Boise Cascade (NYSE:BCC) Upgraded to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Boise Cascade (NYSE:BCC) from a sell rating to a hold rating in a research note published on Saturday morning.

Several other research analysts have also recently commented on the stock. Truist Financial raised their target price on shares of Boise Cascade from $92.00 to $103.00 and gave the stock a “buy” rating in a report on Wednesday. DA Davidson reaffirmed a “buy” rating and issued a $95.00 price objective on shares of Boise Cascade in a research note on Tuesday, February 24th. The Goldman Sachs Group lifted their price objective on shares of Boise Cascade from $85.00 to $94.00 and gave the stock a “neutral” rating in a research report on Wednesday. BMO Capital Markets restated an “outperform” rating on shares of Boise Cascade in a report on Thursday, January 8th. Finally, Weiss Ratings raised Boise Cascade from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, January 28th. Five analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $105.67.

Boise Cascade Stock Performance

Shares of NYSE BCC opened at $82.63 on Friday. Boise Cascade has a 52-week low of $65.14 and a 52-week high of $106.41. The stock has a market capitalization of $2.95 billion, a price-to-earnings ratio of 23.47 and a beta of 1.27. The company has a quick ratio of 1.69, a current ratio of 3.36 and a debt-to-equity ratio of 0.22. The stock’s fifty day simple moving average is $82.08 and its 200 day simple moving average is $78.91.

Boise Cascade Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 18th. Shareholders of record on Monday, February 23rd will be paid a $0.22 dividend. The ex-dividend date is Monday, February 23rd. This represents a $0.88 dividend on an annualized basis and a yield of 1.1%. Boise Cascade’s payout ratio is 25.00%.

Hedge Funds Weigh In On Boise Cascade

A number of hedge funds have recently added to or reduced their stakes in BCC. Wellington Management Group LLP lifted its stake in Boise Cascade by 19.8% in the third quarter. Wellington Management Group LLP now owns 3,268,407 shares of the construction company’s stock valued at $252,713,000 after acquiring an additional 539,962 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Boise Cascade by 2.6% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,280,347 shares of the construction company’s stock worth $176,313,000 after purchasing an additional 58,131 shares during the last quarter. Westwood Holdings Group Inc. raised its holdings in shares of Boise Cascade by 9.7% during the 2nd quarter. Westwood Holdings Group Inc. now owns 1,645,026 shares of the construction company’s stock valued at $142,821,000 after purchasing an additional 145,721 shares in the last quarter. State Street Corp lifted its stake in shares of Boise Cascade by 0.3% in the 4th quarter. State Street Corp now owns 1,472,071 shares of the construction company’s stock valued at $108,344,000 after purchasing an additional 3,817 shares during the last quarter. Finally, American Century Companies Inc. boosted its holdings in Boise Cascade by 4.5% in the second quarter. American Century Companies Inc. now owns 1,281,435 shares of the construction company’s stock worth $111,254,000 after purchasing an additional 55,052 shares in the last quarter. Institutional investors and hedge funds own 96.18% of the company’s stock.

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.