Northern Trust Corp Trims Stock Position in Boise Cascade, L.L.C. $BCC

Key Points

• Northern Trust Corp reduced its holdings in Boise Cascade, L.L.C. by 3.6%, dropping to 465,841 shares after selling 17,324 shares during the first quarter.
• Boise Cascade recently announced a quarterly dividend increase from $0.21 to $0.22 per share, effective September 17th, reflecting a positive outlook with a dividend yield of 1.0%.
• Several research analysts have lowered their price targets for Boise Cascade, with Bank of America and BMO Capital Markets cutting their target prices to $107.00 and $108.00 respectively, while maintaining buy and market perform ratings.

Northern Trust Corp lowered its position in Boise Cascade, L.L.C. (NYSE:BCC - Free Report) by 3.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 465,841 shares of the construction company's stock after selling 17,324 shares during the quarter. Northern Trust Corp owned approximately 1.24% of Boise Cascade worth $45,694,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Vise Technologies Inc. grew its stake in Boise Cascade by 3.4% in the fourth quarter. Vise Technologies Inc. now owns 3,021 shares of the construction company's stock worth $359,000 after purchasing an additional 100 shares in the last quarter. SummerHaven Investment Management LLC grew its stake in Boise Cascade by 1.7% in the first quarter. SummerHaven Investment Management LLC now owns 6,708 shares of the construction company's stock worth $658,000 after purchasing an additional 114 shares in the last quarter. Peak Financial Advisors LLC grew its stake in Boise Cascade by 4.8% in the first quarter. Peak Financial Advisors LLC now owns 3,624 shares of the construction company's stock worth $355,000 after purchasing an additional 166 shares in the last quarter. Quarry LP grew its stake in Boise Cascade by 502.4% in the fourth quarter. Quarry LP now owns 253 shares of the construction company's stock worth $30,000 after purchasing an additional 211 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its stake in Boise Cascade by 9.8% in the first quarter. PNC Financial Services Group Inc. now owns 2,817 shares of the construction company's stock worth $276,000 after purchasing an additional 251 shares in the last quarter. Institutional investors own 96.18% of the company's stock.

Analyst Upgrades and Downgrades

BCC has been the topic of several recent research reports. Truist Financial dropped 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. 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 research report on Thursday, August 7th. Bank of America dropped 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. Finally, DA Davidson dropped their target price 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 issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $112.83.

Insider Transactions at Boise Cascade

In other Boise Cascade news, EVP Joanna L. Barney sold 1,000 shares of Boise Cascade stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $87.68, for a total transaction of $87,680.00. Following the completion of the sale, the executive vice president owned 12,372 shares of the company's stock, valued at approximately $1,084,776.96. The trade was a 7.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Jill Twedt sold 1,782 shares of Boise Cascade 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 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 disclosure for this sale can be found here. In the last quarter, insiders sold 7,015 shares of company stock worth $602,929. 1.11% of the stock is owned by insiders.

Boise Cascade Stock Down 0.4%

Shares of Boise Cascade stock traded down $0.36 during trading on Monday, reaching $86.91. The company's stock had a trading volume of 218,085 shares, compared to its average volume of 399,276. 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 company has a market cap of $3.25 billion, a price-to-earnings ratio of 12.76, a P/E/G ratio of 5.18 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. The company has a 50-day simple moving average of $87.35 and a two-hundred day simple moving average of $92.55.

Boise Cascade (NYSE:BCC - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The construction company reported $1.64 earnings per share for the quarter, missing analysts' consensus estimates 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 analyst estimates of $1.76 billion. During the same period in the previous year, the business earned $2.84 EPS. The firm's revenue for the quarter was down 3.2% compared to the same quarter last year. As a group, equities analysts forecast that Boise Cascade, L.L.C. will post 10.15 earnings per share for the current year.

Boise Cascade Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 17th. Shareholders of record on Tuesday, September 2nd will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $0.88 dividend on an annualized basis and a yield of 1.0%. This is an increase from Boise Cascade's previous quarterly dividend of $0.21. Boise Cascade's payout ratio is presently 12.33%.

About Boise Cascade

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.