Boise Cascade, L.L.C. $BCC Shares Purchased by Verition Fund Management LLC

Key Points

• Verition Fund Management LLC boosted its Boise Cascade stake by 10.4% in the fourth quarter, ending with 458,192 shares valued at about $33.7 million. Institutional investors overall still hold a dominant 96.18% of the company.
• Boise Cascade reported better-than-expected quarterly earnings of $0.50 per share on revenue of $1.50 billion, beating analyst estimates on both metrics. However, revenue was still down 2.5% year over year.
• The company declared a quarterly dividend of $0.22 per share, payable June 17, and analysts currently rate the stock a consensus “Moderate Buy” with an average target price of $98.00.

Verition Fund Management LLC increased its holdings in Boise Cascade, L.L.C. (NYSE:BCC - Free Report) by 10.4% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 458,192 shares of the construction company's stock after acquiring an additional 43,255 shares during the period. Verition Fund Management LLC owned approximately 1.24% of Boise Cascade worth $33,723,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Cerity Partners LLC raised its holdings in Boise Cascade by 3.8% in the 2nd quarter. Cerity Partners LLC now owns 3,274 shares of the construction company's stock valued at $284,000 after buying an additional 121 shares during the period. Raymond James Financial Inc. raised its stake in shares of Boise Cascade by 1.0% in the 2nd quarter. Raymond James Financial Inc. now owns 13,219 shares of the construction company's stock valued at $1,148,000 after acquiring an additional 126 shares during the period. PNC Financial Services Group Inc. lifted its holdings in shares of Boise Cascade by 6.2% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,726 shares of the construction company's stock worth $211,000 after acquiring an additional 158 shares during the last quarter. Harbor Capital Advisors Inc. lifted its holdings in shares of Boise Cascade by 1.8% in the 4th quarter. Harbor Capital Advisors Inc. now owns 9,013 shares of the construction company's stock worth $663,000 after acquiring an additional 163 shares during the last quarter. Finally, State of Alaska Department of Revenue boosted its position in shares of Boise Cascade by 0.8% during the 4th quarter. State of Alaska Department of Revenue now owns 21,171 shares of the construction company's stock worth $1,558,000 after purchasing an additional 164 shares during the period. Hedge funds and other institutional investors own 96.18% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on BCC. Zacks Research upgraded Boise Cascade from a "strong sell" rating to a "hold" rating in a research note on Wednesday, May 6th. Truist Financial set a $97.00 target price on Boise Cascade in a research note on Wednesday, May 6th. DA Davidson lowered their target price on Boise Cascade from $95.00 to $92.00 and set a "buy" rating for the company in a report on Wednesday, May 6th. Wall Street Zen raised shares of Boise Cascade from a "sell" rating to a "hold" rating in a research report on Saturday, February 28th. Finally, Weiss Ratings upgraded shares of Boise Cascade from a "sell (d+)" rating to a "hold (c-)" rating in a report on Monday, May 18th. Four investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Boise Cascade presently has a consensus rating of "Moderate Buy" and an average target price of $98.00.

Boise Cascade Trading Up 0.0%

NYSE:BCC opened at $71.16 on Monday. The stock has a fifty day moving average price of $73.63 and a 200 day moving average price of $76.87. The company has a current ratio of 2.77, a quick ratio of 1.37 and a debt-to-equity ratio of 0.24. Boise Cascade, L.L.C. has a 12-month low of $65.00 and a 12-month high of $95.00. The firm has a market cap of $2.50 billion, a PE ratio of 24.04, a price-to-earnings-growth ratio of 1.06 and a beta of 1.09.

Boise Cascade (NYSE:BCC - Get Free Report) last issued its quarterly earnings results on Monday, May 4th. The construction company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.07. The company had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.46 billion. Boise Cascade had a return on equity of 5.55% and a net margin of 1.73%.Boise Cascade's revenue was down 2.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.06 EPS. Sell-side analysts anticipate that Boise Cascade, L.L.C. will post 3.67 earnings per share for the current fiscal year.

Boise Cascade Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 17th. Investors of record on Monday, June 1st will be paid a $0.22 dividend. The ex-dividend date is Monday, June 1st. This represents a $0.88 dividend on an annualized basis and a yield of 1.2%. Boise Cascade's payout ratio is currently 29.73%.

Insider Transactions at Boise Cascade

In other Boise Cascade news, SVP Jill Twedt sold 6,070 shares of the business's stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $66.45, for a total transaction of $403,351.50. Following the completion of the transaction, the senior vice president owned 26,545 shares in the company, valued at $1,763,915.25. The trade was a 18.61% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.42% of the stock is owned by corporate insiders.

Boise Cascade 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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