Boise Cascade (NYSE:BCC) Price Target Lowered to $65.00 at Bank of America

Posted by on May 8th, 2023

Boise Cascade (NYSE:BCC – Get Rating) had its price target cut by Bank of America from $68.00 to $65.00 in a research note published on Sunday, The Fly reports.

Separately, StockNews.com initiated coverage on shares of Boise Cascade in a research note on Thursday, March 16th. They issued a buy rating on the stock. One analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $71.50.

Boise Cascade Price Performance

Boise Cascade stock opened at $70.14 on Friday. The stock has a market cap of $2.78 billion, a price-to-earnings ratio of 4.28 and a beta of 1.52. 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 has a 1 year low of $55.14 and a 1 year high of $85.17. The firm has a 50-day moving average of $64.97 and a two-hundred day moving average of $68.91.

Boise Cascade (NYSE:BCC – Get Rating) last released its quarterly earnings data on Friday, May 5th. The construction company reported $2.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.81 by $0.62. The company had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.48 billion. Boise Cascade had a net margin of 8.57% and a return on equity of 33.68%. The firm’s quarterly revenue was down 33.6% on a year-over-year basis. During the same period in the previous year, the company earned $7.61 EPS. On average, research analysts forecast that Boise Cascade will post 7.53 earnings per share for the current year.

Boise Cascade Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 15th. Investors of record on Thursday, June 1st will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date is Wednesday, May 31st. Boise Cascade’s dividend payout ratio (DPR) is presently 3.66%.

Institutional Trading of Boise Cascade

A number of hedge funds have recently added to or reduced their stakes in the company. Amalgamated Bank boosted its holdings in Boise Cascade by 0.8% during the fourth quarter. Amalgamated Bank now owns 18,325 shares of the construction company’s stock worth $1,258,000 after buying an additional 143 shares in the last quarter. Captrust Financial Advisors lifted its holdings in Boise Cascade by 3.0% during the second quarter. Captrust Financial Advisors now owns 5,026 shares of the construction company’s stock valued at $299,000 after purchasing an additional 148 shares in the last quarter. SummerHaven Investment Management LLC lifted its holdings in Boise Cascade by 1.3% during the fourth quarter. SummerHaven Investment Management LLC now owns 12,532 shares of the construction company’s stock valued at $861,000 after purchasing an additional 155 shares in the last quarter. State of Alaska Department of Revenue lifted its holdings in Boise Cascade by 0.6% during the fourth quarter. State of Alaska Department of Revenue now owns 27,468 shares of the construction company’s stock valued at $1,886,000 after purchasing an additional 157 shares in the last quarter. Finally, Lazard Asset Management LLC lifted its holdings in Boise Cascade by 9.7% during the first quarter. Lazard Asset Management LLC now owns 1,930 shares of the construction company’s stock valued at $134,000 after purchasing an additional 170 shares in the last quarter. 92.78% of the stock is owned by hedge funds and other institutional investors.

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.

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