Hsbc Holdings PLC Has $2.03 Million Stake in Boise Cascade, L.L.C. $BCC

Key Points

• Hsbc Holdings PLC increased its stake in Boise Cascade by 31.5% during the first quarter, owning 20,686 shares valued at approximately $2.03 million.
• A number of investment firms have lowered their price targets for Boise Cascade, with Bank of America setting a new target of $107.00 while maintaining a "buy" rating.
• Boise Cascade declared a quarterly dividend of $0.22, an increase from the previous $0.21, resulting in an annualized dividend of $0.88 and a yield of 1.0%.

Hsbc Holdings PLC raised its stake in shares of Boise Cascade, L.L.C. (NYSE:BCC - Free Report) by 31.5% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 20,686 shares of the construction company's stock after purchasing an additional 4,951 shares during the period. Hsbc Holdings PLC owned approximately 0.05% of Boise Cascade worth $2,029,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Quarry LP boosted its stake in Boise Cascade by 502.4% during the 4th quarter. Quarry LP now owns 253 shares of the construction company's stock valued at $30,000 after purchasing an additional 211 shares during the last quarter. Farther Finance Advisors LLC boosted its stake in Boise Cascade by 338.5% during the 1st quarter. Farther Finance Advisors LLC now owns 478 shares of the construction company's stock valued at $47,000 after purchasing an additional 369 shares during the last quarter. Blue Trust Inc. boosted its stake in Boise Cascade by 93.7% during the 1st quarter. Blue Trust Inc. now owns 918 shares of the construction company's stock valued at $90,000 after purchasing an additional 444 shares during the last quarter. Curat Global LLC acquired a new position in Boise Cascade during the 1st quarter valued at about $122,000. Finally, GAMMA Investing LLC boosted its stake in Boise Cascade by 60.6% during the 1st quarter. GAMMA Investing LLC now owns 1,458 shares of the construction company's stock valued at $143,000 after purchasing an additional 550 shares during the last quarter. Institutional investors and hedge funds own 96.18% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on BCC. 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. Truist Financial cut their target price on Boise Cascade from $106.00 to $101.00 and set a "buy" rating on the stock in a research note on Thursday, August 7th. DA Davidson cut their target price on Boise Cascade from $115.00 to $100.00 and set a "buy" rating on the stock in a research note on Friday, July 18th. Finally, BMO Capital Markets cut their target price on Boise Cascade from $114.00 to $108.00 and set a "market perform" rating on the stock in a research note on Thursday, August 7th. Four investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $112.83.

Insider Transactions at Boise Cascade

In related news, EVP Joanna L. Barney sold 1,000 shares of the company's stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $87.68, for a total value of $87,680.00. Following the transaction, the executive vice president owned 12,372 shares in the company, valued at approximately $1,084,776.96. This represents a 7.48% 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. Also, EVP Troy Little sold 2,033 shares of the company's stock in a transaction that occurred 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 in the company, valued at approximately $1,055,453.10. The trade was a 13.80% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 7,015 shares of company stock worth $602,929 in the last ninety days. Company insiders own 0.98% of the company's stock.

Boise Cascade Price Performance

Boise Cascade stock opened at $88.06 on Thursday. Boise Cascade, L.L.C. has a 12 month low of $80.01 and a 12 month 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 business's 50 day simple moving average is $87.27 and its 200 day simple moving average is $93.43. The company has a market cap of $3.29 billion, a price-to-earnings ratio of 12.93, a PEG ratio of 5.29 and a beta of 1.28.

Boise Cascade (NYSE:BCC - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The construction company reported $1.64 EPS 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 firm had revenue of $1.74 billion during the quarter, compared to analysts' expectations of $1.76 billion. During the same quarter in the previous year, the company posted $2.84 EPS. Boise Cascade's revenue for the quarter was down 3.2% on a year-over-year basis. Sell-side analysts forecast that Boise Cascade, L.L.C. will post 10.15 EPS for the current year.

Boise Cascade Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 17th. Investors of record on Tuesday, September 2nd will be paid a $0.22 dividend. The ex-dividend date is Tuesday, September 2nd. This is a positive change 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 (DPR) is currently 12.33%.

Boise Cascade Company 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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