Boise Cascade, L.L.C. $BCC Stock: Envestnet Asset Management Inc. Trims Holdings

Key Points

• Envestnet Asset Management cut its Boise Cascade stake by 97.6% in the second quarter, selling 141,184 shares and retaining 3,516 shares valued at about $273,000. Institutional investors and hedge funds still own 96.18% of the stock.
• Boise Cascade exceeded quarterly expectations, reporting $1.63 in EPS versus the $1.23 consensus and $1.83 billion in revenue, up 5.2% year over year. Analysts expect full-year EPS of $3.86.
• The company raised its quarterly dividend to $0.23 per share, or $0.92 annually, yielding about 1.2%. Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $93.60.

Envestnet Asset Management Inc. cut its stake in Boise Cascade, L.L.C. (NYSE:BCC - Free Report) by 97.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,516 shares of the construction company's stock after selling 141,184 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Boise Cascade were worth $273,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. State Street Corp increased its stake in Boise Cascade by 2.8% during the 2nd quarter. State Street Corp now owns 1,497,224 shares of the construction company's stock worth $116,229,000 after buying an additional 41,324 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Boise Cascade by 6.8% during the second quarter. The Manufacturers Life Insurance Company now owns 17,717 shares of the construction company's stock valued at $1,375,000 after acquiring an additional 1,122 shares during the last quarter. Sequoia Financial Advisors LLC raised its holdings in shares of Boise Cascade by 4.4% during the second quarter. Sequoia Financial Advisors LLC now owns 3,693 shares of the construction company's stock valued at $287,000 after acquiring an additional 157 shares during the last quarter. Nykredit A S purchased a new position in shares of Boise Cascade in the second quarter valued at approximately $69,000. Finally, Allianz Asset Management GmbH lifted its position in shares of Boise Cascade by 44.6% in the second quarter. Allianz Asset Management GmbH now owns 202,949 shares of the construction company's stock valued at $15,755,000 after acquiring an additional 62,597 shares in the last quarter. 96.18% of the stock is currently owned by institutional investors and hedge funds.

Boise Cascade Stock Performance

Boise Cascade stock opened at $73.65 on Friday. The stock's 50 day moving average price is $78.74 and its 200 day moving average price is $75.97. The firm has a market capitalization of $2.57 billion, a PE ratio of 24.97, a price-to-earnings-growth ratio of 0.99 and a beta of 1.08. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.31 and a current ratio of 2.71. Boise Cascade, L.L.C. has a one year low of $65.00 and a one year high of $91.97.

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

Boise Cascade Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 16th. Stockholders of record on Tuesday, September 1st were given a dividend of $0.23 per share. The ex-dividend date of this dividend was Tuesday, September 1st. This is an increase from Boise Cascade's previous quarterly dividend of $0.22. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.2%. Boise Cascade's dividend payout ratio is presently 31.19%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on BCC. Bank of America lifted their price target on Boise Cascade from $80.00 to $81.00 and gave the stock an "underperform" rating in a research note on Tuesday, July 14th. Wall Street Zen upgraded Boise Cascade from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Weiss Ratings raised Boise Cascade from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Monday, August 17th. Zacks Research downgraded Boise Cascade from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 17th. Finally, DA Davidson raised their price objective on Boise Cascade from $92.00 to $99.00 and gave the company a "buy" rating in a report on Wednesday, August 5th. Three research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Boise Cascade has a consensus rating of "Hold" and an average target price of $93.60.

Insiders Place Their Bets

In related news, SVP Jill Twedt sold 1,250 shares of Boise Cascade stock in a transaction on 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 $2,008,423. The trade was a 4.71% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Kristopher J. Matula sold 1,930 shares of the business's stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $84.58, for a total transaction of $163,239.40. Following the completion of the transaction, the director owned 13,982 shares in the company, valued at $1,182,597.56. This represents a 12.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.42% of the company's stock.

About Boise Cascade

Boise Cascade Company is a manufacturer of wood products and a wholesale distributor of building materials. The company serves residential and commercial construction markets, as well as industrial and remodeling customers, primarily in the United States.

Through its Wood Products segment, Boise Cascade manufactures engineered wood products such as laminated veneer lumber, I-joists, laminated beams, plywood and related structural panels. These products are used in floors, roofs, walls and other structural applications.

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