State of New Jersey Common Pension Fund D increased its position in shares of Boise Cascade (NYSE:BCC – Get Rating) by 12.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 34,677 shares of the construction company’s stock after buying an additional 3,771 shares during the period. State of New Jersey Common Pension Fund D owned about 0.09% of Boise Cascade worth $2,062,000 at the end of the most recent reporting period.
Other large investors have also recently made changes to their positions in the company. Neo Ivy Capital Management purchased a new stake in shares of Boise Cascade during the second quarter worth approximately $25,000. Ronald Blue Trust Inc. boosted its holdings in Boise Cascade by 119.8% in the third quarter. Ronald Blue Trust Inc. now owns 455 shares of the construction company’s stock valued at $27,000 after purchasing an additional 248 shares in the last quarter. CoreCap Advisors LLC acquired a new position in Boise Cascade in the second quarter valued at approximately $40,000. Banque Cantonale Vaudoise acquired a new position in Boise Cascade in the second quarter valued at approximately $46,000. Finally, Wipfli Financial Advisors LLC acquired a new position in Boise Cascade in the third quarter valued at approximately $54,000. 92.78% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
BCC has been the subject of a number of research analyst reports. The Goldman Sachs Group upped their price target on Boise Cascade from $64.00 to $72.00 and gave the company a “neutral” rating in a report on Thursday, November 3rd. StockNews.com downgraded Boise Cascade from a “strong-buy” rating to a “buy” rating in a report on Tuesday, January 10th. Finally, Bank of America lowered shares of Boise Cascade from a “neutral” rating to an “underperform” rating in a research report on Thursday, October 13th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $73.25.
Boise Cascade Stock Performance
Boise Cascade (NYSE:BCC – Get Rating) last posted its earnings results on Monday, October 31st. The construction company reported $5.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.45 by $1.07. Boise Cascade had a return on equity of 53.89% and a net margin of 10.65%. The firm had revenue of $2.15 billion for the quarter, compared to analyst estimates of $2.03 billion. During the same quarter in the prior year, the company earned $2.31 EPS. Boise Cascade’s revenue was up 14.6% on a year-over-year basis. As a group, research analysts expect that Boise Cascade will post 21.58 earnings per share for the current fiscal year.
Boise Cascade Increases Dividend
The company also recently announced a None dividend, which was paid on Thursday, December 15th. Shareholders of record on Thursday, December 1st were issued a $1.15 dividend. This represents a yield of 0.9%. This is a positive change from Boise Cascade’s previous None dividend of $0.12. The ex-dividend date was Wednesday, November 30th. Boise Cascade’s dividend payout ratio is 2.62%.
About Boise Cascade
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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