Pictet Asset Management Holding SA Acquires 21,362 Shares of Boise Cascade, L.L.C. $BCC

Key Points

• Pictet Asset Management increased its Boise Cascade stake by 22.2%, acquiring 21,362 shares and bringing its holdings to 117,675 shares valued at approximately $9.1 million. Institutional investors collectively own 96.18% of the company.
• Analyst sentiment remains mixed: Boise Cascade has a consensus “Hold” rating and an average price target of $93.60, while recent targets from DA Davidson and Goldman Sachs rose to $99 and $91, respectively.
• The company beat quarterly earnings expectations with EPS of $1.63 versus $1.23 expected and revenue of $1.83 billion, up 5.2% year over year. Boise Cascade also raised its quarterly dividend from $0.22 to $0.23 per share.

Pictet Asset Management Holding SA lifted its holdings in Boise Cascade, L.L.C. (NYSE:BCC - Free Report) by 22.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 117,675 shares of the construction company's stock after buying an additional 21,362 shares during the quarter. Pictet Asset Management Holding SA owned approximately 0.33% of Boise Cascade worth $9,135,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of BCC. Norges Bank bought a new stake in Boise Cascade during the fourth quarter worth about $42,146,000. Wellington Management Group LLP increased its stake in shares of Boise Cascade by 19.8% during the third 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. lifted its holdings in shares of Boise Cascade by 214,282.1% during the fourth 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 during the last quarter. Concentric Capital Strategies LP lifted its holdings in shares of Boise Cascade by 202.0% during the fourth quarter. Concentric Capital Strategies LP now owns 425,179 shares of the construction company's stock valued at $31,293,000 after purchasing an additional 284,406 shares during the last quarter. Finally, Two Sigma Investments LP boosted its position in shares of Boise Cascade by 377.6% in the 3rd quarter. Two Sigma Investments LP now owns 292,556 shares of the construction company's stock worth $22,620,000 after purchasing an additional 231,302 shares in the last quarter. 96.18% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Wall Street Zen raised Boise Cascade from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Zacks Research upgraded Boise Cascade from a "hold" rating to a "strong-buy" rating in a report on Friday, July 17th. Weiss Ratings lowered Boise Cascade from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Monday, August 3rd. DA Davidson upped their price target on shares of Boise Cascade from $92.00 to $99.00 and gave the stock a "buy" rating in a research note on Wednesday, August 5th. Finally, The Goldman Sachs Group increased their price objective on shares of Boise Cascade from $81.00 to $91.00 and gave the company a "neutral" rating in a research report on Wednesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Boise Cascade presently has a consensus rating of "Hold" and an average target price of $93.60.

Insider Buying and Selling

In other Boise Cascade news, Director Kristopher J. Matula sold 1,930 shares of the business's stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $84.58, for a total transaction of $163,239.40. Following the completion of the sale, the director directly owned 13,982 shares in the company, valued at approximately $1,182,597.56. The trade was a 12.13% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.42% of the company's stock.

Boise Cascade Price Performance

Shares of NYSE:BCC opened at $83.13 on Friday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.31 and a current ratio of 2.71. The firm has a market cap of $2.90 billion, a price-to-earnings ratio of 28.18, a price-to-earnings-growth ratio of 1.13 and a beta of 1.10. The business has a 50-day simple moving average of $76.91 and a two-hundred day simple moving average of $76.96. Boise Cascade, L.L.C. has a fifty-two week low of $65.00 and a fifty-two week high of $91.97.

Boise Cascade (NYSE:BCC - Get Free Report) last announced its quarterly earnings results on Monday, August 3rd. The construction company reported $1.63 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.23 by $0.40. Boise Cascade had a net margin of 1.64% and a return on equity of 5.41%. The firm had revenue of $1.83 billion for the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter last year, the firm posted $1.64 EPS. The business's quarterly revenue was up 5.2% compared to the same quarter last year. On average, analysts expect that Boise Cascade, L.L.C. will post 3.86 earnings per share for the current year.

Boise Cascade Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Tuesday, September 1st will be given a $0.23 dividend. This is a boost from Boise Cascade's previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.92 dividend on an annualized basis and a yield of 1.1%. Boise Cascade's payout ratio is presently 29.83%.

Boise Cascade Company Profile

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.

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