Nuveen Asset Management LLC Cuts Position in Boise Cascade (NYSE:BCC)

Posted by Defense World Staff on Mar 4th, 2023

Nuveen Asset Management LLC lessened its stake in Boise Cascade (NYSE:BCC – Get Rating) by 19.7% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 324,961 shares of the construction company’s stock after selling 79,910 shares during the quarter. Nuveen Asset Management LLC owned 0.82% of Boise Cascade worth $19,322,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. BlackRock Inc. increased its holdings in Boise Cascade by 3.0% during the 1st quarter. BlackRock Inc. now owns 6,609,770 shares of the construction company’s stock valued at $459,180,000 after acquiring an additional 191,595 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Boise Cascade by 1.4% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,572,739 shares of the construction company’s stock valued at $152,973,000 after acquiring an additional 36,641 shares in the last quarter. Macquarie Group Ltd. increased its holdings in Boise Cascade by 4.5% during the 2nd quarter. Macquarie Group Ltd. now owns 2,111,136 shares of the construction company’s stock valued at $125,592,000 after acquiring an additional 91,801 shares in the last quarter. State Street Corp increased its holdings in Boise Cascade by 3.0% during the 2nd quarter. State Street Corp now owns 1,458,995 shares of the construction company’s stock valued at $86,796,000 after acquiring an additional 41,856 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ increased its holdings in Boise Cascade by 41.1% during the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 522,500 shares of the construction company’s stock valued at $31,068,000 after acquiring an additional 152,100 shares in the last quarter. 92.78% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut shares of Boise Cascade from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 22nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $73.25.

Boise Cascade Price Performance

Boise Cascade stock opened at $70.24 on Friday. Boise Cascade has a 12-month low of $55.14 and a 12-month high of $85.17. The stock has a market capitalization of $2.77 billion, a P/E ratio of 3.26 and a beta of 1.54. The firm’s 50-day moving average is $72.01 and its two-hundred day moving average is $68.35. The company has a debt-to-equity ratio of 0.23, a current ratio of 3.78 and a quick ratio of 2.50.

Boise Cascade (NYSE:BCC – Get Rating) last released its earnings results on Wednesday, February 22nd. The construction company reported $2.95 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.97 by ($0.02). Boise Cascade had a return on equity of 46.02% and a net margin of 10.23%. The company had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.78 billion. During the same period in the prior year, the business posted $4.26 earnings per share. Boise Cascade’s revenue was down 8.6% on a year-over-year basis. Equities analysts predict that Boise Cascade will post 8.43 earnings per share for the current year.

Boise Cascade Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 15th. Investors of record on Wednesday, February 22nd will be given a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, February 21st. This is a boost from Boise Cascade’s previous quarterly dividend of $0.12. This represents a $0.60 annualized dividend and a dividend yield of 0.85%. Boise Cascade’s dividend payout ratio (DPR) is currently 2.78%.

Boise Cascade Company Profile

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Boise Cascade Co engages in the manufacture and distribution of engineered wood products (EWP) and plywood. It operates through the Wood Products and Building Materials Distribution (BMD) segments. The Wood Products segment manufactures and sells engineered wood products, plywood, particleboard, studs and ponderosa pine lumber.