State Street Corp Raises Stock Holdings in Boise Cascade, L.L.C. $BCC

Key Points

• State Street increased its Boise Cascade stake by 2.8% in the second quarter, adding 41,324 shares to own 1.50 million shares valued at approximately $116.2 million, or 4.29% of the company.
• Boise Cascade reported quarterly EPS of $1.63, beating estimates of $1.23, while revenue rose 5.2% year over year to $1.83 billion. Analysts maintain a consensus “Hold” rating with an average price target of $93.60.
• The company raised its quarterly dividend to $0.23 per share, equivalent to a $0.92 annualized payout and a 1.2% yield; meanwhile, two insiders recently sold shares.

State Street Corp raised its stake in Boise Cascade, L.L.C. (NYSE:BCC - Free Report) by 2.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,497,224 shares of the construction company's stock after acquiring an additional 41,324 shares during the quarter. State Street Corp owned about 4.29% of Boise Cascade worth $116,229,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of BCC. Hantz Financial Services Inc. raised its position in Boise Cascade by 79.5% in the 4th quarter. Hantz Financial Services Inc. now owns 883 shares of the construction company's stock worth $65,000 after purchasing an additional 391 shares during the last quarter. Nykredit A S acquired a new stake in shares of Boise Cascade in the 2nd quarter valued at $69,000. Eurizon Capital SGR S.p.A. bought a new stake in shares of Boise Cascade during the fourth quarter worth $73,000. Regents Gate Capital LLP bought a new stake in shares of Boise Cascade during the fourth quarter worth $110,000. Finally, Gilpin Wealth Management LLC acquired a new position in shares of Boise Cascade during the fourth quarter valued at $196,000. 96.18% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

BCC has been the topic of several recent research reports. Weiss Ratings raised shares of Boise Cascade from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Monday, August 17th. DA Davidson increased their price objective on shares of Boise Cascade from $92.00 to $99.00 and gave the company a "buy" rating in a report on Wednesday, August 5th. The Goldman Sachs Group raised their price objective on shares of Boise Cascade from $81.00 to $91.00 and gave the company a "neutral" rating in a research note on Wednesday, August 5th. Zacks Research lowered shares of Boise Cascade from a "strong-buy" rating to a "hold" rating in a report on Monday, August 17th. Finally, Bank of America upped their target price on shares of Boise Cascade from $80.00 to $81.00 and gave the company an "underperform" rating in a research report on Tuesday, July 14th. Three research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $93.60.

Insider Activity at Boise Cascade

In related news, SVP Jill Twedt sold 1,250 shares of the stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $79.40, for a total transaction of $99,250.00. Following the completion of the sale, the senior vice president directly owned 25,295 shares of the company's stock, valued at approximately $2,008,423. This represents a 4.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kristopher Matula sold 1,930 shares of the firm's stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $84.58, for a total transaction of $163,239.40. Following the sale, the director owned 13,982 shares in the company, valued at $1,182,597.56. This trade represents a 12.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.42% of the stock is currently owned by insiders.

Boise Cascade Price Performance

BCC opened at $76.13 on Friday. The stock has a market cap of $2.66 billion, a P/E ratio of 25.81, a P/E/G ratio of 1.06 and a beta of 1.08. Boise Cascade, L.L.C. has a 12 month low of $65.00 and a 12 month high of $91.97. The company has a quick ratio of 1.31, a current ratio of 2.71 and a debt-to-equity ratio of 0.24. The company has a fifty day simple moving average of $79.19 and a 200 day simple moving average of $75.72.

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

Boise Cascade Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 16th. Investors of record on Tuesday, September 1st were given a $0.23 dividend. The ex-dividend date was Tuesday, September 1st. This represents a $0.92 annualized dividend and a dividend yield of 1.2%. This is a boost from Boise Cascade's previous quarterly dividend of $0.22. Boise Cascade's payout ratio is presently 31.19%.

Boise Cascade Profile

Boise Cascade Company is a wood products manufacturer and building materials distributor headquartered in Boise, Idaho. The company serves residential construction, repair and remodeling, and other construction markets through two primary business segments: Wood Products and Building Materials Distribution.

Its Wood Products business manufactures engineered wood products, including laminated veneer lumber, I-joists, laminated strand lumber, plywood, and other structural panels. These products are used in floors, roofs, walls, and other components of residential and commercial buildings.

Through its Building Materials Distribution operations, Boise Cascade supplies engineered wood, lumber, plywood, oriented strand board, siding, and other construction materials to dealers and professional contractors.

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