Boise Cascade (NYSE:BCC) Upgraded to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Boise Cascade (NYSE:BCC) from a hold rating to a buy rating in a research report report published on Tuesday morning, Zacks.com reports. Zacks Investment Research currently has $78.00 price objective on the construction company’s stock.

According to Zacks, “Boise Cascade Company operates as a wood products manufacturer and building materials distributor. The Company manufactures engineered wood products, plywood, lumber and particleboard and distributes wood products, such as decking, EWP, lumber, panel, particleboard, and MDF products. It has operations primarily in the United States and Canada. Boise Cascade Company is headquartered in Boise, Idaho. “

Separately, DA Davidson boosted their target price on Boise Cascade from $62.00 to $72.00 and gave the company a neutral rating in a research report on Wednesday, November 3rd. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Hold and a consensus price target of $61.80.

Shares of Boise Cascade stock opened at $70.35 on Tuesday. Boise Cascade has a one year low of $45.83 and a one year high of $78.35. The stock’s fifty day moving average is $69.04 and its 200 day moving average is $60.33. The stock has a market cap of $2.77 billion, a P/E ratio of 4.90, a P/E/G ratio of 3.75 and a beta of 1.82. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.85 and a current ratio of 2.77.

Boise Cascade (NYSE:BCC) last posted its quarterly earnings results on Monday, November 1st. The construction company reported $2.31 EPS for the quarter, beating the Zacks’ consensus estimate of $2.12 by $0.19. Boise Cascade had a return on equity of 56.14% and a net margin of 7.48%. The business had revenue of $1.88 billion for the quarter, compared to analysts’ expectations of $1.65 billion. During the same period last year, the firm earned $2.88 earnings per share. The business’s quarterly revenue was up 18.3% on a year-over-year basis. Analysts predict that Boise Cascade will post 15.88 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 15th. Stockholders of record on Wednesday, December 1st were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Tuesday, November 30th. This is a positive change from Boise Cascade’s previous quarterly dividend of $0.10. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.68%. Boise Cascade’s payout ratio is 3.34%.

Several institutional investors and hedge funds have recently made changes to their positions in BCC. Vanguard Group Inc. boosted its stake in shares of Boise Cascade by 5.2% during the 2nd quarter. Vanguard Group Inc. now owns 4,985,505 shares of the construction company’s stock worth $290,904,000 after acquiring an additional 246,789 shares in the last quarter. Wells Fargo & Company MN raised its position in shares of Boise Cascade by 254.1% during the 2nd quarter. Wells Fargo & Company MN now owns 320,963 shares of the construction company’s stock worth $18,729,000 after purchasing an additional 230,320 shares during the last quarter. Skandinaviska Enskilda Banken AB publ raised its position in shares of Boise Cascade by 46.6% during the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 655,200 shares of the construction company’s stock worth $35,368,000 after purchasing an additional 208,400 shares during the last quarter. Man Group plc raised its position in shares of Boise Cascade by 1,382.1% during the 3rd quarter. Man Group plc now owns 194,172 shares of the construction company’s stock worth $10,481,000 after purchasing an additional 181,071 shares during the last quarter. Finally, American Century Companies Inc. raised its position in shares of Boise Cascade by 126.7% during the 3rd quarter. American Century Companies Inc. now owns 296,650 shares of the construction company’s stock worth $16,013,000 after purchasing an additional 165,786 shares during the last quarter. 91.14% of the stock is currently owned by hedge funds and other institutional investors.

Boise Cascade Company Profile

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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