Metis Global Partners LLC Makes New $291,000 Investment in Boise Cascade (NYSE:BCC)

Posted by on Aug 13th, 2023

Metis Global Partners LLC acquired a new position in shares of Boise Cascade (NYSE:BCC – Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 4,608 shares of the construction company’s stock, valued at approximately $291,000.

Several other large investors also recently added to or reduced their stakes in BCC. HighTower Advisors LLC bought a new stake in Boise Cascade during the first quarter worth approximately $213,000. Citigroup Inc. increased its stake in Boise Cascade by 7.0% during the first quarter. Citigroup Inc. now owns 42,016 shares of the construction company’s stock worth $2,919,000 after acquiring an additional 2,737 shares during the last quarter. Bank of Montreal Can increased its stake in Boise Cascade by 5.0% during the first quarter. Bank of Montreal Can now owns 12,598 shares of the construction company’s stock worth $933,000 after acquiring an additional 598 shares during the last quarter. MetLife Investment Management LLC increased its stake in Boise Cascade by 56.7% during the first quarter. MetLife Investment Management LLC now owns 20,948 shares of the construction company’s stock worth $1,455,000 after acquiring an additional 7,576 shares during the last quarter. Finally, Rhumbline Advisers boosted its position in shares of Boise Cascade by 3.0% during the first quarter. Rhumbline Advisers now owns 109,084 shares of the construction company’s stock valued at $7,578,000 after buying an additional 3,138 shares during the period. 90.20% of the stock is owned by institutional investors.

Boise Cascade Stock Up 0.6 %

Shares of NYSE:BCC opened at $109.97 on Friday. Boise Cascade has a 52-week low of $55.14 and a 52-week high of $112.29. The stock has a market cap of $4.35 billion, a P/E ratio of 7.55 and a beta of 1.58. The business’s 50 day moving average is $92.52 and its 200 day moving average is $77.54. The company has a quick ratio of 2.39, a current ratio of 3.44 and a debt-to-equity ratio of 0.22.

Boise Cascade (NYSE:BCC – Get Free Report) last announced its earnings results on Tuesday, August 1st. The construction company reported $3.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.54 by $1.13. The business had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.71 billion. Boise Cascade had a return on equity of 27.77% and a net margin of 8.12%. The business’s revenue for the quarter was down 20.3% on a year-over-year basis. During the same quarter last year, the firm earned $5.49 EPS. Sell-side analysts predict that Boise Cascade will post 11.75 EPS for the current year.

Boise Cascade Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.73%. The ex-dividend date is Thursday, August 31st. This is a positive change from Boise Cascade’s previous quarterly dividend of $0.15. Boise Cascade’s dividend payout ratio is currently 4.12%.

Analyst Ratings Changes

A number of research analysts have recently commented on BCC shares. DA Davidson upped their target price on Boise Cascade from $91.00 to $98.00 in a research note on Tuesday, May 30th. StockNews.com started coverage on Boise Cascade in a research note on Thursday, May 18th. They set a “buy” rating on the stock. Truist Financial upped their target price on Boise Cascade from $100.00 to $129.00 and gave the company a “buy” rating in a research note on Wednesday, August 2nd. The Goldman Sachs Group upped their target price on Boise Cascade from $96.00 to $108.00 and gave the company a “neutral” rating in a research note on Wednesday, August 2nd. Finally, BMO Capital Markets upped their target price on Boise Cascade from $90.00 to $115.00 and gave the company a “market perform” rating in a research note on Wednesday, August 2nd. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $103.00.

Get Our Latest Research Report on Boise Cascade

Boise Cascade Company Profile

(Free Report)

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 lumber products.

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

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