Truist Financial Has Lowered Expectations for Boise Cascade (NYSE:BCC) Stock Price

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 objective reduced by Truist Financial from $101.00 to $96.00 in a report released on Wednesday morning, MarketBeat.com reports. They currently have a buy rating on the construction company's stock.

Several other research firms have also recently issued reports on BCC. BMO Capital Markets reiterated a "market perform" rating and issued a $100.00 target price on shares of Boise Cascade in a research note on Tuesday. DA Davidson decreased their target price on shares of Boise Cascade from $115.00 to $100.00 and set a "buy" rating for the company in a research note on Friday, July 18th. Finally, Bank of America decreased their target price on shares of Boise Cascade from $111.00 to $107.00 and set a "buy" rating for the company in a research note on Wednesday, July 9th. Four investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Boise Cascade currently has an average rating of "Moderate Buy" and a consensus target price of $110.67.

Boise Cascade Stock Performance

NYSE BCC traded down $2.16 on Wednesday, hitting $79.36. 796,621 shares of the company's stock traded hands, compared to its average volume of 309,381. The company has a current ratio of 2.96, a quick ratio of 1.54 and a debt-to-equity ratio of 0.21. Boise Cascade has a 1-year low of $79.27 and a 1-year high of $155.42. The firm's 50-day moving average price is $85.74 and its two-hundred day moving average price is $90.24. The firm has a market capitalization of $2.96 billion, a PE ratio of 11.65, a P/E/G ratio of 5.55 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 EPS for the quarter, missing the consensus estimate of $1.69 by ($0.05). Boise Cascade had a net margin of 4.00% and a return on equity of 12.26%. The business had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.76 billion. During the same quarter in the previous year, the firm posted $2.84 earnings per share. The business's revenue was down 3.2% on a year-over-year basis. As a group, analysts expect that Boise Cascade will post 10.15 EPS for the current year.

Boise Cascade Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 17th. Shareholders of record on Tuesday, September 2nd were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.1%. This is a boost from Boise Cascade's previous quarterly dividend of $0.21. The ex-dividend date of this dividend was Tuesday, September 2nd. Boise Cascade's payout ratio is presently 12.92%.

Insider Activity

In other news, COO Jeffrey Robert Strom sold 1,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $91.06, for a total value of $91,060.00. Following the completion of the sale, the chief operating officer owned 37,026 shares of the company's stock, valued at $3,371,587.56. This represents a 2.63% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Jill Twedt sold 1,782 shares of the stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $83.97, for a total transaction of $149,634.54. Following the completion of the sale, the senior vice president directly owned 32,867 shares of the company's stock, valued at approximately $2,759,841.99. This trade represents a 5.14% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 4,815 shares of company stock valued at $409,637 in the last 90 days. Company insiders own 0.98% of the company's stock.

Institutional Inflows and Outflows

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