Truist Financial Forecasts Strong Price Appreciation for Boise Cascade (NYSE:BCC) Stock

Boise Cascade (NYSE:BCC) had its price target increased by equities researchers at Truist Financial from $92.00 to $103.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the construction company’s stock. Truist Financial’s price objective indicates a potential upside of 23.49% from the company’s current price.

Several other research firms have also issued reports on BCC. The Goldman Sachs Group boosted their target price on Boise Cascade from $85.00 to $94.00 and gave the stock a “neutral” rating in a research report on Wednesday. Weiss Ratings upgraded shares of Boise Cascade from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, January 28th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Boise Cascade in a research note on Thursday, January 8th. Finally, DA Davidson reissued a “buy” rating and set a $95.00 price target on shares of Boise Cascade in a research report on Tuesday. Five investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $105.67.

Boise Cascade Trading Down 3.8%

Shares of NYSE:BCC traded down $3.26 during midday trading on Wednesday, hitting $83.41. The company had a trading volume of 183,891 shares, compared to its average volume of 405,441. The company has a current ratio of 3.10, a quick ratio of 1.69 and a debt-to-equity ratio of 0.22. Boise Cascade has a 12 month low of $65.14 and a 12 month high of $106.67. The firm has a fifty day simple moving average of $81.66 and a 200 day simple moving average of $78.87. The stock has a market cap of $3.09 billion, a price-to-earnings ratio of 23.68 and a beta of 1.27.

Hedge Funds Weigh In On Boise Cascade

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Salomon & Ludwin LLC acquired a new stake in shares of Boise Cascade in the 3rd quarter valued at about $28,000. Caitong International Asset Management Co. Ltd grew its position in Boise Cascade by 231.3% in the third quarter. Caitong International Asset Management Co. Ltd now owns 371 shares of the construction company’s stock valued at $29,000 after purchasing an additional 259 shares in the last quarter. Fifth Third Bancorp increased its position in shares of Boise Cascade by 77.5% in the fourth quarter. Fifth Third Bancorp now owns 410 shares of the construction company’s stock valued at $30,000 after acquiring an additional 179 shares during the last quarter. Huntington National Bank raised its stake in shares of Boise Cascade by 630.0% during the 2nd quarter. Huntington National Bank now owns 438 shares of the construction company’s stock worth $38,000 after purchasing an additional 378 shares in the last quarter. Finally, Hantz Financial Services Inc. raised its position in Boise Cascade by 1,071.4% during the third quarter. Hantz Financial Services Inc. now owns 492 shares of the construction company’s stock worth $38,000 after acquiring an additional 450 shares in the last quarter. 96.18% of the stock is owned by institutional investors and hedge funds.

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.