Boise Cascade (NYSE:BCC) Shares Bought by MQS Management LLC

MQS Management LLC raised its position in shares of Boise Cascade (NYSE:BCC) by 47.2% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,964 shares of the construction company’s stock after purchasing an additional 630 shares during the quarter. MQS Management LLC’s holdings in Boise Cascade were worth $234,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Principal Securities Inc. purchased a new stake in Boise Cascade in the fourth quarter valued at approximately $27,000. Scarborough Advisors LLC acquired a new stake in Boise Cascade during the 4th quarter valued at approximately $36,000. Larson Financial Group LLC purchased a new stake in shares of Boise Cascade in the 2nd quarter valued at $36,000. iA Global Asset Management Inc. acquired a new stake in shares of Boise Cascade in the first quarter worth $82,000. Finally, Daiwa Securities Group Inc. raised its holdings in shares of Boise Cascade by 500.0% during the first quarter. Daiwa Securities Group Inc. now owns 600 shares of the construction company’s stock worth $92,000 after purchasing an additional 500 shares during the last quarter. 96.18% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Bank of America upped their price target on shares of Boise Cascade from $120.00 to $124.00 and gave the company an “underperform” rating in a report on Thursday, September 12th. StockNews.com lowered Boise Cascade from a “buy” rating to a “hold” rating in a report on Tuesday, August 6th. Truist Financial reissued a “buy” rating and issued a $154.00 price target (down from $159.00) on shares of Boise Cascade in a report on Wednesday, August 7th. Finally, The Goldman Sachs Group dropped their price objective on shares of Boise Cascade from $140.00 to $122.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $128.00.

Boise Cascade Stock Performance

NYSE BCC opened at $137.50 on Friday. The stock has a market capitalization of $5.43 billion, a price-to-earnings ratio of 11.18 and a beta of 1.52. The stock has a 50-day moving average of $131.44 and a 200 day moving average of $133.44. The company has a current ratio of 3.28, a quick ratio of 2.08 and a debt-to-equity ratio of 0.21. Boise Cascade has a twelve month low of $87.32 and a twelve month high of $154.67.

Boise Cascade (NYSE:BCC) last announced its earnings results on Monday, August 5th. The construction company reported $2.84 earnings per share for the quarter, topping the consensus estimate of $2.68 by $0.16. Boise Cascade had a return on equity of 20.17% and a net margin of 6.60%. The business had revenue of $1.80 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same period in the prior year, the company posted $3.67 EPS. The business’s quarterly revenue was down 1.0% on a year-over-year basis. Sell-side analysts anticipate that Boise Cascade will post 9.76 EPS for the current fiscal year.

Boise Cascade Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd were paid a dividend of $0.21 per share. The ex-dividend date was Tuesday, September 3rd. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.61%. This is a boost from Boise Cascade’s previous quarterly dividend of $0.20. Boise Cascade’s payout ratio is currently 6.83%.

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.