Boise Cascade (NYSE:BCC) Sets New 12-Month High – Here’s What Happened

Boise Cascade (NYSE:BCC) shares reached a new 52-week high on Monday . The stock traded as high as $154.72 and last traded at $153.15, with a volume of 70490 shares trading hands. The stock had previously closed at $143.78.

Wall Street Analyst Weigh In

A number of research analysts recently commented on BCC shares. Loop Capital started coverage on shares of Boise Cascade in a report on Friday, November 1st. They issued a “buy” rating and a $155.00 price target for the company. StockNews.com lowered Boise Cascade from a “buy” rating to a “hold” rating in a report on Wednesday, November 6th. Bank of America lifted their price objective on shares of Boise Cascade from $120.00 to $124.00 and gave the stock an “underperform” rating in a research note on Thursday, September 12th. BMO Capital Markets increased their target price on shares of Boise Cascade from $130.00 to $136.00 and gave the company a “market perform” rating in a research note on Tuesday, October 22nd. Finally, Truist Financial lifted their price target on shares of Boise Cascade from $154.00 to $161.00 and gave the stock a “buy” rating in a research note on Tuesday, October 15th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $139.60.

Boise Cascade Stock Performance

The firm’s 50 day moving average is $139.41 and its 200-day moving average is $133.00. The stock has a market capitalization of $5.86 billion, a price-to-earnings ratio of 14.92 and a beta of 1.53. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.90 and a current ratio of 3.13.

Boise Cascade (NYSE:BCC) last posted its quarterly earnings data on Monday, November 4th. The construction company reported $2.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.37 by ($0.04). The company had revenue of $1.71 billion for the quarter, compared to analysts’ expectations of $1.72 billion. Boise Cascade had a net margin of 5.95% and a return on equity of 18.24%. The business’s revenue for the quarter was down 6.6% on a year-over-year basis. During the same period in the previous year, the business earned $3.58 earnings per share. Analysts forecast that Boise Cascade will post 9.57 earnings per share for the current fiscal year.

Boise Cascade Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Monday, December 2nd will be paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date of this dividend is Monday, December 2nd. Boise Cascade’s dividend payout ratio (DPR) is currently 8.22%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in BCC. BOKF NA grew its stake in shares of Boise Cascade by 80.2% in the first quarter. BOKF NA now owns 2,900 shares of the construction company’s stock valued at $444,000 after buying an additional 1,291 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Boise Cascade by 293.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 236,980 shares of the construction company’s stock valued at $36,346,000 after purchasing an additional 176,738 shares during the period. B. Riley Wealth Advisors Inc. acquired a new position in shares of Boise Cascade in the first quarter valued at approximately $745,000. iA Global Asset Management Inc. purchased a new stake in Boise Cascade during the 1st quarter worth approximately $82,000. Finally, Burney Co. purchased a new position in Boise Cascade in the 1st quarter valued at approximately $673,000. 96.18% of the stock is currently owned by hedge funds and other institutional investors.

Boise Cascade Company 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 shop lumber and appearance grade boards.