Boise Cascade, L.L.C. $BCC Shares Sold by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments Holdings LLC has reduced its stake in Boise Cascade by 49.3%, now owning 45,298 shares valued at approximately $4.17 million.
• Several other institutional investors have increased their positions in Boise Cascade, with Farther Finance Advisors LLC boosting its stake by 338.5% in the first quarter.
• Boise Cascade recently declared a quarterly dividend of $0.22 per share, up from the previous $0.21, reflecting its commitment to returning value to shareholders.

Allspring Global Investments Holdings LLC trimmed its position in Boise Cascade, L.L.C. (NYSE:BCC - Free Report) by 49.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 45,298 shares of the construction company's stock after selling 43,975 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.12% of Boise Cascade worth $4,173,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of BCC. Northwestern Mutual Wealth Management Co. raised its stake in Boise Cascade by 120.7% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 406 shares of the construction company's stock worth $40,000 after acquiring an additional 222 shares in the last quarter. RMG Wealth Management LLC acquired a new position in Boise Cascade in the second quarter valued at $42,000. Farther Finance Advisors LLC increased its stake in Boise Cascade by 338.5% in the first 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 period. Blue Trust Inc. increased its stake in Boise Cascade by 93.7% in the first quarter. Blue Trust Inc. now owns 918 shares of the construction company's stock valued at $90,000 after purchasing an additional 444 shares during the period. Finally, GAMMA Investing LLC increased its stake in Boise Cascade by 60.6% in the first quarter. GAMMA Investing LLC now owns 1,458 shares of the construction company's stock valued at $143,000 after purchasing an additional 550 shares during the period. 96.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Boise Cascade

In other Boise Cascade news, COO Jeffrey Robert Strom sold 1,000 shares of the company's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $91.06, for a total value of $91,060.00. Following the sale, the chief operating officer owned 37,026 shares of the company's stock, valued at $3,371,587.56. This represents a 2.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Troy Little sold 2,033 shares of the company's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $83.10, for a total transaction of $168,942.30. Following the completion of the sale, the executive vice president directly owned 12,701 shares in the company, valued at $1,055,453.10. This trade represents a 13.80% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 4,815 shares of company stock valued at $409,637 over the last quarter. Corporate insiders own 1.11% of the company's stock.

Analysts Set New Price Targets

A number of research firms have commented on BCC. Truist Financial dropped their price objective on shares of Boise Cascade from $101.00 to $96.00 and set a "buy" rating on the stock in a research note on Wednesday, September 17th. Bank of America dropped their price objective on shares of Boise Cascade from $111.00 to $107.00 and set a "buy" rating on the stock in a research note on Wednesday, July 9th. BMO Capital Markets restated a "market perform" rating and issued a $100.00 price objective on shares of Boise Cascade in a research note on Tuesday, September 16th. DA Davidson lowered their target price on shares of Boise Cascade from $115.00 to $100.00 and set a "buy" rating on the stock in a report on Friday, July 18th. Finally, The Goldman Sachs Group lowered their target price on shares of Boise Cascade from $96.00 to $82.00 and set a "neutral" rating on the stock in a report on Monday, October 13th. Four research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, Boise Cascade currently has an average rating of "Moderate Buy" and a consensus target price of $103.33.

Boise Cascade Stock Up 0.1%

BCC stock opened at $71.10 on Tuesday. The company has a market cap of $2.65 billion, a P/E ratio of 10.44, a P/E/G ratio of 5.42 and a beta of 1.27. Boise Cascade, L.L.C. has a 52 week low of $70.00 and a 52 week high of $155.42. The company's 50-day moving average price is $81.57 and its 200 day moving average price is $86.56. 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 (NYSE:BCC - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The construction company reported $1.64 EPS for the quarter, missing analysts' consensus estimates of $1.69 by ($0.05). The company 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 firm's quarterly revenue was down 3.2% on a year-over-year basis. During the same period in the prior year, the firm posted $2.84 EPS. On average, research analysts expect that Boise Cascade, L.L.C. will post 10.15 earnings per share for the current fiscal year.

Boise Cascade Increases Dividend

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

Boise Cascade Company Profile

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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