Hsbc Holdings PLC Sells 5,240 Shares of Boise Cascade (NYSE:BCC)

Posted by on Mar 5th, 2023

Hsbc Holdings PLC lessened its holdings in shares of Boise Cascade (NYSE:BCC – Get Rating) by 32.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,884 shares of the construction company’s stock after selling 5,240 shares during the quarter. Hsbc Holdings PLC’s holdings in Boise Cascade were worth $657,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. BlackRock Inc. boosted 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 worth $459,180,000 after acquiring an additional 191,595 shares during the last quarter. Dimensional Fund Advisors LP boosted 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 worth $152,973,000 after acquiring an additional 36,641 shares during the last quarter. Macquarie Group Ltd. boosted 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 worth $125,592,000 after acquiring an additional 91,801 shares during the last quarter. State Street Corp boosted 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 worth $86,796,000 after acquiring an additional 41,856 shares during the last quarter. Finally, Skandinaviska Enskilda Banken AB publ boosted 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 worth $31,068,000 after acquiring an additional 152,100 shares during the last quarter. Institutional investors own 92.78% of the company’s stock.

Boise Cascade Price Performance

Shares of NYSE:BCC opened at $70.24 on Friday. The company’s 50-day moving average is $72.01 and its 200 day moving average is $68.32. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.50 and a current ratio of 3.78. The company has a market capitalization of $2.77 billion, a P/E ratio of 3.26 and a beta of 1.54. Boise Cascade has a fifty-two week low of $55.14 and a fifty-two week high of $85.17.

Boise Cascade (NYSE:BCC – Get Rating) last announced its quarterly earnings results on Wednesday, February 22nd. The construction company reported $2.95 earnings per share for the quarter, missing the consensus estimate of $2.97 by ($0.02). Boise Cascade had a net margin of 10.23% and a return on equity of 46.02%. The company had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.78 billion. During the same quarter in the prior year, the company earned $4.26 earnings per share. The company’s quarterly revenue was down 8.6% on a year-over-year basis. On average, equities research analysts forecast that Boise Cascade will post 8.2 earnings per share for the current year.

Boise Cascade Increases Dividend

The business also recently disclosed 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. This represents a $0.60 annualized dividend and a dividend yield of 0.85%. This is a boost from Boise Cascade’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Tuesday, February 21st. Boise Cascade’s dividend payout ratio is 2.78%.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded shares of Boise Cascade from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 22nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $73.25.

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.

Further Reading

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Institutional Ownership by Quarter for Boise Cascade (NYSE:BCC)

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