Brandywine Global Investment Management LLC Sells 47,633 Shares of Boise Cascade, L.L.C. $BCC

Key Points

• Brandywine Global Investment Management LLC reduced its stake in Boise Cascade by 30.7%, selling 47,633 shares, and now holds 107,716 shares valued at approximately $10.57 million.
• Analysts have adjusted their price targets for Boise Cascade, with several lowering targets while maintaining a "buy" rating, leading to an average target price of $112.83.
• Boise Cascade has announced a dividend increase from $0.21 to $0.22 per share, reflecting a 1.0% yield and a payout ratio of 12.33%.

Brandywine Global Investment Management LLC decreased its position in shares of Boise Cascade, L.L.C. (NYSE:BCC - Free Report) by 30.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 107,716 shares of the construction company's stock after selling 47,633 shares during the quarter. Brandywine Global Investment Management LLC owned 0.29% of Boise Cascade worth $10,566,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of BCC. Raymond James Financial Inc. bought a new stake in Boise Cascade during the fourth quarter worth about $1,601,000. Townsquare Capital LLC acquired a new position in Boise Cascade during the fourth quarter worth about $217,000. Barclays PLC raised its stake in Boise Cascade by 5.0% during the fourth quarter. Barclays PLC now owns 94,895 shares of the construction company's stock worth $11,280,000 after acquiring an additional 4,529 shares in the last quarter. PEAK6 LLC acquired a new position in Boise Cascade during the fourth quarter worth about $201,000. Finally, Farringdon Capital Ltd. acquired a new position in Boise Cascade during the fourth quarter worth about $265,000. Institutional investors own 96.18% of the company's stock.

Boise Cascade Stock Up 0.1%

NYSE:BCC traded up $0.1190 during trading hours on Thursday, hitting $84.6190. 331,448 shares of the company traded hands, compared to its average volume of 356,351. The company has a quick ratio of 1.54, a current ratio of 2.96 and a debt-to-equity ratio of 0.21. The firm's 50-day simple moving average is $86.95 and its 200-day simple moving average is $94.68. Boise Cascade, L.L.C. has a one year low of $80.01 and a one year high of $155.42. The company has a market cap of $3.16 billion, a PE ratio of 12.43, a PEG ratio of 5.24 and a beta of 1.28.

Boise Cascade (NYSE:BCC - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The construction company reported $1.64 earnings per share 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 company had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.76 billion. During the same quarter last year, the business posted $2.84 earnings per share. Boise Cascade's revenue was down 3.2% on a year-over-year basis. Equities analysts predict that Boise Cascade, L.L.C. will post 10.15 earnings per share for the current year.

Boise Cascade Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 17th. Stockholders of record on Tuesday, September 2nd will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $0.88 annualized dividend and a dividend yield of 1.0%. This is a boost from Boise Cascade's previous quarterly dividend of $0.21. Boise Cascade's payout ratio is 12.92%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on BCC. Bank of America lowered 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. DA Davidson decreased their target price on shares of Boise Cascade from $115.00 to $100.00 and set a "buy" rating for the company in a research report on Friday, July 18th. Truist Financial decreased 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 report on Thursday, August 7th. Finally, BMO Capital Markets decreased their target price on shares of Boise Cascade from $114.00 to $108.00 and set a "market perform" rating for the company in a research report on Thursday, August 7th. Four investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $112.83.

Insider Buying and Selling

In related news, EVP Joanna L. Barney sold 1,000 shares of Boise Cascade stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $87.68, for a total value of $87,680.00. Following the completion of the sale, the executive vice president owned 12,372 shares of the company's stock, valued at approximately $1,084,776.96. This trade represents a 7.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Troy Little sold 2,033 shares of Boise Cascade stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $83.10, for a total value of $168,942.30. Following the completion of the sale, the executive vice president directly owned 12,701 shares of the company's stock, valued at approximately $1,055,453.10. This trade represents a 13.80% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 6,015 shares of company stock valued at $511,869. 0.98% of the stock is owned by insiders.

Boise Cascade 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.