to its average volume of 323,144. The business has a 50-day moving average of $87.19 and a two-hundred day moving average of $91.39. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.96 and a quick ratio of 1.54. The firm has a market cap of $3.36 billion, a price-to-earnings ratio of 13.22, a price-to-earnings-growth ratio of 5.36 and a beta of 1.33. Boise Cascade, L.L.C. has a 52-week low of $80.01 and a 52-week high of $155.42.

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

Boise Cascade Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 17th. Shareholders of record on Tuesday, September 2nd will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.0%. This is a boost from Boise Cascade's previous quarterly dividend of $0.21. The ex-dividend date is Tuesday, September 2nd. Boise Cascade's dividend payout ratio is currently 12.92%.

Insiders Place Their Bets

In related news, COO Jeffrey Robert Strom sold 1,000 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $91.06, for a total value of $91,060.00. Following the sale, the chief operating officer owned 37,026 shares in the company, valued at $3,371,587.56. This represents a 2.63% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Troy Little sold 2,033 shares of the firm's stock in a transaction that occurred 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 directly owned 12,701 shares of the company's stock, valued at approximately $1,055,453.10. This trade represents a 13.80% 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 worth $409,637. 1.11% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have commented on BCC shares. BMO Capital Markets lowered their price target on Boise Cascade from $114.00 to $108.00 and set a "market perform" rating for the company in a research report on Thursday, August 7th. Truist Financial reduced their target price on Boise Cascade from $106.00 to $101.00 and set a "buy" rating on the stock in a research note on Thursday, August 7th. DA Davidson dropped their price target on Boise Cascade from $115.00 to $100.00 and set a "buy" rating for the company in a research note on Friday, July 18th. Finally, Bank of America cut their price target on shares of Boise Cascade from $111.00 to $107.00 and set a "buy" rating on the stock in a report on Wednesday, July 9th. Four equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Boise Cascade has a consensus rating of "Moderate Buy" and an average target price of $112.83.

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.