Martingale Asset Management L P Has $2.06 Million Stock Holdings in 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 lessened its stake in Boise Cascade, L.L.C. (NYSE:BCC - Free Report) by 31.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (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 0.06% of Boise Cascade worth $2,064,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. BI Asset Management Fondsmaeglerselskab A S raised its position in shares of Boise Cascade by 197.6% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 14,906 shares of the construction company's stock worth $1,462,000 after acquiring an additional 9,898 shares during the last quarter. Hsbc Holdings PLC increased its position in Boise Cascade by 31.5% in the first quarter. Hsbc Holdings PLC now owns 20,686 shares of the construction company's stock worth $2,029,000 after purchasing an additional 4,951 shares during the period. Quantbot Technologies LP raised its holdings in Boise Cascade by 244.3% during the 1st quarter. Quantbot Technologies LP now owns 25,135 shares of the construction company's stock worth $2,465,000 after purchasing an additional 17,835 shares during the last quarter. Wellington Management Group LLP lifted its position in Boise Cascade by 1.4% during the 1st quarter. Wellington Management Group LLP now owns 2,629,978 shares of the construction company's stock valued at $257,975,000 after purchasing an additional 35,639 shares during the period. Finally, Algert Global LLC boosted its stake in shares of Boise Cascade by 78.0% in the 1st quarter. Algert Global LLC now owns 128,390 shares of the construction company's stock valued at $12,594,000 after purchasing an additional 56,258 shares during the last quarter. 96.18% of the stock is currently owned by institutional investors.

Insider Activity at Boise Cascade

In related news, EVP Troy Little sold 2,033 shares of the firm'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 directly owned 12,701 shares in the company, valued at $1,055,453.10. This trade represents a 13.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Jill Twedt sold 1,782 shares of the company's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $83.97, for a total transaction of $149,634.54. Following the completion of the transaction, the senior vice president directly owned 32,867 shares of the company's stock, valued at approximately $2,759,841.99. The trade was a 5.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 7,015 shares of company stock worth $602,929. Corporate insiders own 0.98% of the company's stock.

Analysts Set New Price Targets

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

Boise Cascade Trading Down 1.5%

BCC stock traded down $1.32 during midday trading on Thursday, hitting $86.74. 62,836 shares of the company's stock were exchanged, compared to its average volume of 355,948. Boise Cascade, L.L.C. has a one year low of $80.01 and a one year high of $155.42. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.54 and a current ratio of 2.96. The company has a market cap of $3.24 billion, a PE ratio of 12.74, a price-to-earnings-growth ratio of 5.29 and a beta of 1.28. The stock's fifty day moving average price is $87.27 and its 200-day moving average price is $93.43.

Boise Cascade (NYSE:BCC - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The construction company reported $1.64 earnings per share (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 business had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.76 billion. During the same quarter last year, the company earned $2.84 earnings per share. The firm's revenue was down 3.2% compared to the same quarter last year. 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 business also recently announced a quarterly dividend, which will be paid on Wednesday, September 17th. Shareholders of record on Tuesday, September 2nd will be issued a dividend of $0.22 per share. This is an increase from Boise Cascade's previous quarterly dividend of $0.21. The ex-dividend date is Tuesday, September 2nd. This represents a $0.88 annualized dividend and a yield of 1.0%. Boise Cascade's dividend payout ratio is 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.