Boise Cascade (NYSE:BCC) Shares Gap Up to $137.50

Boise Cascade (NYSE:BCC)’s share price gapped up before the market opened on Monday . The stock had previously closed at $137.50, but opened at $141.03. Boise Cascade shares last traded at $141.10, with a volume of 29,657 shares traded.

Analyst Upgrades and Downgrades

BCC has been the topic of several research analyst reports. The Goldman Sachs Group dropped their price objective on Boise Cascade from $140.00 to $122.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. Truist Financial reiterated a “buy” rating and issued a $154.00 price objective (down from $159.00) on shares of Boise Cascade in a report on Wednesday, August 7th. StockNews.com cut shares of Boise Cascade from a “buy” rating to a “hold” rating in a research note on Tuesday, August 6th. Finally, 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 research note on Thursday, September 12th. One investment 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. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $128.00.

Boise Cascade Stock Performance

The company has a debt-to-equity ratio of 0.21, a current ratio of 3.28 and a quick ratio of 2.08. The stock’s 50-day moving average price is $131.44 and its 200-day moving average price is $133.47. The company has a market cap of $5.53 billion, a P/E ratio of 11.36 and a beta of 1.52.

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

Boise Cascade Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, September 3rd were given a dividend of $0.21 per share. This is a positive change from Boise Cascade’s previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a yield of 0.60%. The ex-dividend date of this dividend was Tuesday, September 3rd. Boise Cascade’s dividend payout ratio (DPR) is currently 6.83%.

Hedge Funds Weigh In On Boise Cascade

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Principal Securities Inc. acquired a new position in shares of Boise Cascade in the 4th quarter worth approximately $27,000. Scarborough Advisors LLC bought a new stake in Boise Cascade during the fourth quarter valued at $36,000. Larson Financial Group LLC bought a new stake in Boise Cascade during the second quarter valued at $36,000. iA Global Asset Management Inc. acquired a new stake in Boise Cascade during the 1st quarter worth about $82,000. Finally, Daiwa Securities Group Inc. raised its position in shares of Boise Cascade by 500.0% in the 1st quarter. Daiwa Securities Group Inc. now owns 600 shares of the construction company’s stock worth $92,000 after acquiring an additional 500 shares in the last quarter. 96.18% of the stock is owned by institutional investors and hedge funds.

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.