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 trading hands.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on BCC. 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. Bank of America upped 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. StockNews.com downgraded Boise Cascade from a “buy” rating to a “hold” rating in a research report on Tuesday, August 6th. Finally, Truist Financial reissued a “buy” rating and set a $154.00 price target (down from $159.00) on shares of Boise Cascade in a research report on Wednesday, August 7th. 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 stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $128.00.

Boise Cascade Stock Performance

The company has a quick ratio of 2.08, a current ratio of 3.28 and a debt-to-equity ratio of 0.21. The firm has a 50-day moving average of $131.85 and a two-hundred day moving average of $133.65. The company has a market capitalization of $5.60 billion, a PE ratio of 11.53 and a beta of 1.52.

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

Boise Cascade Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd were issued a $0.21 dividend. 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 0.59%. The ex-dividend date of this dividend was Tuesday, September 3rd. Boise Cascade’s dividend payout ratio (DPR) is presently 6.83%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Principal Securities Inc. purchased a new stake in Boise Cascade in the 4th quarter worth $27,000. Scarborough Advisors LLC purchased a new stake in shares of Boise Cascade during the fourth quarter worth about $36,000. Larson Financial Group LLC purchased a new stake in Boise Cascade during the 2nd quarter worth approximately $36,000. iA Global Asset Management Inc. purchased a new position in shares of Boise Cascade in the first quarter valued at approximately $82,000. Finally, Daiwa Securities Group Inc. boosted its stake in shares of Boise Cascade by 500.0% in the first quarter. Daiwa Securities Group Inc. now owns 600 shares of the construction company’s stock worth $92,000 after acquiring an additional 500 shares during 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.