Boise Cascade (NYSE:BCC) Price Target Cut to $96.00 by Analysts at Truist Financial

Key Points

• Truist Financial has reduced its price target for Boise Cascade stock from $101.00 to $96.00, maintaining a "buy" rating, which implies a potential upside of 16.10% from its last closing price.
• Boise Cascade recently reported $1.64 earnings per share, falling short of analysts' expectations of $1.69, alongside a revenue of $1.74 billion for the quarter.
• Insider trading activity included COO Jeffrey Strom selling 1,000 shares at an average price of $91.06, reflecting a strategic move as he decreased his stock ownership by 2.63%.

Boise Cascade (NYSE:BCC - Free Report) had its price target trimmed by Truist Financial from $101.00 to $96.00 in a research report sent to investors on Wednesday morning, MarketBeat Ratings reports. The brokerage currently has a buy rating on the construction company's stock.

A number of other research analysts have also recently commented on the stock. DA Davidson cut their price target on shares of Boise Cascade from $115.00 to $100.00 and set a "buy" rating on the stock in a report on Friday, July 18th. Bank of America cut their price objective on Boise Cascade from $111.00 to $107.00 and set a "buy" rating for the company in a research report on Wednesday, July 9th. Finally, BMO Capital Markets reiterated a "market perform" rating and issued a $100.00 price target on shares of Boise Cascade in a report on Tuesday, September 16th. Four research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $110.67.

Boise Cascade Price Performance

Shares of BCC traded down $2.16 on Wednesday, hitting $79.36. The company's stock had a trading volume of 796,621 shares, compared to its average volume of 309,381. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.96 and a quick ratio of 1.54. Boise Cascade has a fifty-two week low of $79.27 and a fifty-two week high of $155.42. The company has a 50 day moving average price of $85.74 and a 200 day moving average price of $90.17. The company has a market capitalization of $2.96 billion, a PE ratio of 11.65, a PEG ratio of 5.41 and a beta of 1.33.

Boise Cascade (NYSE:BCC - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The construction company reported $1.64 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.69 by ($0.05). The firm had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.76 billion. Boise Cascade had a net margin of 4.00% and a return on equity of 12.26%. The business's revenue was down 3.2% compared to the same quarter last year. During the same period last year, the business earned $2.84 earnings per share. On average, research analysts anticipate that Boise Cascade will post 10.15 earnings per share for the current fiscal year.

Boise Cascade Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 17th. Investors of record on Tuesday, September 2nd were given a dividend of $0.22 per share. The ex-dividend date was Tuesday, September 2nd. This represents a $0.88 annualized dividend and a dividend yield of 1.1%. This is an increase from Boise Cascade's previous quarterly dividend of $0.21. Boise Cascade's dividend payout ratio is currently 12.92%.

Insider Activity

In related news, EVP Troy Little sold 2,033 shares of the business's stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $83.10, for a total transaction of $168,942.30. Following the transaction, the executive vice president owned 12,701 shares in the company, valued at $1,055,453.10. The trade was a 13.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 completion of the transaction, the senior vice president 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. Over the last three months, insiders sold 4,815 shares of company stock worth $409,637. 0.98% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Osaic Holdings Inc. raised its holdings in shares of Boise Cascade by 114.5% during the second quarter. Osaic Holdings Inc. now owns 3,902 shares of the construction company's stock worth $358,000 after acquiring an additional 2,083 shares during the period. Squarepoint Ops LLC bought a new position in shares of Boise Cascade in the second quarter valued at approximately $1,942,000. State of Wyoming bought a new position in shares of Boise Cascade in the second quarter worth approximately $314,000. Westwood Holdings Group Inc. raised its position in shares of Boise Cascade by 9.7% in the 2nd quarter. Westwood Holdings Group Inc. now owns 1,645,026 shares of the construction company's stock worth $142,821,000 after purchasing an additional 145,721 shares during the last quarter. Finally, Caxton Associates LLP grew its stake in shares of Boise Cascade by 30.5% during the 2nd quarter. Caxton Associates LLP now owns 18,646 shares of the construction company's stock valued at $1,619,000 after acquiring an additional 4,353 shares during the period. Institutional investors and hedge funds own 96.18% of the company's stock.

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.