Boise Cascade (NYSE:BCC) Position Trimmed by Covestor Ltd

Covestor Ltd trimmed its stake in Boise Cascade (NYSE:BCC) by 4.1% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,726 shares of the construction company’s stock after selling 116 shares during the quarter. Covestor Ltd’s holdings in Boise Cascade were worth $246,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. HighTower Advisors LLC purchased a new stake in shares of Boise Cascade during the 1st quarter worth about $213,000. Citigroup Inc. lifted its stake in Boise Cascade by 7.0% in the first quarter. Citigroup Inc. now owns 42,016 shares of the construction company’s stock valued at $2,919,000 after acquiring an additional 2,737 shares during the last quarter. Bank of Montreal Can grew its position in Boise Cascade by 5.0% in the first quarter. Bank of Montreal Can now owns 12,598 shares of the construction company’s stock worth $933,000 after acquiring an additional 598 shares in the last quarter. MetLife Investment Management LLC increased its stake in shares of Boise Cascade by 56.7% during the 1st quarter. MetLife Investment Management LLC now owns 20,948 shares of the construction company’s stock worth $1,455,000 after purchasing an additional 7,576 shares during the last quarter. Finally, Rhumbline Advisers raised its holdings in shares of Boise Cascade by 3.0% during the 1st quarter. Rhumbline Advisers now owns 109,084 shares of the construction company’s stock valued at $7,578,000 after purchasing an additional 3,138 shares in the last quarter. 91.75% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Steven C. Cooper sold 5,306 shares of the firm’s stock in a transaction dated Monday, November 6th. The stock was sold at an average price of $102.90, for a total value of $545,987.40. Following the transaction, the director now owns 3,450 shares in the company, valued at $355,005. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Steven C. Cooper sold 5,306 shares of the business’s stock in a transaction that occurred on Monday, November 6th. The shares were sold at an average price of $102.90, for a total transaction of $545,987.40. Following the completion of the transaction, the director now owns 3,450 shares in the company, valued at $355,005. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Sue Ying Taylor sold 300 shares of the stock in a transaction on Friday, August 25th. The stock was sold at an average price of $104.92, for a total transaction of $31,476.00. Following the completion of the sale, the director now owns 9,642 shares in the company, valued at $1,011,638.64. The disclosure for this sale can be found here. In the last ninety days, insiders sold 24,274 shares of company stock valued at $2,591,895. Company insiders own 0.98% of the company’s stock.

Boise Cascade Price Performance

Shares of NYSE:BCC traded up $0.06 during midday trading on Tuesday, reaching $113.29. The company’s stock had a trading volume of 46,222 shares, compared to its average volume of 306,313. The business’s fifty day simple moving average is $100.20 and its 200-day simple moving average is $94.66. The company has a debt-to-equity ratio of 0.21, a current ratio of 3.55 and a quick ratio of 2.57. Boise Cascade has a fifty-two week low of $59.32 and a fifty-two week high of $115.13. The company has a market capitalization of $4.49 billion, a P/E ratio of 8.97 and a beta of 1.54.

Boise Cascade (NYSE:BCC) last announced its earnings results on Tuesday, October 31st. The construction company reported $3.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.47 by $0.11. Boise Cascade had a net margin of 7.38% and a return on equity of 23.21%. The company had revenue of $1.83 billion for the quarter, compared to analyst estimates of $1.85 billion. During the same period in the prior year, the business earned $5.52 earnings per share. Boise Cascade’s quarterly revenue was down 14.9% on a year-over-year basis. As a group, equities research analysts expect that Boise Cascade will post 12.13 EPS for the current fiscal year.

Boise Cascade Increases Dividend

The company also recently disclosed a None dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be given a $5.20 dividend. This represents a yield of 0.9%. This is a positive change from Boise Cascade’s previous None dividend of $1.15. The ex-dividend date of this dividend is Thursday, November 30th. Boise Cascade’s dividend payout ratio (DPR) is presently 6.33%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on BCC shares. The Goldman Sachs Group increased their target price on shares of Boise Cascade from $96.00 to $108.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 2nd. StockNews.com assumed coverage on Boise Cascade in a research note on Thursday, October 5th. They set a “buy” rating on the stock. Truist Financial reduced their price objective on Boise Cascade from $129.00 to $126.00 and set a “buy” rating for the company in a research report on Wednesday, November 1st. Bank of America cut Boise Cascade from a “neutral” rating to an “underperform” rating and set a $111.00 price objective on the stock. in a research report on Monday, October 16th. Finally, BMO Capital Markets reduced their target price on Boise Cascade from $115.00 to $112.00 and set a “market perform” rating for the company in a research report on Tuesday, November 7th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $111.00.

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 lumber products.