Bank of New York Mellon Corp Takes Position in Boise Cascade, L.L.C. $BCC

Key Points

• Bank of New York Mellon purchased 234,374 Boise Cascade shares valued at approximately $18.2 million, giving it a 0.67% stake. Institutional investors collectively own 96.18% of the company.
• Analysts have a consensus “Hold” rating and an average price target of $93.60, compared with shares trading around $77.92.
• Boise Cascade exceeded quarterly earnings and revenue expectations, reporting $1.63 in EPS and $1.83 billion in revenue. The company also raised its quarterly dividend to $0.23 per share, or $0.92 annually.

Bank of New York Mellon Corp purchased a new stake in Boise Cascade, L.L.C. (NYSE:BCC - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 234,374 shares of the construction company's stock, valued at approximately $18,194,000. Bank of New York Mellon Corp owned 0.67% of Boise Cascade as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. State of Wyoming bought a new position in Boise Cascade during the 2nd quarter worth approximately $283,000. GSA Capital Partners LLP acquired a new position in shares of Boise Cascade during the second quarter valued at about $453,000. ARGA Investment Management LP raised its stake in Boise Cascade by 8.0% during the 2nd quarter. ARGA Investment Management LP now owns 27,231 shares of the construction company's stock worth $2,114,000 after buying an additional 2,019 shares during the period. Pictet Asset Management Holding SA lifted its holdings in shares of Boise Cascade by 22.2% in the 2nd quarter. Pictet Asset Management Holding SA now owns 117,675 shares of the construction company's stock worth $9,135,000 after purchasing an additional 21,362 shares in the last quarter. Finally, Ruffer LLP lifted its stake in shares of Boise Cascade by 10.3% in the second quarter. Ruffer LLP now owns 36,054 shares of the construction company's stock valued at $2,796,000 after buying an additional 3,374 shares in the last quarter. 96.18% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Truist Financial set a $97.00 target price on Boise Cascade in a research report on Wednesday, May 6th. Bank of America boosted their target price on shares of Boise Cascade from $80.00 to $81.00 and gave the company an "underperform" rating in a research note on Tuesday, July 14th. Zacks Research cut Boise Cascade from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 17th. DA Davidson boosted their target price on shares of Boise Cascade from $92.00 to $99.00 and gave the company a "buy" rating in a report on Wednesday, August 5th. Finally, Wall Street Zen upgraded Boise Cascade from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Three 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, Boise Cascade has an average rating of "Hold" and a consensus target price of $93.60.

Boise Cascade Trading Down 1.1%

Shares of Boise Cascade stock opened at $77.92 on Tuesday. The company has a 50 day simple moving average of $78.99 and a two-hundred day simple moving average of $76.56. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.71 and a quick ratio of 1.31. The firm has a market cap of $2.72 billion, a PE ratio of 26.41, a PEG ratio of 1.06 and a beta of 1.10. Boise Cascade, L.L.C. has a 1 year low of $65.00 and a 1 year high of $91.97.

Boise Cascade (NYSE:BCC - Get Free Report) last posted its quarterly earnings data on Monday, August 3rd. The construction company reported $1.63 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.23 by $0.40. Boise Cascade had a net margin of 1.64% and a return on equity of 5.41%. The company had revenue of $1.83 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same period in the previous year, the firm posted $1.64 EPS. The firm's revenue was up 5.2% compared to the same quarter last year. Analysts expect that Boise Cascade, L.L.C. will post 3.86 earnings per share for the current fiscal year.

Boise Cascade Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Tuesday, September 1st will be issued a dividend of $0.23 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.2%. This is a positive change from Boise Cascade's previous quarterly dividend of $0.22. Boise Cascade's payout ratio is 29.83%.

Insider Buying and Selling

In other Boise Cascade news, Director Kristopher J. Matula sold 1,930 shares of the business's stock in a transaction 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 completion of the sale, the director directly owned 13,982 shares of the company's stock, valued at $1,182,597.56. The trade was a 12.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Jill Twedt sold 1,250 shares of the company's stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $79.40, for a total transaction 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. The trade was a 4.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 1.42% of the company's stock.

About Boise Cascade

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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