BlackRock Inc. Invests $463.73 Million in Boise Cascade, L.L.C. $BCC

Key Points

• BlackRock acquired 5.97 million Boise Cascade shares worth approximately $463.7 million, giving it a 17.12% stake. Institutional investors collectively own 96.18% of the company.
• Boise Cascade exceeded quarterly expectations, reporting $1.63 in earnings per share versus the $1.23 consensus 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 annually, for a 1.1% yield. Analysts maintain a consensus “Hold” rating with an average price target of $93.60.

BlackRock Inc. acquired a new stake in shares of Boise Cascade, L.L.C. (NYSE:BCC - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 5,973,585 shares of the construction company's stock, valued at approximately $463,729,000. BlackRock Inc. owned approximately 17.12% of Boise Cascade at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Cerity Partners LLC raised its stake in shares of Boise Cascade by 3.8% during the second quarter. Cerity Partners LLC now owns 3,274 shares of the construction company's stock worth $284,000 after acquiring an additional 121 shares in the last quarter. Raymond James Financial Inc. lifted its stake in Boise Cascade by 1.0% in the second quarter. Raymond James Financial Inc. now owns 13,219 shares of the construction company's stock worth $1,148,000 after purchasing an additional 126 shares during the last quarter. Fifth Third Bancorp boosted its position in Boise Cascade by 77.5% during the fourth quarter. Fifth Third Bancorp now owns 410 shares of the construction company's stock valued at $30,000 after buying an additional 179 shares during the period. ProShare Advisors LLC grew its stake in shares of Boise Cascade by 3.2% during the fourth quarter. ProShare Advisors LLC now owns 7,329 shares of the construction company's stock valued at $539,000 after buying an additional 226 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd grew its stake in shares of Boise Cascade by 231.2% during the third quarter. Caitong International Asset Management Co. Ltd now owns 371 shares of the construction company's stock valued at $29,000 after buying an additional 259 shares during the last quarter. Hedge funds and other institutional investors own 96.18% of the company's stock.

Boise Cascade Stock Performance

NYSE:BCC opened at $82.20 on Tuesday. The company has a quick ratio of 1.31, a current ratio of 2.71 and a debt-to-equity ratio of 0.24. The firm's fifty day simple moving average is $78.34 and its 200 day simple moving average is $76.93. The stock has a market cap of $2.87 billion, a P/E ratio of 27.86, a price-to-earnings-growth ratio of 1.11 and a beta of 1.10. Boise Cascade, L.L.C. has a twelve month low of $65.00 and a twelve month high of $91.97.

Boise Cascade (NYSE:BCC - Get Free Report) last posted its earnings results on Monday, August 3rd. The construction company reported $1.63 EPS for the quarter, topping the consensus estimate of $1.23 by $0.40. The firm had revenue of $1.83 billion during the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same period last year, the company posted $1.64 EPS. As a group, research analysts predict that Boise Cascade, L.L.C. will post 3.86 EPS for the current year.

Boise Cascade Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Tuesday, September 1st will be issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 1.1%. This is a positive change from Boise Cascade's previous quarterly dividend of $0.22. The ex-dividend date is Tuesday, September 1st. Boise Cascade's dividend payout ratio is currently 29.83%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on BCC shares. The Goldman Sachs Group increased their target price on Boise Cascade from $81.00 to $91.00 and gave the company a "neutral" rating in a report on Wednesday, August 5th. Zacks Research lowered Boise Cascade from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 17th. Weiss Ratings upgraded shares of Boise Cascade from a "sell (d+)" rating to a "hold (c-)" rating in a report on Monday, August 17th. Truist Financial set a $97.00 price target on shares of Boise Cascade in a report on Wednesday, May 6th. Finally, DA Davidson upped their price objective on shares of Boise Cascade from $92.00 to $99.00 and gave the company a "buy" rating in a research note on Wednesday, August 5th. Three equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $93.60.

Insider Activity

In related news, Director Kristopher J. Matula sold 1,930 shares of the stock in a transaction dated 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 transaction, the director directly owned 13,982 shares in the company, valued at $1,182,597.56. This trade represents a 12.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.42% of the stock is currently owned by insiders.

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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