New York Life Investment Management LLC Reduces Stock Holdings in Boise Cascade (NYSE:BCC)

New York Life Investment Management LLC reduced its position in Boise Cascade (NYSE:BCC) by 14.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,724 shares of the construction company’s stock after selling 936 shares during the quarter. New York Life Investment Management LLC’s holdings in Boise Cascade were worth $740,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. Owen LaRue LLC purchased a new stake in Boise Cascade in the 4th quarter worth about $1,865,000. Hexagon Capital Partners LLC boosted its position in Boise Cascade by 71.6% during the fourth quarter. Hexagon Capital Partners LLC now owns 743 shares of the construction company’s stock worth $96,000 after purchasing an additional 310 shares during the period. Jackson Creek Investment Advisors LLC bought a new position in Boise Cascade during the fourth quarter worth about $1,200,000. Van ECK Associates Corp increased its stake in shares of Boise Cascade by 18.6% in the fourth quarter. Van ECK Associates Corp now owns 12,532 shares of the construction company’s stock worth $1,621,000 after purchasing an additional 1,967 shares in the last quarter. Finally, SummerHaven Investment Management LLC raised its position in shares of Boise Cascade by 1.2% in the fourth quarter. SummerHaven Investment Management LLC now owns 7,593 shares of the construction company’s stock valued at $982,000 after purchasing an additional 93 shares during the period. 96.18% of the stock is currently owned by institutional investors.

Boise Cascade Price Performance

Shares of NYSE:BCC opened at $133.23 on Thursday. The company has a 50 day moving average of $140.31 and a 200 day moving average of $128.08. The company has a current ratio of 3.46, a quick ratio of 2.26 and a debt-to-equity ratio of 0.22. The stock has a market cap of $5.27 billion, a P/E ratio of 10.83 and a beta of 1.64. Boise Cascade has a 12 month low of $71.50 and a 12 month high of $154.67.

Boise Cascade (NYSE:BCC) last released its quarterly earnings results on Monday, May 6th. The construction company reported $2.61 EPS for the quarter, beating analysts’ consensus estimates of $2.30 by $0.31. Boise Cascade had a net margin of 7.07% and a return on equity of 21.94%. The firm had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.56 billion. During the same period in the previous year, the business earned $2.43 EPS. The business’s revenue for the quarter was up 6.5% on a year-over-year basis. As a group, sell-side analysts forecast that Boise Cascade will post 11.44 EPS for the current fiscal year.

Boise Cascade Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be given a $0.20 dividend. The ex-dividend date is Monday, June 3rd. This represents a $0.80 annualized dividend and a yield of 0.60%. Boise Cascade’s payout ratio is currently 6.50%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. StockNews.com raised shares of Boise Cascade from a “hold” rating to a “buy” rating in a report on Tuesday. Truist Financial increased their target price on Boise Cascade from $156.00 to $175.00 and gave the stock a “buy” rating in a research report on Thursday, March 21st. Finally, The Goldman Sachs Group lifted their price target on Boise Cascade from $114.00 to $129.00 and gave the company a “neutral” rating in a research report on Thursday, January 11th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $125.00.

Insider Activity

In related news, EVP Dean Michael Brown sold 11,117 shares of Boise Cascade stock in a transaction on Monday, March 4th. The shares were sold at an average price of $139.09, for a total value of $1,546,263.53. Following the transaction, the executive vice president now directly owns 40,237 shares of the company’s stock, valued at $5,596,564.33. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.05% of the company’s stock.

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 shop lumber and appearance grade boards.