Bank of America Corp DE Acquires Shares of 390,971 Boise Cascade, L.L.C. $BCC

Key Points

• Bank of America acquired 390,971 Boise Cascade shares worth approximately $30.4 million, giving it a 1.12% stake. Institutional investors and hedge funds collectively own 96.18% of the company.
• Boise Cascade exceeded quarterly expectations, reporting $1.63 in EPS versus the $1.23 estimate and $1.83 billion in revenue, up 5.2% year over year.
• The company increased its quarterly dividend to $0.23 per share, or $0.92 annualized, while analysts maintain a consensus “Hold” rating and a $93.60 price target.

Bank of America Corp DE acquired a new stake in shares of Boise Cascade, L.L.C. (NYSE:BCC - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 390,971 shares of the construction company's stock, valued at approximately $30,351,000. Bank of America Corp DE owned 1.12% of Boise Cascade as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in BCC. BlackRock Inc. purchased a new position in Boise Cascade in the 2nd quarter valued at about $463,729,000. Dimensional Fund Advisors LP increased its position in shares of Boise Cascade by 2.0% during the first quarter. Dimensional Fund Advisors LP now owns 2,325,781 shares of the construction company's stock worth $176,410,000 after acquiring an additional 46,561 shares during the last quarter. Norges Bank purchased a new stake in shares of Boise Cascade during the fourth quarter worth about $42,146,000. Verition Fund Management LLC lifted its stake in shares of Boise Cascade by 10.4% in the fourth quarter. Verition Fund Management LLC now owns 458,192 shares of the construction company's stock worth $33,723,000 after acquiring an additional 43,255 shares in the last quarter. Finally, Atlas FRM LLC purchased a new position in Boise Cascade in the second quarter valued at about $34,545,350. 96.18% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Boise Cascade

In related news, SVP Jill Twedt sold 1,250 shares of the firm's stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $79.40, for a total value of $99,250.00. Following the sale, the senior vice president owned 25,295 shares of the company's stock, valued at approximately $2,008,423. This trade represents a 4.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Kristopher J. Matula sold 1,930 shares of the business's stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $84.58, for a total value of $163,239.40. Following the transaction, the director 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 SEC filing for this sale provides additional information. 1.42% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. The Goldman Sachs Group lifted their price objective on Boise Cascade from $81.00 to $91.00 and gave the stock a "neutral" rating in a report on Wednesday, August 5th. Bank of America raised their price target on shares of Boise Cascade from $80.00 to $81.00 and gave the stock an "underperform" rating in a research report on Tuesday, July 14th. Zacks Research lowered shares of Boise Cascade from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 17th. Wall Street Zen raised shares of Boise Cascade from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Finally, Weiss Ratings upgraded shares of Boise Cascade from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Monday, August 17th. Three equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $93.60.

Boise Cascade Stock Performance

Boise Cascade stock opened at $79.02 on Wednesday. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.71 and a quick ratio of 1.31. Boise Cascade, L.L.C. has a 12 month low of $65.00 and a 12 month high of $91.97. The company has a fifty day moving average price of $79.23 and a two-hundred day moving average price of $75.71. The company has a market cap of $2.76 billion, a PE ratio of 26.79, a P/E/G ratio of 1.02 and a beta of 1.08.

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. The business had revenue of $1.83 billion during the quarter, compared to analyst estimates of $1.77 billion. Boise Cascade had a net margin of 1.64% and a return on equity of 5.41%. The company's quarterly revenue was up 5.2% on a year-over-year basis. During the same period in the previous year, the business posted $1.64 EPS. Research analysts expect that Boise Cascade, L.L.C. will post 3.86 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 16th. Stockholders of record on Tuesday, September 1st were issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 1.2%. This is a boost from Boise Cascade's previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Tuesday, September 1st. Boise Cascade's dividend payout ratio is currently 31.19%.

About Boise Cascade

Boise Cascade Company is a wood products manufacturer and building materials distributor headquartered in Boise, Idaho. The company serves residential construction, repair and remodeling, and other construction markets through two primary business segments: Wood Products and Building Materials Distribution.

Its Wood Products business manufactures engineered wood products, including laminated veneer lumber, I-joists, laminated strand lumber, plywood, and other structural panels. These products are used in floors, roofs, walls, and other components of residential and commercial buildings.

Through its Building Materials Distribution operations, Boise Cascade supplies engineered wood, lumber, plywood, oriented strand board, siding, and other construction materials to dealers and professional contractors.

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