Arizona State Retirement System Decreases Stake in Boise Cascade (NYSE:BCC)

Posted by Defense World Staff on Nov 1st, 2023

Arizona State Retirement System lessened its stake in Boise Cascade (NYSE:BCC – Free Report) by 2.7% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 11,127 shares of the construction company’s stock after selling 303 shares during the quarter. Arizona State Retirement System’s holdings in Boise Cascade were worth $1,005,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in BCC. HighTower Advisors LLC purchased a new position in shares of Boise Cascade in the 1st quarter valued at about $213,000. Citigroup Inc. lifted 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 purchasing an additional 2,737 shares during the last quarter. Bank of Montreal Can lifted 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 purchasing an additional 598 shares during the last quarter. MetLife Investment Management LLC lifted 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 purchasing an additional 7,576 shares during the last quarter. Finally, Rhumbline Advisers lifted its stake in Boise Cascade by 3.0% during the first quarter. Rhumbline Advisers now owns 109,084 shares of the construction company’s stock worth $7,578,000 after purchasing an additional 3,138 shares during the last quarter. Hedge funds and other institutional investors own 91.75% of the company’s stock.

Insider Activity

In other news, EVP Dean Michael Brown sold 5,481 shares of the business’s stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $109.12, for a total value of $598,086.72. Following the transaction, the executive vice president now owns 42,450 shares of the company’s stock, valued at $4,632,144. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Sue Ying Taylor sold 300 shares of the company’s stock in a transaction on Friday, August 25th. The stock was sold at an average price of $104.92, for a total transaction of $31,476.00. Following the transaction, the director now owns 9,642 shares of the company’s stock, valued at $1,011,638.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Dean Michael Brown sold 5,481 shares of the company’s stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $109.12, for a total value of $598,086.72. Following the transaction, the executive vice president now directly owns 42,450 shares in the company, valued at approximately $4,632,144. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 18,968 shares of company stock valued at $2,045,908. Company insiders own 0.89% of the company’s stock.

Analysts Set New Price Targets

BCC has been the subject of several recent analyst reports. BMO Capital Markets boosted their target price on Boise Cascade from $90.00 to $115.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 2nd. Truist Financial boosted their target price on Boise Cascade from $100.00 to $129.00 and gave the stock a “buy” rating in a research note on Wednesday, August 2nd. Bank of America cut Boise Cascade from a “neutral” rating to an “underperform” rating and set a $111.00 price objective for the company. in a research note on Monday, October 16th. The Goldman Sachs Group boosted their price objective 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, StockNews.com started coverage on Boise Cascade in a research note on Thursday, October 5th. They issued a “buy” rating for the company. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $112.20.

View Our Latest Report on Boise Cascade

Boise Cascade Price Performance

Shares of NYSE BCC opened at $93.80 on Wednesday. The stock has a market cap of $3.71 billion, a P/E ratio of 6.44 and a beta of 1.56. The company has a current ratio of 3.44, a quick ratio of 2.39 and a debt-to-equity ratio of 0.22. The stock has a 50 day moving average of $100.35 and a two-hundred day moving average of $90.77. Boise Cascade has a twelve month low of $59.32 and a twelve month high of $112.58.

Boise Cascade (NYSE:BCC – Get Free Report) last released its earnings results on Monday, October 30th. The construction company reported $3.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.47 by $0.11. The business had revenue of $1.83 billion for the quarter, compared to analyst estimates of $1.85 billion. Boise Cascade had a return on equity of 27.77% and a net margin of 8.12%. The company’s revenue for the quarter was down 14.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $5.52 earnings per share. On average, research analysts forecast that Boise Cascade will post 11.8 earnings per share for the current year.

Boise Cascade Increases Dividend

The business also recently announced a None dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be issued a $5.20 dividend. The ex-dividend date is Thursday, November 30th. This represents a dividend yield of 0.9%. This is a positive change from Boise Cascade’s previous None dividend of $1.15. Boise Cascade’s payout ratio is presently 5.49%.

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.