CI Investments Inc. Has $315,000 Stock Holdings in Boise Cascade (NYSE:BCC)

CI Investments Inc. cut its holdings in Boise Cascade (NYSE:BCCGet Rating) by 28.3% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 4,535 shares of the construction company’s stock after selling 1,791 shares during the quarter. CI Investments Inc.’s holdings in Boise Cascade were worth $315,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BCC. ProShare Advisors LLC increased its stake in shares of Boise Cascade by 62.0% in the fourth quarter. ProShare Advisors LLC now owns 9,845 shares of the construction company’s stock valued at $702,000 after buying an additional 3,768 shares in the last quarter. Bank of America Corp DE increased its stake in shares of Boise Cascade by 6.1% in the fourth quarter. Bank of America Corp DE now owns 307,301 shares of the construction company’s stock valued at $21,881,000 after buying an additional 17,597 shares in the last quarter. Baird Financial Group Inc. increased its stake in shares of Boise Cascade by 11.2% in the fourth quarter. Baird Financial Group Inc. now owns 13,087 shares of the construction company’s stock valued at $932,000 after buying an additional 1,315 shares in the last quarter. Alps Advisors Inc. increased its stake in shares of Boise Cascade by 2.0% in the fourth quarter. Alps Advisors Inc. now owns 6,879 shares of the construction company’s stock valued at $490,000 after buying an additional 138 shares in the last quarter. Finally, Lazard Asset Management LLC increased its stake in shares of Boise Cascade by 29.8% in the fourth quarter. Lazard Asset Management LLC now owns 1,760 shares of the construction company’s stock valued at $125,000 after buying an additional 404 shares in the last quarter. 93.66% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CFO Kelly E. Hibbs sold 3,180 shares of Boise Cascade stock in a transaction dated Friday, August 5th. The stock was sold at an average price of $68.96, for a total transaction of $219,292.80. Following the transaction, the chief financial officer now owns 40,736 shares in the company, valued at approximately $2,809,154.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.89% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on BCC shares. Benchmark cut Boise Cascade from a “buy” rating to a “hold” rating in a report on Tuesday, May 10th. Bank of America cut Boise Cascade from a “buy” rating to a “neutral” rating and set a $71.00 price target on the stock. in a report on Thursday, June 23rd. Truist Financial started coverage on Boise Cascade in a report on Wednesday, June 29th. They issued a “hold” rating and a $64.00 price target on the stock. DA Davidson raised their price target on Boise Cascade to $85.00 in a report on Tuesday, August 9th. Finally, The Goldman Sachs Group raised their price target on Boise Cascade from $63.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, August 3rd. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $72.50.

Boise Cascade Price Performance

Shares of BCC opened at $62.42 on Tuesday. The company has a current ratio of 3.18, a quick ratio of 2.14 and a debt-to-equity ratio of 0.27. Boise Cascade has a 1 year low of $51.30 and a 1 year high of $85.17. The stock has a market cap of $2.46 billion, a P/E ratio of 3.17, a price-to-earnings-growth ratio of 1.36 and a beta of 1.62. The stock’s 50-day moving average price is $65.62 and its two-hundred day moving average price is $72.25.

Boise Cascade (NYSE:BCCGet Rating) last issued its earnings results on Monday, August 1st. The construction company reported $5.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.64 by $0.85. Boise Cascade had a return on equity of 51.48% and a net margin of 9.45%. The firm had revenue of $2.28 billion for the quarter, compared to analysts’ expectations of $2.16 billion. During the same quarter last year, the business earned $7.62 earnings per share. The company’s revenue was down 6.8% compared to the same quarter last year. On average, equities analysts predict that Boise Cascade will post 20.06 earnings per share for the current year.

Boise Cascade Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.77%. The ex-dividend date of this dividend is Wednesday, August 31st. Boise Cascade’s dividend payout ratio (DPR) is presently 2.44%.

Boise Cascade Company Profile

(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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Institutional Ownership by Quarter for Boise Cascade (NYSE:BCC)

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