Jennison Associates LLC Acquires Shares of 6,117 Boise Cascade (NYSE:BCC)

Jennison Associates LLC bought a new position in shares of Boise Cascade (NYSE:BCC) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 6,117 shares of the construction company’s stock, valued at approximately $862,000.

A number of other institutional investors also recently modified their holdings of the company. Harbor Capital Advisors Inc. bought a new position in Boise Cascade during the 3rd quarter valued at approximately $28,000. Larson Financial Group LLC bought a new position in shares of Boise Cascade during the second quarter valued at approximately $36,000. iA Global Asset Management Inc. purchased a new stake in Boise Cascade in the first quarter worth $82,000. CWM LLC boosted its holdings in Boise Cascade by 26.5% in the third quarter. CWM LLC now owns 673 shares of the construction company’s stock valued at $95,000 after acquiring an additional 141 shares in the last quarter. Finally, Covestor Ltd boosted its holdings in Boise Cascade by 50.1% in the third quarter. Covestor Ltd now owns 689 shares of the construction company’s stock valued at $97,000 after acquiring an additional 230 shares in the last quarter. 96.18% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Boise Cascade Stock Up 2.4 %

Shares of NYSE:BCC opened at $143.78 on Friday. Boise Cascade has a 12-month low of $106.38 and a 12-month high of $154.67. The stock has a market capitalization of $5.52 billion, a price-to-earnings ratio of 14.07 and a beta of 1.53. The stock has a fifty day simple moving average of $139.41 and a two-hundred day simple moving average of $132.98. The company has a current ratio of 3.13, a quick ratio of 1.90 and a debt-to-equity ratio of 0.22.

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

Boise Cascade Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Monday, December 2nd will be given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 0.58%. The ex-dividend date is Monday, December 2nd. Boise Cascade’s dividend payout ratio (DPR) is currently 8.22%.

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.