Principal Financial Group Inc. Trims Holdings in Boise Cascade (NYSE:BCC)

Principal Financial Group Inc. trimmed its holdings in shares of Boise Cascade (NYSE:BCC) by 4.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 203,042 shares of the construction company’s stock after selling 8,600 shares during the quarter. Principal Financial Group Inc. owned 0.53% of Boise Cascade worth $28,625,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in BCC. Harbor Capital Advisors Inc. bought a new position in Boise Cascade in the third quarter worth approximately $28,000. Larson Financial Group LLC bought a new position in shares of Boise Cascade during the 2nd quarter worth $36,000. CWM LLC increased its stake in shares of Boise Cascade by 26.5% during the third quarter. CWM LLC now owns 673 shares of the construction company’s stock valued at $95,000 after buying an additional 141 shares during the period. Covestor Ltd raised its holdings in shares of 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. Finally, KBC Group NV lifted its position in shares of Boise Cascade by 19.0% in the 3rd quarter. KBC Group NV now owns 1,226 shares of the construction company’s stock worth $173,000 after purchasing an additional 196 shares during the period. 96.18% of the stock is owned by hedge funds and other institutional investors.

Boise Cascade Price Performance

Shares of BCC stock opened at $123.19 on Wednesday. The stock’s 50-day simple moving average is $139.04 and its 200-day simple moving average is $133.54. The firm has a market capitalization of $4.73 billion, a price-to-earnings ratio of 12.05 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 has a fifty-two week low of $113.89 and a fifty-two week high of $155.42.

Boise Cascade (NYSE:BCC) last posted 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). Boise Cascade had a return on equity of 18.24% and a net margin of 5.95%. The company had revenue of $1.71 billion during the quarter, compared to analysts’ expectations of $1.72 billion. During the same period in the prior year, the business posted $3.58 EPS. The company’s quarterly revenue was down 6.6% on a year-over-year basis. As a group, equities analysts forecast 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 was paid on Wednesday, December 18th. Shareholders of record on Monday, December 2nd were given a dividend of $0.21 per share. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $0.84 dividend on an annualized basis and a yield of 0.68%. Boise Cascade’s dividend payout ratio is currently 8.22%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on BCC. StockNews.com cut Boise Cascade from a “buy” rating to a “hold” rating in a research report on Wednesday, November 6th. Loop Capital began 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. Truist Financial lifted their target price on Boise Cascade from $154.00 to $161.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. BMO Capital Markets raised their price target on shares of Boise Cascade from $130.00 to $136.00 and gave the company a “market perform” rating in a report on Tuesday, October 22nd. Finally, 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 report on Thursday, September 12th. 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 company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $139.60.

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.