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 objective cut by equities researchers at Truist Financial from $106.00 to $101.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the construction company's stock. Truist Financial's target price points to a potential upside of 22.14% from the stock's previous close.

BCC has been the topic of several other research reports. Bank of America cut their price objective on Boise Cascade from $111.00 to $107.00 and set a "buy" rating on the stock in a research note on Wednesday, July 9th. Loop Capital dropped their price target on Boise Cascade from $140.00 to $135.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. BMO Capital Markets decreased their price objective on shares of Boise Cascade from $114.00 to $108.00 and set a "market perform" rating for the company in a report on Thursday. Finally, DA Davidson dropped their target price 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. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $112.83.

Boise Cascade Stock Down 0.3%

BCC stock traded down $0.23 during trading on Thursday, reaching $82.69. The stock had a trading volume of 21,975 shares, compared to its average volume of 353,513. The firm has a fifty day moving average price of $87.50 and a 200 day moving average price of $97.64. The company has a current ratio of 2.96, a quick ratio of 1.51 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $3.09 billion, a P/E ratio of 12.18, a PEG ratio of 4.23 and a beta of 1.28. Boise Cascade has a 1-year low of $80.30 and a 1-year high of $155.42.

Boise Cascade (NYSE:BCC - Get Free Report) last released its earnings results on Monday, August 4th. The construction company reported $1.64 EPS for the quarter, missing the consensus estimate of $1.69 by ($0.05). The business had revenue of $1.74 billion for 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%. The business's quarterly revenue was down 3.2% compared to the same quarter last year. During the same quarter last year, the company posted $2.84 earnings per share. On average, equities analysts anticipate that Boise Cascade will post 10.15 earnings per share for the current year.

Insider Transactions at Boise Cascade

In other news, SVP Jill Twedt sold 1,200 shares of the company's stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $88.01, for a total value of $105,612.00. Following the completion of the sale, the senior vice president directly owned 34,649 shares of the company's stock, valued at approximately $3,049,458.49. This represents a 3.35% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Joanna L. Barney sold 1,000 shares of the stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $87.68, for a total transaction of $87,680.00. Following the completion of the transaction, the executive vice president owned 12,372 shares of the company's stock, valued at $1,084,776.96. This trade represents a 7.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.98% of the stock is owned by insiders.

Institutional Investors Weigh In On Boise Cascade

A number of institutional investors have recently added to or reduced their stakes in the company. LPL Financial LLC lifted its holdings in shares of Boise Cascade by 29.1% in the fourth quarter. LPL Financial LLC now owns 14,127 shares of the construction company's stock valued at $1,679,000 after buying an additional 3,187 shares during the period. Orion Portfolio Solutions LLC raised its position in Boise Cascade by 27.6% in the fourth quarter. Orion Portfolio Solutions LLC now owns 2,582 shares of the construction company's stock worth $307,000 after acquiring an additional 559 shares in the last quarter. Wells Fargo & Company MN lifted its holdings in Boise Cascade by 9.2% in the 4th quarter. Wells Fargo & Company MN now owns 90,347 shares of the construction company's stock valued at $10,739,000 after acquiring an additional 7,578 shares during the last quarter. Envestnet Asset Management Inc. boosted its position 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 valued at $16,012,000 after purchasing an additional 8,357 shares in the last quarter. Finally, Invesco Ltd. grew its stake in shares of Boise Cascade by 8.7% in 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 last quarter. 96.18% of the stock is currently owned by institutional investors and hedge funds.

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.

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