Boise Cascade, L.L.C. $BCC Shares Purchased by Citigroup Inc.

Key Points

• Citigroup Inc. increased its holdings in Boise Cascade, L.L.C. by 33.0% during the first quarter, owning 82,723 shares worth approximately $8.11 million.
• Boise Cascade reported earnings of $1.64 per share, missing analysts' expectations, with a net revenue of $1.74 billion for the quarter, down 3.2% year-over-year.
• The company recently increased its quarterly dividend to $0.22 per share, representing a dividend yield of 1.0% and a payout ratio of 12.33%.

Citigroup Inc. lifted its position in Boise Cascade, L.L.C. (NYSE:BCC - Free Report) by 33.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 82,723 shares of the construction company's stock after buying an additional 20,518 shares during the period. Citigroup Inc. owned approximately 0.22% of Boise Cascade worth $8,114,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Blue Trust Inc. grew its position in shares of Boise Cascade by 93.7% in the 1st quarter. Blue Trust Inc. now owns 918 shares of the construction company's stock worth $90,000 after buying an additional 444 shares during the last quarter. GAMMA Investing LLC grew its position 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 buying an additional 550 shares during the last quarter. Assenagon Asset Management S.A. grew its position 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 buying an additional 7,983 shares during the last quarter. D. E. Shaw & Co. Inc. purchased a new position in shares of Boise Cascade in the 4th quarter worth approximately $728,000. Finally, Caxton Associates LP purchased a new position in shares of Boise Cascade in the 4th quarter worth approximately $522,000. Hedge funds and other institutional investors own 96.18% of the company's stock.

Boise Cascade Stock Performance

NYSE BCC traded down $3.1650 on Wednesday, hitting $84.8950. 133,112 shares of the company's stock traded hands, compared to its average volume of 355,952. 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 1-year low of $80.01 and a 1-year high of $155.42. The firm's 50-day moving average price is $87.04 and its two-hundred day moving average price is $94.75. The firm has a market capitalization of $3.17 billion, a PE ratio of 12.47, a P/E/G ratio of 5.04 and a beta of 1.28.

Boise Cascade (NYSE:BCC - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The construction company reported $1.64 EPS for the quarter, missing the consensus estimate of $1.69 by ($0.05). Boise Cascade had a net margin of 4.00% and a return on equity of 12.26%. The business had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.76 billion. During the same quarter in the previous year, the firm posted $2.84 earnings per share. The business's revenue was down 3.2% on a year-over-year basis. As a group, analysts expect that Boise Cascade, L.L.C. will post 10.15 EPS for the current year.

Boise Cascade Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 17th. Shareholders of record on Tuesday, September 2nd will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.0%. The ex-dividend date is Tuesday, September 2nd. This is a positive change from Boise Cascade's previous quarterly dividend of $0.21. Boise Cascade's dividend payout ratio (DPR) is presently 12.33%.

Insider Buying and Selling at Boise Cascade

In other Boise Cascade news, SVP Jill Twedt sold 1,782 shares of Boise Cascade stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $83.97, for a total transaction of $149,634.54. Following the completion of the sale, the senior vice president directly owned 32,867 shares in the company, valued at approximately $2,759,841.99. The trade was a 5.14% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Troy Little sold 2,033 shares of Boise Cascade stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $83.10, for a total transaction of $168,942.30. Following the sale, the executive vice president owned 12,701 shares of the company's stock, valued at approximately $1,055,453.10. The trade was a 13.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,015 shares of company stock worth $511,869. Company insiders own 1.11% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on BCC shares. DA Davidson cut their price objective on shares of Boise Cascade from $115.00 to $100.00 and set a "buy" rating on the stock in a research report on Friday, July 18th. BMO Capital Markets cut their price objective on shares of Boise Cascade from $114.00 to $108.00 and set a "market perform" rating on the stock in a research report on Thursday, August 7th. Bank of America lowered their target price on shares of Boise Cascade from $111.00 to $107.00 and set a "buy" rating for the company in a research note on Wednesday, July 9th. Finally, Truist Financial lowered their target price on shares of Boise Cascade from $106.00 to $101.00 and set a "buy" rating for the company in a research note on Thursday, August 7th. Four analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $112.83.

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.