Boise Cascade (BCC) Raised to “Buy” at Zacks Investment Research
Boise Cascade (NYSE:BCC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The firm currently has a $50.00 price objective on the construction company’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 14.16% from the stock’s previous close.
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. “
Several other analysts also recently weighed in on BCC. ValuEngine downgraded Boise Cascade from a “buy” rating to a “hold” rating in a research report on Monday, July 2nd. BMO Capital Markets reiterated a “hold” rating and set a $41.00 target price on shares of Boise Cascade in a research report on Tuesday, July 17th. Finally, Bank of America decreased their target price on Boise Cascade from $49.00 to $48.00 and set a “neutral” rating for the company in a research report on Tuesday, August 7th. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $43.60.
Boise Cascade (NYSE:BCC) last released its earnings results on Monday, August 6th. The construction company reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.19. Boise Cascade had a return on equity of 18.66% and a net margin of 2.64%. The business had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.31 billion. During the same period last year, the company earned $0.57 earnings per share. The business’s revenue for the quarter was up 23.6% compared to the same quarter last year. sell-side analysts anticipate that Boise Cascade will post 3.45 earnings per share for the current year.
In related news, EVP Daniel G. Hutchinson sold 13,671 shares of Boise Cascade stock in a transaction dated Tuesday, August 7th. The stock was sold at an average price of $43.79, for a total value of $598,653.09. Following the completion of the sale, the executive vice president now directly owns 43,223 shares in the company, valued at $1,892,735.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Kelly E. Hibbs sold 4,114 shares of Boise Cascade stock in a transaction dated Thursday, August 9th. The shares were sold at an average price of $44.30, for a total value of $182,250.20. Following the completion of the sale, the vice president now owns 34,101 shares of the company’s stock, valued at $1,510,674.30. The disclosure for this sale can be found here. Insiders sold 35,472 shares of company stock valued at $1,567,444 over the last 90 days. 1.00% of the stock is currently owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in the stock. Rhumbline Advisers raised its holdings in shares of Boise Cascade by 1.4% in the second quarter. Rhumbline Advisers now owns 93,484 shares of the construction company’s stock valued at $4,179,000 after acquiring an additional 1,265 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of Boise Cascade by 15.9% in the second quarter. Victory Capital Management Inc. now owns 9,472 shares of the construction company’s stock valued at $423,000 after acquiring an additional 1,301 shares in the last quarter. United Services Automobile Association raised its holdings in shares of Boise Cascade by 18.7% in the second quarter. United Services Automobile Association now owns 8,557 shares of the construction company’s stock valued at $383,000 after acquiring an additional 1,346 shares in the last quarter. LSV Asset Management raised its holdings in shares of Boise Cascade by 1.2% in the second quarter. LSV Asset Management now owns 198,200 shares of the construction company’s stock valued at $8,859,000 after acquiring an additional 2,400 shares in the last quarter. Finally, Point72 Asia Hong Kong Ltd bought a new stake in shares of Boise Cascade in the first quarter valued at about $102,000. Hedge funds and other institutional investors own 95.81% of the company’s stock.
About Boise Cascade
Boise Cascade Company manufactures wood products and distributes building materials in the United States and Canada. It operates in 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, studs, and particleboards.
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