Allspring Global Investments Holdings LLC boosted its stake in Boise Cascade (NYSE:BCC – Free Report) by 29.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 132,366 shares of the construction company’s stock after acquiring an additional 29,952 shares during the period. Allspring Global Investments Holdings LLC owned 0.33% of Boise Cascade worth $11,959,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. Neo Ivy Capital Management bought a new stake in Boise Cascade in the second quarter valued at $25,000. Financial Management Professionals Inc. bought a new stake in Boise Cascade in the second quarter valued at $34,000. WealthPLAN Partners LLC purchased a new position in Boise Cascade during the first quarter valued at $65,000. Ronald Blue Trust Inc. lifted its position in Boise Cascade by 25.7% during the first quarter. Ronald Blue Trust Inc. now owns 1,072 shares of the construction company’s stock valued at $74,000 after buying an additional 219 shares during the period. Finally, Benjamin F. Edwards & Company Inc. purchased a new position in Boise Cascade during the first quarter valued at $93,000. Institutional investors own 91.75% of the company’s stock.
Insider Activity at Boise Cascade
In related news, Director Sue Ying Taylor sold 300 shares of the firm’s stock in a transaction dated Friday, August 25th. The stock was sold at an average price of $104.92, for a total transaction of $31,476.00. Following the sale, the director now owns 9,642 shares of the company’s stock, valued at $1,011,638.64. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director Sue Ying Taylor sold 300 shares of Boise Cascade stock in a transaction dated 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 of the company’s stock, valued at $1,011,638.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Jill Twedt sold 2,500 shares of the business’s stock in a transaction that occurred on Thursday, August 24th. The shares were sold at an average price of $105.97, for a total value of $264,925.00. Following the completion of the sale, the senior vice president now owns 33,812 shares of the company’s stock, valued at $3,583,057.64. The disclosure for this sale can be found here. Insiders have sold a total of 18,968 shares of company stock valued at $2,045,908 over the last quarter. 0.89% of the stock is owned by corporate insiders.
Boise Cascade Stock Performance
Boise Cascade (NYSE:BCC – Get Free Report) last posted its quarterly earnings results on Monday, October 30th. 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 return on equity of 27.77% and a net margin of 8.12%. The business had revenue of $1.83 billion for the quarter, compared to the consensus estimate of $1.85 billion. During the same quarter in the prior year, the company earned $5.52 EPS. The business’s revenue was down 14.9% compared to the same quarter last year. Analysts predict that Boise Cascade will post 11.8 earnings per share for the current year.
Boise Cascade Increases Dividend
The business also recently disclosed a None dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be given a dividend of $5.20 per share. The ex-dividend date of this dividend is Thursday, November 30th. This represents a yield of 0.9%. This is an increase from Boise Cascade’s previous None dividend of $1.15. Boise Cascade’s dividend payout ratio (DPR) is presently 5.49%.
Analyst Upgrades and Downgrades
BCC has been the subject of several recent analyst reports. Truist Financial lifted their price target on Boise Cascade from $100.00 to $129.00 and gave the stock a “buy” rating in a research report on Wednesday, August 2nd. StockNews.com started coverage on Boise Cascade in a research note on Thursday, October 5th. They issued a “buy” rating for the company. BMO Capital Markets upped their price objective on Boise Cascade from $90.00 to $115.00 and gave the stock a “market perform” rating in a report on Wednesday, August 2nd. 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 report on Monday, October 16th. Finally, The Goldman Sachs Group upped their price objective on Boise Cascade from $96.00 to $108.00 and gave the stock a “neutral” rating in a report on Wednesday, August 2nd. One analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $112.20.
Boise Cascade Profile
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.
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