Truist Financial Issues Pessimistic Forecast for Boise Cascade (NYSE:BCC) Stock Price

Key Points

• Truist Financial has lowered its price target for Boise Cascade from $106.00 to $101.00 while maintaining a "buy" rating, suggesting a potential upside of 22.14% from the stock's previous close.
• Boise Cascade recently reported earnings that missed analyst expectations, with a net margin of 4.00% and a revenue decline of 3.2% compared to the same quarter last year.
• Several investment firms, including Bank of America and Loop Capital, have also cut their price targets for Boise Cascade, indicating a cautious outlook amidst prevailing market conditions.

Boise Cascade (NYSE:BCC - Get Free Report) had its price target decreased by Truist Financial from $106.00 to $101.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a "buy" rating on the construction company's stock. Truist Financial's price target would suggest a potential upside of 25.22% from the stock's current price.

BCC has been the subject of a number of other reports. Loop Capital decreased their target price on Boise Cascade from $140.00 to $135.00 and set a "buy" rating for the company in a report on Monday, April 14th. DA Davidson decreased their target price on Boise Cascade from $115.00 to $100.00 and set a "buy" rating for the company in a report on Friday, July 18th. Bank of America decreased their target price on Boise Cascade from $111.00 to $107.00 and set a "buy" rating for the company in a report on Wednesday, July 9th. Finally, BMO Capital Markets decreased their price target on Boise Cascade from $114.00 to $108.00 and set a "market perform" rating for the company in a report on Thursday. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $112.83.

Boise Cascade Price Performance

NYSE:BCC traded down $1.44 during trading hours on Thursday, hitting $80.66. 136,665 shares of the stock were exchanged, compared to its average volume of 354,328. Boise Cascade has a 52-week low of $80.01 and a 52-week high of $155.42. The firm's fifty day moving average price is $87.31 and its 200 day moving average price is $96.57. The company has a current ratio of 2.96, a quick ratio of 1.54 and a debt-to-equity ratio of 0.21. The company has a market cap of $3.01 billion, a P/E ratio of 11.84, a P/E/G ratio of 4.88 and a beta of 1.28.

Boise Cascade (NYSE:BCC - Get Free Report) last posted its quarterly earnings results 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 company had revenue of $1.74 billion during the quarter, compared to analysts' expectations of $1.76 billion. Boise Cascade had a net margin of 4.00% and a return on equity of 12.26%. Boise Cascade's revenue for the quarter was down 3.2% on a year-over-year basis. During the same quarter last year, the company earned $2.84 earnings per share. As a group, equities research analysts anticipate that Boise Cascade will post 10.15 EPS for the current fiscal year.

Insider Buying and Selling

In related news, SVP Jill Twedt sold 1,782 shares of the stock in a transaction on 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 sale, the senior vice president directly owned 32,867 shares in the company, valued at approximately $2,759,841.99. This represents a 5.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Joanna L. Barney sold 1,000 shares of the stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $87.68, for a total transaction of $87,680.00. Following the transaction, the executive vice president directly owned 12,372 shares in the company, valued at $1,084,776.96. The trade was a 7.48% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 6,015 shares of company stock valued at $511,869. 0.98% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Boise Cascade

Several institutional investors and hedge funds have recently added to or reduced their stakes in BCC. LPL Financial LLC increased its holdings in shares of Boise Cascade by 29.1% during the 4th quarter. LPL Financial LLC now owns 14,127 shares of the construction company's stock worth $1,679,000 after purchasing an additional 3,187 shares during the period. Orion Portfolio Solutions LLC increased its holdings in shares of Boise Cascade by 27.6% during the 4th quarter. Orion Portfolio Solutions LLC now owns 2,582 shares of the construction company's stock worth $307,000 after purchasing an additional 559 shares during the period. Wells Fargo & Company MN increased its holdings in shares of Boise Cascade by 9.2% during the 4th quarter. Wells Fargo & Company MN now owns 90,347 shares of the construction company's stock worth $10,739,000 after purchasing an additional 7,578 shares during the period. Envestnet Asset Management Inc. increased its holdings in shares of Boise Cascade by 6.6% during the 4th quarter. Envestnet Asset Management Inc. now owns 134,715 shares of the construction company's stock worth $16,012,000 after purchasing an additional 8,357 shares during the period. Finally, Invesco Ltd. increased its holdings in shares of Boise Cascade by 8.7% during the 4th quarter. Invesco Ltd. now owns 358,368 shares of the construction company's stock worth $42,596,000 after purchasing an additional 28,814 shares during the period. 96.18% of the stock is currently owned by hedge funds and other institutional investors.

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.