Boise Cascade (NYSE:BCC) Downgraded to Buy at StockNews.com

StockNews.com cut shares of Boise Cascade (NYSE:BCCGet Rating) from a strong-buy rating to a buy rating in a report published on Wednesday.

Other research analysts have also recently issued research reports about the company. Zacks Investment Research upgraded Boise Cascade from a hold rating to a buy rating and set a $78.00 price objective on the stock in a research note on Tuesday, January 11th. The Goldman Sachs Group upgraded Boise Cascade from a sell rating to a neutral rating and boosted their price objective for the stock from $55.00 to $77.00 in a research note on Friday, January 21st. DA Davidson upgraded Boise Cascade from a neutral rating to a buy rating and boosted their price objective for the stock from $80.00 to $82.00 in a research note on Thursday, February 24th. Finally, Bank of America upgraded Boise Cascade from an underperform rating to a buy rating and boosted their price objective for the stock from $68.00 to $82.00 in a research note on Wednesday, January 19th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Buy and a consensus target price of $75.80.

BCC stock opened at $85.06 on Wednesday. The stock has a 50-day moving average price of $75.19 and a two-hundred day moving average price of $71.83. Boise Cascade has a 12-month low of $46.51 and a 12-month high of $85.17. The company has a current ratio of 2.94, a quick ratio of 1.91 and a debt-to-equity ratio of 0.35. The company has a market cap of $3.36 billion, a PE ratio of 4.74, a price-to-earnings-growth ratio of 2.21 and a beta of 1.50.

Boise Cascade (NYSE:BCCGet Rating) last posted its quarterly earnings results on Tuesday, February 22nd. The construction company reported $4.26 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.48 by $1.78. Boise Cascade had a return on equity of 58.53% and a net margin of 8.99%. The firm had revenue of $1.78 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter in the previous year, the business earned $1.76 earnings per share. The firm’s quarterly revenue was up 21.1% compared to the same quarter last year. Equities analysts forecast that Boise Cascade will post 15.07 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 15th. Shareholders of record on Tuesday, February 22nd were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.56%. The ex-dividend date was Friday, February 18th. Boise Cascade’s payout ratio is currently 2.67%.

In other Boise Cascade news, EVP Dean Michael Brown sold 2,394 shares of the company’s stock in a transaction that occurred on Wednesday, March 2nd. The stock was sold at an average price of $82.58, for a total transaction of $197,696.52. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Jill Twedt sold 4,000 shares of the company’s stock in a transaction that occurred on Monday, February 28th. The shares were sold at an average price of $77.85, for a total value of $311,400.00. The disclosure for this sale can be found here. Insiders have sold 11,215 shares of company stock worth $882,242 in the last 90 days. 0.89% of the stock is currently owned by insiders.

Several large investors have recently bought and sold shares of BCC. Norges Bank bought a new position in shares of Boise Cascade during the fourth quarter valued at approximately $24,887,000. Skandinaviska Enskilda Banken AB publ grew its holdings in shares of Boise Cascade by 46.6% during the third quarter. Skandinaviska Enskilda Banken AB publ now owns 655,200 shares of the construction company’s stock valued at $35,368,000 after purchasing an additional 208,400 shares during the last quarter. Man Group plc grew its holdings in shares of Boise Cascade by 1,382.1% during the third quarter. Man Group plc now owns 194,172 shares of the construction company’s stock valued at $10,481,000 after purchasing an additional 181,071 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of Boise Cascade by 126.7% during the third quarter. American Century Companies Inc. now owns 296,650 shares of the construction company’s stock valued at $16,013,000 after purchasing an additional 165,786 shares during the last quarter. Finally, BlackRock Inc. grew its holdings in shares of Boise Cascade by 2.6% during the fourth quarter. BlackRock Inc. now owns 6,418,175 shares of the construction company’s stock valued at $456,973,000 after purchasing an additional 164,258 shares during the last quarter. 91.42% of the stock is owned by institutional investors.

About Boise Cascade (Get Rating)

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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