Boise Cascade (NYSE:BCC) Shares Gap Down Following Weak Earnings

Boise Cascade (NYSE:BCC) shares gapped down before the market opened on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $134.26, but opened at $127.90. Boise Cascade shares last traded at $130.60, with a volume of 29,942 shares traded.

The construction company reported $2.33 earnings per share for the quarter, missing the consensus estimate of $2.37 by ($0.04). Boise Cascade had a return on equity of 20.17% and a net margin of 6.60%. The company had revenue of $1.71 billion for the quarter, compared to analysts’ expectations of $1.72 billion. During the same period in the previous year, the business posted $3.58 EPS. The business’s quarterly revenue was down 6.6% on a year-over-year basis.

Boise Cascade Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Monday, December 2nd will be issued a $0.21 dividend. The ex-dividend date is Monday, December 2nd. This represents a $0.84 dividend on an annualized basis and a yield of 0.59%. Boise Cascade’s dividend payout ratio (DPR) is 7.32%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. 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 report on Tuesday, October 15th. Bank of America lifted their target price 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. The Goldman Sachs Group reduced their price target 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. StockNews.com downgraded Boise Cascade from a “buy” rating to a “hold” rating in a research report on Wednesday. Finally, BMO Capital Markets increased their target price on Boise Cascade from $130.00 to $136.00 and gave the stock a “market perform” rating in a research report on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Boise Cascade has an average rating of “Hold” and a consensus price target of $139.60.

Institutional Trading of Boise Cascade

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Harbor Capital Advisors Inc. purchased a new stake in Boise Cascade during the third quarter valued at about $28,000. Larson Financial Group LLC acquired a new stake in Boise Cascade during the 2nd quarter worth approximately $36,000. iA Global Asset Management Inc. purchased a new position in Boise Cascade in the first quarter valued at approximately $82,000. Daiwa Securities Group Inc. lifted its position in Boise Cascade by 500.0% during the first quarter. Daiwa Securities Group Inc. now owns 600 shares of the construction company’s stock valued at $92,000 after buying an additional 500 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in Boise Cascade by 33.4% during the second quarter. GAMMA Investing LLC now owns 787 shares of the construction company’s stock worth $94,000 after buying an additional 197 shares during the period. 96.18% of the stock is currently owned by institutional investors and hedge funds.

Boise Cascade Stock Up 2.4 %

The firm’s 50-day moving average price is $136.25 and its 200-day moving average price is $132.57. 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 company has a market cap of $5.60 billion, a price-to-earnings ratio of 12.36 and a beta of 1.53.

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.