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Boise Cascade (NYSE:BCC) Trading Down 6.9% After Analyst Downgrade

Thursday, June 23, 2022 | MarketBeat

Boise Cascade (NYSE:BCC - Get Rating) shares traded down 6.9% during mid-day trading on Thursday after The Goldman Sachs Group lowered their price target on the stock from $88.00 to $72.00. The Goldman Sachs Group currently has a neutral rating on the stock. Boise Cascade traded as low as $57.80 and last traded at $58.12. 2,358 shares were traded during trading, a decline of 99% from the average session volume of 416,763 shares. The stock had previously closed at $62.41.

Several other equities research analysts have also recently commented on BCC. StockNews.com cut Boise Cascade from a "strong-buy" rating to a "buy" rating in a research note on Wednesday, May 4th. Benchmark cut Boise Cascade from a "buy" rating to a "hold" rating in a research note on Tuesday, May 10th. Bank of America cut Boise Cascade from a "buy" rating to a "neutral" rating and set a $71.00 price objective for the company. in a research note on Thursday. Finally, DA Davidson raised Boise Cascade from a "neutral" rating to a "buy" rating and raised their price objective for the company from $80.00 to $82.00 in a research note on Thursday, February 24th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $75.00.


A number of institutional investors have recently made changes to their positions in BCC. Dark Forest Capital Management LP acquired a new stake in Boise Cascade in the third quarter valued at approximately $101,000. Morgan Stanley lifted its holdings in shares of Boise Cascade by 12.1% in the third quarter. Morgan Stanley now owns 322,903 shares of the construction company's stock valued at $17,432,000 after purchasing an additional 34,737 shares in the last quarter. Voloridge Investment Management LLC lifted its holdings in shares of Boise Cascade by 22.0% in the third quarter. Voloridge Investment Management LLC now owns 48,735 shares of the construction company's stock valued at $2,631,000 after purchasing an additional 8,788 shares in the last quarter. UBS Group AG lifted its holdings in shares of Boise Cascade by 18.5% in the third quarter. UBS Group AG now owns 104,068 shares of the construction company's stock valued at $5,618,000 after purchasing an additional 16,271 shares in the last quarter. Finally, BNP Paribas Arbitrage SA lifted its holdings in shares of Boise Cascade by 86.6% in the third quarter. BNP Paribas Arbitrage SA now owns 41,261 shares of the construction company's stock valued at $2,227,000 after purchasing an additional 19,146 shares in the last quarter. 91.42% of the stock is owned by hedge funds and other institutional investors.

The company has a debt-to-equity ratio of 0.29, a current ratio of 2.75 and a quick ratio of 1.84. The stock has a fifty day moving average price of $76.30 and a two-hundred day moving average price of $74.23. The company has a market cap of $2.24 billion, a P/E ratio of 2.63, a price-to-earnings-growth ratio of 1.51 and a beta of 1.50.

Boise Cascade (NYSE:BCC - Get Rating) last posted its earnings results on Thursday, May 5th. The construction company reported $7.61 earnings per share for the quarter, beating analysts' consensus estimates of $6.95 by $0.66. Boise Cascade had a return on equity of 62.72% and a net margin of 10.27%. The company had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.19 billion. During the same quarter last year, the company earned $3.76 earnings per share. The company's revenue for the quarter was up 27.7% on a year-over-year basis. Equities analysts predict that Boise Cascade will post 18.43 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 15th. Investors of record on Wednesday, June 1st were issued a dividend of $2.62 per share. This is a positive change from Boise Cascade's previous quarterly dividend of $0.12. This represents a $10.48 dividend on an annualized basis and a yield of 18.46%. The ex-dividend date of this dividend was Tuesday, May 31st. Boise Cascade's dividend payout ratio (DPR) is 2.20%.

Boise Cascade Company Profile (NYSE:BCC)

Boise Cascade Company manufactures wood products and distributes 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 lumber products.

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