Norges Bank Purchases Shares of 572,639 Boise Cascade, L.L.C. $BCC

Key Points

• Norges Bank disclosed a new fourth-quarter stake in Boise Cascade, buying 572,639 shares valued at about $42.1 million, or roughly 1.55% of the company.
• Boise Cascade reported quarterly earnings of $0.50 per share, topping estimates, while revenue came in at $1.50 billion, also above expectations despite a year-over-year decline.
• The company announced a quarterly dividend of $0.22 per share, and analysts currently rate the stock a Moderate Buy with an average price target of $98.

Norges Bank purchased a new stake in shares of Boise Cascade, L.L.C. (NYSE:BCC - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 572,639 shares of the construction company's stock, valued at approximately $42,146,000. Norges Bank owned approximately 1.55% of Boise Cascade as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BCC. Wellington Management Group LLP boosted its stake in Boise Cascade by 19.8% during the 3rd quarter. Wellington Management Group LLP now owns 3,268,407 shares of the construction company's stock valued at $252,713,000 after purchasing an additional 539,962 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in shares of Boise Cascade by 214,282.1% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 420,189 shares of the construction company's stock valued at $30,926,000 after purchasing an additional 419,993 shares in the last quarter. Two Sigma Investments LP boosted its position in shares of Boise Cascade by 377.6% during the 3rd quarter. Two Sigma Investments LP now owns 292,556 shares of the construction company's stock valued at $22,620,000 after purchasing an additional 231,302 shares in the last quarter. Bank of America Corp DE boosted its position in shares of Boise Cascade by 76.5% during the 2nd quarter. Bank of America Corp DE now owns 417,642 shares of the construction company's stock valued at $36,260,000 after purchasing an additional 181,025 shares in the last quarter. Finally, Barclays PLC boosted its position in shares of Boise Cascade by 128.8% during the 3rd quarter. Barclays PLC now owns 298,197 shares of the construction company's stock valued at $23,057,000 after purchasing an additional 167,880 shares in the last quarter. 96.18% of the stock is owned by institutional investors.

Insider Activity at Boise Cascade

In other Boise Cascade news, SVP Jill Twedt sold 6,070 shares of the firm's stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $66.45, for a total value of $403,351.50. Following the completion of the transaction, the senior vice president directly owned 26,545 shares in the company, valued at $1,763,915.25. This trade represents a 18.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 1.42% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on BCC shares. Wall Street Zen upgraded shares of Boise Cascade from a "sell" rating to a "hold" rating in a research report on Saturday, February 28th. Truist Financial set a $97.00 price objective on shares of Boise Cascade in a research report on Wednesday, May 6th. Zacks Research upgraded shares of Boise Cascade from a "strong sell" rating to a "hold" rating in a research report on Wednesday, May 6th. The Goldman Sachs Group raised their price objective on Boise Cascade from $85.00 to $94.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 25th. Finally, DA Davidson reduced their price objective on Boise Cascade from $95.00 to $92.00 and set a "buy" rating for the company in a research note on Wednesday, May 6th. Four equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $98.00.

Boise Cascade Stock Performance

Shares of BCC opened at $68.00 on Tuesday. Boise Cascade, L.L.C. has a one year low of $65.00 and a one year high of $95.00. The company has a 50-day moving average of $74.03 and a two-hundred day moving average of $76.86. The stock has a market cap of $2.39 billion, a price-to-earnings ratio of 22.97, a PEG ratio of 1.02 and a beta of 1.09. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.77 and a quick ratio of 1.37.

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

Boise Cascade Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 17th. Shareholders of record on Monday, June 1st will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Monday, June 1st. Boise Cascade's dividend payout ratio (DPR) is presently 29.73%.

About Boise Cascade

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.

Want to see what other hedge funds are holding BCC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Boise Cascade, L.L.C. (NYSE:BCC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.