Lazard Asset Management LLC raised its holdings in Boise Cascade (NYSE:BCC – Get Rating) by 282.6% in the second quarter, Holdings Channel.com reports. The fund owned 7,384 shares of the construction company’s stock after acquiring an additional 5,454 shares during the quarter. Lazard Asset Management LLC’s holdings in Boise Cascade were worth $439,000 as of its most recent SEC filing.
A number of other institutional investors have also recently added to or reduced their stakes in BCC. Bank of America Corp DE lifted its stake in Boise Cascade by 76.0% in the first quarter. Bank of America Corp DE now owns 540,937 shares of the construction company’s stock valued at $37,578,000 after acquiring an additional 233,636 shares during the last quarter. Acadian Asset Management LLC lifted its stake in shares of Boise Cascade by 24.0% in the first quarter. Acadian Asset Management LLC now owns 1,039,884 shares of the construction company’s stock worth $72,229,000 after buying an additional 201,074 shares during the last quarter. BlackRock Inc. lifted its stake in shares of Boise Cascade by 3.0% in the first quarter. BlackRock Inc. now owns 6,609,770 shares of the construction company’s stock worth $459,180,000 after buying an additional 191,595 shares during the last quarter. Rathbones Group PLC lifted its stake in shares of Boise Cascade by 21.0% in the first quarter. Rathbones Group PLC now owns 774,454 shares of the construction company’s stock worth $53,801,000 after buying an additional 134,529 shares during the last quarter. Finally, State Street Corp lifted its stake in shares of Boise Cascade by 7.4% in the first quarter. State Street Corp now owns 1,417,139 shares of the construction company’s stock worth $98,449,000 after buying an additional 97,209 shares during the last quarter. 93.66% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of brokerages have recently weighed in on BCC. StockNews.com cut shares of Boise Cascade from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Bank of America cut shares of Boise Cascade from a “neutral” rating to an “underperform” rating in a research note on Thursday, October 13th. DA Davidson boosted their price objective on shares of Boise Cascade to $85.00 in a research note on Tuesday, August 9th. Finally, The Goldman Sachs Group boosted their target price on shares of Boise Cascade from $64.00 to $72.00 and gave the stock a “neutral” rating in a research report on Thursday, November 3rd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $73.25.
Boise Cascade Trading Up 0.5 %
Boise Cascade (NYSE:BCC – Get Rating) last announced its earnings results on Tuesday, November 1st. The construction company reported $5.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.45 by $1.07. The business had revenue of $2.15 billion for the quarter, compared to analyst estimates of $2.03 billion. Boise Cascade had a net margin of 10.65% and a return on equity of 53.89%. Boise Cascade’s revenue was up 14.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.31 earnings per share. As a group, sell-side analysts predict that Boise Cascade will post 21.62 EPS for the current year.
Boise Cascade Increases Dividend
The firm also recently declared a None dividend, which will be paid on Thursday, December 15th. Shareholders of record on Thursday, December 1st will be issued a $1.15 dividend. This represents a yield of 0.9%. The ex-dividend date is Wednesday, November 30th. This is a positive change from Boise Cascade’s previous None dividend of $0.12. Boise Cascade’s payout ratio is 2.10%.
Boise Cascade Company Profile
Boise Cascade Company manufactures wood products and distributes 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 lumber products.
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