Boise Cascade (NYSE:BCC) Releases Earnings Results, Beats Expectations By $0.40 EPS

Boise Cascade (NYSE:BCC) posted its quarterly earnings results on Monday. The construction company reported $1.63 EPS for the quarter, topping analysts’ consensus estimates of $1.23 by $0.40, FiscalAI reports. The business had revenue of $1.83 billion during the quarter, compared to analysts’ expectations of $1.77 billion. Boise Cascade had a return on equity of 5.55% and a net margin of 1.73%.

Boise Cascade Stock Performance

BCC traded up $6.54 during trading on Monday, hitting $82.92. The stock had a trading volume of 813,381 shares, compared to its average volume of 430,828. The company has a 50 day moving average price of $73.77 and a 200-day moving average price of $76.92. The firm has a market cap of $2.92 billion, a price-to-earnings ratio of 28.01, a P/E/G ratio of 1.05 and a beta of 1.10. Boise Cascade has a one year low of $65.00 and a one year high of $91.97. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.77 and a quick ratio of 1.37.

Boise Cascade Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Tuesday, September 1st will be issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Tuesday, September 1st. This is an increase from Boise Cascade’s previous quarterly dividend of $0.22. Boise Cascade’s payout ratio is 29.73%.

Insiders Place Their Bets

In other news, SVP Jill Twedt sold 6,070 shares of the business’s stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $66.45, for a total value of $403,351.50. Following the completion of the sale, the senior vice president owned 26,545 shares of the company’s stock, valued at approximately $1,763,915.25. The trade was a 18.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.42% of the stock is owned by insiders.

Institutional Trading of Boise Cascade

Several hedge funds and other institutional investors have recently bought and sold shares of BCC. Invesco Ltd. increased its holdings in shares of Boise Cascade by 1.3% during the fourth quarter. Invesco Ltd. now owns 202,488 shares of the construction company’s stock worth $14,903,000 after purchasing an additional 2,640 shares during the period. Corient Private Wealth LLC bought a new stake in shares of Boise Cascade in the fourth quarter valued at approximately $425,000. Mercer Global Advisors Inc. ADV grew its position in Boise Cascade by 2.9% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 33,481 shares of the construction company’s stock worth $2,464,000 after buying an additional 934 shares in the last quarter. XTX Topco Ltd acquired a new stake in Boise Cascade during the fourth quarter worth approximately $4,029,000. Finally, Balyasny Asset Management L.P. increased its stake in Boise Cascade by 12.1% during the 4th quarter. Balyasny Asset Management L.P. now owns 68,888 shares of the construction company’s stock worth $5,070,000 after acquiring an additional 7,433 shares during the period. Institutional investors and hedge funds own 96.18% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on BCC. Zacks Research raised Boise Cascade from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 17th. DA Davidson dropped their price target on Boise Cascade from $95.00 to $92.00 and set a “buy” rating on the stock in a research note on Wednesday, May 6th. Weiss Ratings raised Boise Cascade from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, May 18th. Truist Financial set a $97.00 price objective on shares of Boise Cascade in a research report on Wednesday, May 6th. Finally, Bank of America upped their price objective on shares of Boise Cascade from $80.00 to $81.00 and gave the company an “underperform” rating in a report on Tuesday, July 14th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $92.80.

About Boise Cascade

Boise Cascade Company operates as a leading manufacturer and distributor of wood products and building materials in North America. The company’s operations are organized into two primary segments: wood products manufacturing and building materials distribution. In its manufacturing segment, Boise Cascade produces a wide array of engineered wood products, including plywood, oriented strand board (OSB), lumber, particleboard and laminated veneer lumber (LVL), serving residential, commercial and industrial customers.

In its distribution segment, Boise Cascade sources and delivers building materials through an extensive network of distribution centers, servicing professional builders, remodelers, contractors and industrial customers.