Martingale Asset Management L P Sells 9,751 Shares of Boise Cascade, L.L.C. $BCC

Key Points

• Martingale Asset Management L P has reduced its stake in Boise Cascade by 31.7%, now owning 21,046 shares worth approximately $2 million following the sale of nearly 10,000 shares in the first quarter.
• A variety of institutional investors are actively adjusting their positions in Boise Cascade, with Quarry LP significantly increasing its stake by 502.4% last quarter.
• Boise Cascade has increased its quarterly dividend from $0.21 to $0.22, reflecting a 1.0% yield and an annualized total of $0.88 per share.

Martingale Asset Management L P decreased its stake in shares of Boise Cascade, L.L.C. (NYSE:BCC - Free Report) by 31.7% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 21,046 shares of the construction company's stock after selling 9,751 shares during the period. Martingale Asset Management L P owned about 0.06% of Boise Cascade worth $2,064,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Blue Trust Inc. lifted its position in shares of Boise Cascade by 93.7% during the first quarter. Blue Trust Inc. now owns 918 shares of the construction company's stock worth $90,000 after purchasing an additional 444 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Boise Cascade by 60.6% during the first quarter. GAMMA Investing LLC now owns 1,458 shares of the construction company's stock worth $143,000 after purchasing an additional 550 shares during the last quarter. Assenagon Asset Management S.A. lifted its position 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 worth $2,325,000 after purchasing an additional 7,983 shares during the last quarter. D. E. Shaw & Co. Inc. bought a new stake in Boise Cascade in the 4th quarter valued at about $728,000. Finally, Deutsche Bank AG lifted its position in Boise Cascade by 69.0% in the 1st quarter. Deutsche Bank AG now owns 62,823 shares of the construction company's stock valued at $6,162,000 after purchasing an additional 25,656 shares during the last quarter. Institutional investors own 96.18% of the company's stock.

Boise Cascade Trading Down 0.9%

Shares of BCC stock traded down $0.79 during trading hours on Wednesday, reaching $88.06. 330,339 shares of the stock traded hands, compared to its average volume of 356,517. Boise Cascade, L.L.C. has a 1-year low of $80.01 and a 1-year high of $155.42. The business has a fifty day moving average price of $87.18 and a 200 day moving average price of $93.46. The company has a quick ratio of 1.54, a current ratio of 2.96 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $3.29 billion, a PE ratio of 12.93, a PEG ratio of 5.35 and a beta of 1.28.

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). 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 for the quarter, compared to analyst estimates of $1.76 billion. During the same quarter in the prior year, the firm earned $2.84 EPS. The firm's revenue was down 3.2% compared to the same quarter last year. On average, equities research analysts forecast that Boise Cascade, L.L.C. will post 10.15 EPS for the current year.

Boise Cascade Increases Dividend

The firm 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 of this dividend is Tuesday, September 2nd. This represents a $0.88 annualized dividend and a yield of 1.0%. This is an increase from Boise Cascade's previous quarterly dividend of $0.21. Boise Cascade's dividend payout ratio (DPR) is currently 12.92%.

Insiders Place Their Bets

In related news, SVP Jill Twedt sold 1,782 shares of the stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $83.97, for a total value of $149,634.54. Following the completion of the sale, the senior vice president directly owned 32,867 shares of the company's stock, valued at approximately $2,759,841.99. This represents a 5.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Troy Little sold 2,033 shares of the stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $83.10, for a total value of $168,942.30. Following the completion of the sale, the executive vice president directly owned 12,701 shares of the company's stock, valued at approximately $1,055,453.10. This represents a 13.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 7,015 shares of company stock valued at $602,929 in the last 90 days. Insiders own 1.11% of the company's stock.

Analysts Set New Price Targets

Several analysts recently commented on BCC shares. BMO Capital Markets lowered their target price on Boise Cascade from $114.00 to $108.00 and set a "market perform" rating on the stock in a research report on Thursday, August 7th. Bank of America lowered their target price on Boise Cascade from $111.00 to $107.00 and set a "buy" rating on the stock in a research report on Wednesday, July 9th. Truist Financial lowered their target price on Boise Cascade from $106.00 to $101.00 and set a "buy" rating on the stock in a research report on Thursday, August 7th. Finally, DA Davidson reduced 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 note on Friday, July 18th. Four investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Boise Cascade currently has a consensus rating of "Moderate Buy" and a consensus target price of $112.83.

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.