Jacobs Levy Equity Management Inc. Cuts Holdings in Boise Cascade, L.L.C. $BCC

Key Points

• Jacobs Levy Equity Management Inc. reduced its holdings in Boise Cascade, selling 110,877 shares and cutting its stake by 27%, now owning approximately 299,943 shares valued at $29.4 million.
• Boise Cascade announced a quarterly dividend increase to $0.22 per share, reflecting a commitment to returning value to shareholders despite recent earnings misses.
• The company's stock has seen a 3.2% increase recently, with current trading prices around $90.05, while facing recent price target adjustments from various analysts.

Jacobs Levy Equity Management Inc. lessened its stake in shares of Boise Cascade, L.L.C. (NYSE:BCC - Free Report) by 27.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 299,943 shares of the construction company's stock after selling 110,877 shares during the period. Jacobs Levy Equity Management Inc. owned 0.80% of Boise Cascade worth $29,421,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of BCC. Blue Trust Inc. lifted its stake in shares of Boise Cascade by 93.7% in 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 period. GAMMA Investing LLC raised its position in Boise Cascade by 60.6% during the first 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 in the last quarter. Assenagon Asset Management S.A. grew its stake in shares of Boise Cascade by 50.8% during the first quarter. Assenagon Asset Management S.A. now owns 23,699 shares of the construction company's stock valued at $2,325,000 after buying an additional 7,983 shares during the last quarter. D. E. Shaw & Co. Inc. bought a new stake in shares of Boise Cascade in the fourth quarter worth about $728,000. Finally, Deutsche Bank AG grew its stake in shares of Boise Cascade by 69.0% in the first quarter. Deutsche Bank AG now owns 62,823 shares of the construction company's stock worth $6,162,000 after purchasing an additional 25,656 shares during the last quarter. Institutional investors own 96.18% of the company's stock.

Insider Activity

In other news, COO Jeffrey Robert Strom sold 1,000 shares of the firm's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $91.06, for a total value of $91,060.00. Following the transaction, the chief operating officer owned 37,026 shares in the company, valued at $3,371,587.56. This trade represents a 2.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Troy Little sold 2,033 shares of Boise Cascade stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $83.10, for a total value of $168,942.30. Following 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 4,815 shares of company stock worth $409,637 over the last quarter. 0.98% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have commented on BCC. BMO Capital Markets dropped their target price on Boise Cascade from $114.00 to $108.00 and set a "market perform" rating on the stock in a report on Thursday, August 7th. Truist Financial lowered their price target on Boise Cascade from $106.00 to $101.00 and set a "buy" rating on the stock in a report on Thursday, August 7th. DA Davidson reduced their price target on Boise Cascade from $115.00 to $100.00 and set a "buy" rating for the company in a research report on Friday, July 18th. Finally, Bank of America cut their target price on Boise Cascade from $111.00 to $107.00 and set a "buy" rating for the company in a research report on Wednesday, July 9th. Four analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Boise Cascade presently has a consensus rating of "Moderate Buy" and an average price target of $112.83.

Boise Cascade Trading Up 2.9%

Shares of Boise Cascade stock traded up $2.47 on Thursday, reaching $88.34. The company had a trading volume of 69,419 shares, compared to its average volume of 352,388. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.96 and a quick ratio of 1.54. The firm's 50-day moving average price is $86.94 and its two-hundred day moving average price is $91.19. The firm has a market cap of $3.30 billion, a price-to-earnings ratio of 12.96, a P/E/G ratio of 5.07 and a beta of 1.33. Boise Cascade, L.L.C. has a 1 year low of $80.01 and a 1 year high of $155.42.

Boise Cascade (NYSE:BCC - Get Free Report) last released its quarterly earnings results 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 return on equity of 12.26% and a net margin of 4.00%.The company had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.76 billion. During the same period in the previous year, the firm posted $2.84 earnings per share. The company's revenue was down 3.2% on a year-over-year basis. As a group, research analysts predict that Boise Cascade, L.L.C. will post 10.15 earnings per share for the current fiscal 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 given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.0%. This is a boost from Boise Cascade's previous quarterly dividend of $0.21. The ex-dividend date is Tuesday, September 2nd. Boise Cascade's dividend payout ratio (DPR) is 12.92%.

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.