Great Lakes Advisors LLC Sells 6,026 Shares of Boise Cascade, L.L.C. $BCC

Key Points

• Great Lakes Advisors LLC reduced its stake in Boise Cascade by 20.3%, now owning approximately 0.06% of the company, valued at $2,315,000.
• Boise Cascade reported a quarterly earnings miss with EPS of $1.64, which is lower than the consensus estimate of $1.69, and revenues fell 3.2% year-over-year.
• The company increased its quarterly dividend to $0.22 per share, resulting in an annualized dividend of $0.88 and a dividend yield of 1.0%.

Great Lakes Advisors LLC lowered its stake in Boise Cascade, L.L.C. (NYSE:BCC - Free Report) by 20.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 23,598 shares of the construction company's stock after selling 6,026 shares during the period. Great Lakes Advisors LLC owned approximately 0.06% of Boise Cascade worth $2,315,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Caxton Associates LLP bought a new position in Boise Cascade during the 1st quarter worth approximately $1,402,000. Jones Financial Companies Lllp boosted its stake in shares of Boise Cascade by 1,638.4% during the first quarter. Jones Financial Companies Lllp now owns 4,120 shares of the construction company's stock valued at $404,000 after purchasing an additional 3,883 shares during the period. Petrus Trust Company LTA bought a new position in shares of Boise Cascade in the first quarter worth approximately $344,000. AQR Capital Management LLC increased its stake in shares of Boise Cascade by 8.8% in the first quarter. AQR Capital Management LLC now owns 36,639 shares of the construction company's stock worth $3,594,000 after buying an additional 2,966 shares during the period. Finally, Cubist Systematic Strategies LLC purchased a new position in shares of Boise Cascade in the first quarter worth $8,617,000. Institutional investors own 96.18% of the company's stock.

Boise Cascade Trading Up 0.6%

Shares of BCC opened at $85.80 on Thursday. Boise Cascade, L.L.C. has a 1-year low of $80.01 and a 1-year high of $155.42. The company has a current ratio of 2.96, a quick ratio of 1.54 and a debt-to-equity ratio of 0.21. The firm's 50-day moving average price is $86.94 and its 200-day moving average price is $91.19. The firm has a market capitalization of $3.20 billion, a price-to-earnings ratio of 12.60, a PEG ratio of 5.07 and a beta of 1.33.

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

Boise Cascade Increases Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. DA Davidson dropped their price target 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 dropped their target price on shares of Boise Cascade from $106.00 to $101.00 and set a "buy" rating for the company in a report on Thursday, August 7th. Bank of America cut their target price on Boise Cascade from $111.00 to $107.00 and set a "buy" rating on the stock in a research note on Wednesday, July 9th. Finally, BMO Capital Markets lowered their price target on 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 equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $112.83.

Insider Activity at Boise Cascade

In other Boise Cascade news, COO Jeffrey Robert Strom sold 1,000 shares of the firm's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $91.06, for a total transaction of $91,060.00. Following the completion of the transaction, the chief operating officer owned 37,026 shares of the company's stock, valued at approximately $3,371,587.56. This trade represents a 2.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Troy Little sold 2,033 shares of the business's stock in a transaction 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 in the company, 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. Insiders have sold 4,815 shares of company stock worth $409,637 over the last ninety days. 0.98% of the stock is owned by corporate 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.

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