Boise Cascade, L.L.C. $BCC Shares Purchased by KLP Kapitalforvaltning AS

Key Points

• KLP Kapitalforvaltning AS increased its stake in Boise Cascade by 10.4%, now owning 67,100 shares valued at approximately $5.83 million.
• The company recently announced a quarterly dividend increase from $0.21 to $0.22, representing an annualized yield of 1.2%.
• Boise Cascade's stock has faced analyst downgrades, with target prices reduced by multiple firms, though it maintains a consensus rating of "Moderate Buy" with a target of $110.67.

KLP Kapitalforvaltning AS boosted its position in Boise Cascade, L.L.C. (NYSE:BCC - Free Report) by 10.4% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 67,100 shares of the construction company's stock after purchasing an additional 6,300 shares during the quarter. KLP Kapitalforvaltning AS owned about 0.18% of Boise Cascade worth $5,826,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in BCC. Farther Finance Advisors LLC raised its stake in Boise Cascade by 338.5% in 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. Harbor Capital Advisors Inc. increased its stake in shares of Boise Cascade by 5,168.8% in the 1st quarter. Harbor Capital Advisors Inc. now owns 12,171 shares of the construction company's stock worth $1,194,000 after acquiring an additional 11,940 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Boise Cascade by 60.6% in the 1st quarter. GAMMA Investing LLC now owns 1,458 shares of the construction company's stock worth $143,000 after acquiring an additional 550 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in shares of Boise Cascade by 50.8% in the 1st quarter. Assenagon Asset Management S.A. now owns 23,699 shares of the construction company's stock worth $2,325,000 after acquiring an additional 7,983 shares during the last quarter. Finally, SummerHaven Investment Management LLC increased its stake in shares of Boise Cascade by 1.7% in the 1st quarter. SummerHaven Investment Management LLC now owns 6,708 shares of the construction company's stock worth $658,000 after acquiring an additional 114 shares during the last quarter. 96.18% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

BCC has been the subject of a number of recent research reports. DA Davidson cut their target price 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. BMO Capital Markets reaffirmed a "market perform" rating and issued a $100.00 target price on shares of Boise Cascade in a research note on Tuesday, September 16th. Truist Financial cut their target price on Boise Cascade from $101.00 to $96.00 and set a "buy" rating for the company in a research note on Wednesday, September 17th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Boise Cascade in a research note on Wednesday. Finally, Bank of America cut their target price on Boise Cascade from $111.00 to $107.00 and set a "buy" rating for the company in a research note on Wednesday, July 9th. Four equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $110.67.

Boise Cascade Stock Performance

NYSE BCC opened at $72.32 on Friday. The stock has a market cap of $2.70 billion, a PE ratio of 10.62, a P/E/G ratio of 5.03 and a beta of 1.27. The company has a current ratio of 2.96, a quick ratio of 1.54 and a debt-to-equity ratio of 0.21. Boise Cascade, L.L.C. has a twelve month low of $72.23 and a twelve month high of $155.42. The stock has a fifty day simple moving average of $82.91 and a 200-day simple moving average of $87.83.

Boise Cascade (NYSE:BCC - Get Free Report) last released 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 business had revenue of $1.74 billion for the quarter, compared to analysts' expectations 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 prior year, the company posted $2.84 earnings per share. Equities analysts anticipate that Boise Cascade, L.L.C. will post 10.15 earnings per share for the current year.

Boise Cascade Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 17th. Shareholders of record on Tuesday, September 2nd were given a $0.22 dividend. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $0.88 annualized dividend and a yield of 1.2%. This is an increase from Boise Cascade's previous quarterly dividend of $0.21. Boise Cascade's dividend payout ratio is presently 12.92%.

Insider Buying and Selling at Boise Cascade

In other Boise Cascade news, COO Jeffrey Robert Strom sold 1,000 shares of Boise Cascade stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $91.06, for a total value of $91,060.00. Following the completion of the transaction, the chief operating officer directly owned 37,026 shares of the company's stock, valued at $3,371,587.56. The trade was a 2.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Jill Twedt sold 1,782 shares of Boise Cascade stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $83.97, for a total value of $149,634.54. Following the completion of the transaction, the senior vice president directly owned 32,867 shares of the company's stock, valued at approximately $2,759,841.99. This represents a 5.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 4,815 shares of company stock valued at $409,637 in the last three months. 0.98% of the stock is 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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