Hsbc Holdings PLC Has $1.62 Million Position in Boise Cascade, L.L.C. $BCC

Key Points

• Hsbc Holdings PLC cut its Boise Cascade stake sharply in the fourth quarter, selling 46,055 shares and reducing its position by 67.6% to 22,041 shares worth about $1.62 million.
• Boise Cascade’s latest quarterly results beat expectations, with EPS of $0.50 versus the $0.43 consensus and revenue of $1.50 billion, though revenue was still down 2.5% from a year earlier.
• The company remains supported by dividends and mostly positive analyst sentiment, paying a quarterly dividend of $0.22 and carrying an average “Moderate Buy” rating with a $98 average price target.

Hsbc Holdings PLC lessened its stake in shares of Boise Cascade, L.L.C. (NYSE:BCC - Free Report) by 67.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,041 shares of the construction company's stock after selling 46,055 shares during the quarter. Hsbc Holdings PLC owned about 0.06% of Boise Cascade worth $1,623,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of BCC. Invesco Ltd. increased its position in shares of Boise Cascade by 1.3% during the fourth quarter. Invesco Ltd. now owns 202,488 shares of the construction company's stock worth $14,903,000 after acquiring an additional 2,640 shares in the last quarter. Corient Private Wealth LLC bought a new stake in Boise Cascade during the 4th quarter worth approximately $425,000. Mercer Global Advisors Inc. ADV increased its holdings in Boise Cascade by 2.9% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 33,481 shares of the construction company's stock worth $2,464,000 after purchasing an additional 934 shares in the last quarter. XTX Topco Ltd purchased a new stake in shares of Boise Cascade in the fourth quarter worth approximately $4,029,000. Finally, Concentric Capital Strategies LP raised its stake in shares of Boise Cascade by 202.0% in the fourth quarter. Concentric Capital Strategies LP now owns 425,179 shares of the construction company's stock worth $31,293,000 after purchasing an additional 284,406 shares during the last quarter. Institutional investors and hedge funds own 96.18% of the company's stock.

Insider Buying and Selling

In related news, SVP Jill Twedt sold 6,070 shares of the company's stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $66.45, for a total value of $403,351.50. Following the transaction, the senior vice president owned 26,545 shares in the company, valued at approximately $1,763,915.25. This represents a 18.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.42% of the company's stock.

Boise Cascade Price Performance

Shares of NYSE:BCC opened at $77.59 on Wednesday. The company has a market capitalization of $2.73 billion, a P/E ratio of 26.21, a price-to-earnings-growth ratio of 1.18 and a beta of 1.09. The company's 50-day moving average is $72.91 and its 200 day moving average is $76.90. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.37 and a current ratio of 2.77. Boise Cascade, L.L.C. has a fifty-two week low of $65.00 and a fifty-two week high of $95.00.

Boise Cascade (NYSE:BCC - Get Free Report) last posted its quarterly earnings data on Monday, May 4th. The construction company reported $0.50 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.43 by $0.07. Boise Cascade had a net margin of 1.73% and a return on equity of 5.55%. The business had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter last year, the company posted $1.06 earnings per share. The firm's quarterly revenue was down 2.5% compared to the same quarter last year. On average, equities research analysts forecast that Boise Cascade, L.L.C. will post 3.67 earnings per share for the current year.

Boise Cascade Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Monday, June 1st were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend was Monday, June 1st. Boise Cascade's payout ratio is 29.73%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on BCC shares. Weiss Ratings upgraded Boise Cascade from a "sell (d+)" rating to a "hold (c-)" rating in a report on Monday, May 18th. Zacks Research upgraded Boise Cascade from a "strong sell" rating to a "hold" rating in a research note on Wednesday, May 6th. Truist Financial set a $97.00 price objective on shares of Boise Cascade in a report on Wednesday, May 6th. Finally, DA Davidson lowered their target price on shares of Boise Cascade from $95.00 to $92.00 and set a "buy" rating for the company in a report on Wednesday, May 6th. Four investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $98.00.

Boise Cascade Company Profile

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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