Cubist Systematic Strategies LLC Takes $8.62 Million Position in Boise Cascade, L.L.C. $BCC

Key Points

• Cubist Systematic Strategies LLC has taken a new position in Boise Cascade, purchasing 87,852 shares valued at approximately $8.62 million, which represents about 0.23% of the company's total shares.
• Several institutional investors have significantly increased their stakes in Boise Cascade, with Quarry LP reporting a 502.4% increase in its holdings in the fourth quarter.
• Boise Cascade will increase its quarterly dividend from $0.21 to $0.22 per share, representing an annual yield of 1.0%, and it is set to be paid on September 17th.

Cubist Systematic Strategies LLC bought a new stake in Boise Cascade, L.L.C. (NYSE:BCC - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 87,852 shares of the construction company's stock, valued at approximately $8,617,000. Cubist Systematic Strategies LLC owned about 0.23% of Boise Cascade at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Quarry LP boosted its stake in shares of Boise Cascade by 502.4% in the fourth quarter. Quarry LP now owns 253 shares of the construction company's stock valued at $30,000 after buying an additional 211 shares during the period. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Boise Cascade by 120.7% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 406 shares of the construction company's stock valued at $40,000 after buying an additional 222 shares during the period. Farther Finance Advisors LLC boosted its stake in shares of 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 buying an additional 369 shares during the period. Blue Trust Inc. boosted its stake in shares of 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 buying an additional 444 shares during the period. Finally, Curat Global LLC bought a new stake in shares of Boise Cascade in the first quarter valued at approximately $122,000. Institutional investors and hedge funds own 96.18% of the company's stock.

Insiders Place Their Bets

In other Boise Cascade news, SVP Jill Twedt sold 1,782 shares of the company's stock in a transaction on Wednesday, August 6th. The stock was 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 $2,759,841.99. This represents a 5.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Troy Little sold 2,033 shares of the stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $83.10, for a total value of $168,942.30. Following the completion of the transaction, the executive vice president owned 12,701 shares of the company's stock, valued at $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. Insiders have sold 7,015 shares of company stock valued at $602,929 over the last ninety days. Company insiders own 1.11% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Bank of America cut their price target 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 cut their price target on Boise Cascade from $115.00 to $100.00 and set a "buy" rating for the company in a research note on Friday, July 18th. BMO Capital Markets cut their price target on Boise Cascade from $114.00 to $108.00 and set a "market perform" rating for the company in a research note on Thursday, August 7th. Finally, Truist Financial cut their price target on 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 research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Boise Cascade currently has a consensus rating of "Moderate Buy" and a consensus price target of $112.83.

View Our Latest Report on Boise Cascade

Boise Cascade Stock Down 0.4%

NYSE BCC opened at $86.91 on Tuesday. The business has a fifty day moving average price of $87.31 and a two-hundred day moving average price of $92.31. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.96 and a quick ratio of 1.54. Boise Cascade, L.L.C. has a fifty-two week low of $80.01 and a fifty-two week high of $155.42. The stock has a market capitalization of $3.25 billion, a PE ratio of 12.76, a PEG ratio of 5.18 and a beta of 1.33.

Boise Cascade (NYSE:BCC - Get Free Report) last released its earnings results 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 return on equity of 12.26% and a net margin of 4.00%.The business had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.76 billion. During the same quarter in the previous year, the company earned $2.84 earnings per share. The firm's revenue for the quarter was down 3.2% on a year-over-year basis. Equities 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 announced 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. The ex-dividend date is Tuesday, September 2nd. This is a boost from Boise Cascade's previous quarterly dividend of $0.21. This represents a $0.88 annualized dividend and a yield of 1.0%. Boise Cascade's dividend payout ratio is currently 12.33%.

About Boise Cascade

(Free Report)

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.