Empowered Funds LLC Acquires New Holdings in Boise Cascade, L.L.C. $BCC

Key Points

• Empowered Funds LLC acquired 60,570 Boise Cascade shares worth approximately $4.7 million, representing about 0.17% of the company. Institutional investors collectively own 96.18% of BCC.
• Analyst sentiment remains mixed, with a consensus rating of “Hold” and an average price target of $93.60; recent targets range from $81 to $99.
• Boise Cascade exceeded quarterly earnings expectations, reporting $1.63 EPS and $1.83 billion in revenue, while raising its quarterly dividend to $0.23 per share.

Empowered Funds LLC bought a new stake in Boise Cascade, L.L.C. (NYSE:BCC - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 60,570 shares of the construction company's stock, valued at approximately $4,702,000. Empowered Funds LLC owned about 0.17% of Boise Cascade at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. BlackRock Inc. purchased a new position in shares of Boise Cascade in the 2nd quarter worth approximately $463,729,000. Wellington Management Group LLP lifted its position in Boise Cascade by 19.8% during the third quarter. Wellington Management Group LLP now owns 3,268,407 shares of the construction company's stock valued at $252,713,000 after acquiring an additional 539,962 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Boise Cascade by 2.0% in the first quarter. Dimensional Fund Advisors LP now owns 2,325,781 shares of the construction company's stock valued at $176,410,000 after acquiring an additional 46,561 shares in the last quarter. State Street Corp grew its holdings in Boise Cascade by 0.3% in the fourth quarter. State Street Corp now owns 1,472,071 shares of the construction company's stock worth $108,344,000 after purchasing an additional 3,817 shares during the last quarter. Finally, Norges Bank purchased a new position in Boise Cascade in the fourth quarter worth $42,146,000. 96.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on BCC. Bank of America increased their price objective on Boise Cascade from $80.00 to $81.00 and gave the company an "underperform" rating in a report on Tuesday, July 14th. Truist Financial set a $97.00 target price on Boise Cascade in a research note on Wednesday, May 6th. Wall Street Zen raised Boise Cascade from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. DA Davidson increased their price target on Boise Cascade from $92.00 to $99.00 and gave the company a "buy" rating in a research note on Wednesday, August 5th. Finally, Weiss Ratings raised Boise Cascade from a "sell (d+)" rating to a "hold (c-)" rating in a report on Monday, August 17th. Three equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $93.60.

Insider Buying and Selling

In other Boise Cascade news, Director Kristopher J. Matula sold 1,930 shares of the firm's stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $84.58, for a total transaction of $163,239.40. Following the completion of the transaction, the director directly owned 13,982 shares of the company's stock, valued at approximately $1,182,597.56. This trade represents a 12.13% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Jill Twedt sold 1,250 shares of Boise Cascade stock in a transaction that occurred 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 approximately $2,008,423. The trade was a 4.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.42% of the stock is owned by corporate insiders.

Boise Cascade Stock Performance

Shares of BCC stock opened at $77.92 on Tuesday. The firm has a market capitalization of $2.72 billion, a price-to-earnings ratio of 26.41, a price-to-earnings-growth ratio of 1.06 and a beta of 1.10. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.71 and a quick ratio of 1.31. The business has a fifty day moving average of $78.99 and a 200 day moving average of $76.56. Boise Cascade, L.L.C. has a 1 year low of $65.00 and a 1 year high of $91.97.

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

Boise Cascade Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Tuesday, September 1st will be given a $0.23 dividend. 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 yield of 1.2%. The ex-dividend date is Tuesday, September 1st. Boise Cascade's payout ratio is currently 29.83%.

About Boise Cascade

Boise Cascade Company operates as a leading manufacturer and distributor of wood products and building materials in North America. The company's operations are organized into two primary segments: wood products manufacturing and building materials distribution. In its manufacturing segment, Boise Cascade produces a wide array of engineered wood products, including plywood, oriented strand board (OSB), lumber, particleboard and laminated veneer lumber (LVL), serving residential, commercial and industrial customers.

In its distribution segment, Boise Cascade sources and delivers building materials through an extensive network of distribution centers, servicing professional builders, remodelers, contractors and industrial customers.

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