Boise Cascade (NYSE:BCC) Stock Breaks Above 200 Day Moving Average - Here's What Happened

Key Points

• Boise Cascade shares moved above their 200-day moving average, reaching $77.91 and last trading at $77.76, up 4.3% in the reported session.
• The company exceeded quarterly expectations, reporting $1.63 in earnings per share versus the $1.23 consensus estimate, while revenue rose 5.2% year over year to $1.83 billion.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and a $92 target price; recent actions included both a price-target increase to $99 and downgrades to “Hold” or “Underperform.”

Boise Cascade, L.L.C. (NYSE:BCC - Get Free Report)'s share price passed above its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $77.30 and traded as high as $77.91. Boise Cascade shares last traded at $77.76, with a volume of 393,440 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. DA Davidson lifted their price objective on Boise Cascade from $92.00 to $99.00 and gave the company a "buy" rating in a report on Wednesday, August 5th. Zacks Research cut Boise Cascade from a "strong-buy" rating to a "hold" rating in a report on Monday, August 17th. Loop Capital downgraded Boise Cascade from a "buy" rating to a "hold" rating and set a $85.00 target price on the stock. in a report on Monday. Bank of America dropped their target price on shares of Boise Cascade from $89.00 to $80.00 and set an "underperform" rating on the stock in a research report on Wednesday, October 14th. Finally, Weiss Ratings raised Boise Cascade from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Monday, August 17th. Three research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Boise Cascade presently has a consensus rating of "Hold" and a consensus target price of $92.00.

Boise Cascade Trading Up 4.3%

The firm has a 50-day simple moving average of $76.51 and a 200-day simple moving average of $77.30. 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 stock has a market cap of $2.71 billion, a PE ratio of 26.36, a P/E/G ratio of 0.97 and a beta of 1.08.

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 for the quarter, beating 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 analysts' expectations of $1.77 billion. During the same period in the prior year, the business posted $1.64 earnings per share. The company's revenue was up 5.2% on a year-over-year basis. Equities analysts forecast that Boise Cascade, L.L.C. will post 3.86 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Kristopher Matula sold 1,930 shares of Boise Cascade stock in a transaction 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 completion of the sale, the director owned 13,982 shares of the company's stock, valued at approximately $1,182,597.56. This trade represents a 12.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Jill Twedt sold 1,250 shares of the business's stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $79.40, for a total value of $99,250.00. Following the transaction, the senior vice president owned 25,295 shares of the company's stock, valued at approximately $2,008,423. The trade was a 4.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 1.42% of the company's stock.

Institutional Trading of Boise Cascade

A number of large investors have recently modified their holdings of BCC. Pictet Asset Management Holding SA lifted its holdings in shares of Boise Cascade by 22.2% during the 2nd quarter. Pictet Asset Management Holding SA now owns 117,675 shares of the construction company's stock worth $9,135,000 after acquiring an additional 21,362 shares during the last quarter. First Eagle Investment Management LLC lifted its position in Boise Cascade by 13.4% in the 2nd quarter. First Eagle Investment Management LLC now owns 193,208 shares of the construction company's stock worth $14,999,000 after buying an additional 22,900 shares during the last quarter. Legal & General Group Plc purchased a new stake in Boise Cascade in the second quarter worth approximately $6,737,000. BlackRock Inc. purchased a new stake in Boise Cascade in the second quarter worth approximately $463,729,000. Finally, Medina Value Partners LLC purchased a new stake in Boise Cascade in the second quarter worth approximately $17,858,160. Institutional investors own 96.18% of the company's stock.

Boise Cascade Company Profile

Boise Cascade Company is a U.S.-based manufacturer of engineered wood products and a wholesale distributor of building materials. Headquartered in Boise, Idaho, the company serves the residential construction, repair and remodeling, and industrial sectors primarily across the United States.

Through its Wood Products segment, Boise Cascade manufactures laminated veneer lumber, I-joists, laminated strand lumber, plywood, and other engineered wood products used in floors, roofs, walls, and structural applications.

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