PNC Financial Services Group Inc. Has $276,000 Stake in Boise Cascade, L.L.C. (NYSE:BCC)

PNC Financial Services Group Inc. boosted its stake in shares of Boise Cascade, L.L.C. (NYSE:BCC) by 9.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,817 shares of the construction company’s stock after acquiring an additional 251 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Boise Cascade were worth $276,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of BCC. Raymond James Financial Inc. acquired a new position in Boise Cascade during the fourth quarter worth $1,601,000. Townsquare Capital LLC bought a new position in Boise Cascade in the fourth quarter valued at about $217,000. Barclays PLC boosted its holdings in Boise Cascade by 5.0% in the fourth quarter. Barclays PLC now owns 94,895 shares of the construction company’s stock valued at $11,280,000 after acquiring an additional 4,529 shares during the last quarter. PEAK6 LLC bought a new position in Boise Cascade during the fourth quarter worth about $201,000. Finally, Farringdon Capital Ltd. bought a new position in Boise Cascade during the fourth quarter worth about $265,000. 96.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, SVP Jill Twedt sold 1,782 shares of the company’s stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $83.97, for a total transaction of $149,634.54. Following the completion of the sale, the senior vice president directly owned 32,867 shares in the company, valued at $2,759,841.99. This represents a 5.14% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Troy Little sold 2,033 shares of the company’s stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $83.10, for a total value of $168,942.30. Following the sale, the executive vice president owned 12,701 shares of the company’s stock, valued at approximately $1,055,453.10. This represents a 13.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 6,015 shares of company stock worth $511,869 in the last ninety days. 0.98% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on BCC shares. DA Davidson reduced their target price on Boise Cascade from $115.00 to $100.00 and set a “buy” rating on the stock in a report on Friday, July 18th. Bank of America reduced their price target on Boise Cascade from $111.00 to $107.00 and set a “buy” rating for the company in a research report on Wednesday, July 9th. BMO Capital Markets lowered their price target on Boise Cascade from $114.00 to $108.00 and set a “market perform” rating on the stock in a research report on Thursday, August 7th. Finally, Truist Financial lowered their price target on Boise Cascade from $106.00 to $101.00 and set a “buy” rating on the stock in a research report on Thursday, August 7th. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $112.83.

Boise Cascade Stock Performance

BCC opened at $86.24 on Friday. The business has a fifty day simple moving average of $87.16 and a 200 day simple moving average of $95.32. The company has a market capitalization of $3.22 billion, a PE ratio of 12.66, a price-to-earnings-growth ratio of 5.12 and a beta of 1.28. Boise Cascade, L.L.C. has a 1 year low of $80.01 and a 1 year high of $155.42. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.96 and a quick ratio of 1.54.

Boise Cascade (NYSE:BCC) last released its quarterly earnings results on Monday, August 4th. The construction company reported $1.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.69 by ($0.05). The firm had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.76 billion. Boise Cascade had a net margin of 4.00% and a return on equity of 12.26%. The business’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same quarter last year, the firm earned $2.84 earnings per share. Research analysts expect that Boise Cascade, L.L.C. will post 10.15 EPS for the current year.

Boise Cascade Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 17th. Stockholders of record on Tuesday, September 2nd will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Tuesday, September 2nd. This is a positive change from Boise Cascade’s previous quarterly dividend of $0.21. Boise Cascade’s dividend payout ratio is currently 12.33%.

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.