Victory Capital Management Inc. Raises Position in Boise Cascade Co (BCC)
Victory Capital Management Inc. boosted its stake in Boise Cascade Co (NYSE:BCC) by 15.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,472 shares of the construction company’s stock after buying an additional 1,301 shares during the quarter. Victory Capital Management Inc.’s holdings in Boise Cascade were worth $423,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of the stock. Acadian Asset Management LLC lifted its stake in Boise Cascade by 52.6% in the 2nd quarter. Acadian Asset Management LLC now owns 774,562 shares of the construction company’s stock worth $34,622,000 after purchasing an additional 266,849 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its stake in Boise Cascade by 5.4% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 477,568 shares of the construction company’s stock worth $18,435,000 after purchasing an additional 24,534 shares in the last quarter. Wells Fargo & Company MN lifted its stake in Boise Cascade by 88.9% in the 2nd quarter. Wells Fargo & Company MN now owns 308,151 shares of the construction company’s stock worth $13,773,000 after purchasing an additional 145,060 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Boise Cascade by 2.5% in the 1st quarter. Principal Financial Group Inc. now owns 303,951 shares of the construction company’s stock worth $11,732,000 after purchasing an additional 7,480 shares in the last quarter. Finally, Matarin Capital Management LLC purchased a new position in Boise Cascade in the 1st quarter worth approximately $8,541,000. 95.81% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts have weighed in on the stock. BMO Capital Markets reissued a “hold” rating and issued a $41.00 target price on shares of Boise Cascade in a research note on Tuesday, July 17th. Zacks Investment Research raised shares of Boise Cascade from a “hold” rating to a “strong-buy” rating and set a $53.00 target price on the stock in a research note on Tuesday, July 17th. ValuEngine lowered shares of Boise Cascade from a “buy” rating to a “hold” rating in a research note on Monday, July 2nd. Finally, Bank of America decreased their target price on shares of Boise Cascade from $49.00 to $48.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 7th. Six analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price 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 Zacks’ consensus estimate of $1.10 by $0.19. Boise Cascade had a net margin of 2.64% and a return on equity of 18.66%. The business had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same period last year, the company posted $0.57 EPS. The business’s revenue was up 23.6% on a year-over-year basis. sell-side analysts forecast that Boise Cascade Co will post 3.45 EPS for the current fiscal year.
The company also recently declared a special dividend, which will be paid on Monday, September 17th. Stockholders of record on Friday, August 31st will be issued a dividend of $1.00 per share. The ex-dividend date is Thursday, August 30th. This represents a dividend yield of 0.63%. Boise Cascade’s dividend payout ratio is currently 14.66%.
In other news, EVP Daniel G. Hutchinson sold 13,671 shares of the firm’s stock in a transaction that occurred on Tuesday, August 7th. The shares were sold at an average price of $43.79, for a total transaction of $598,653.09. Following the completion of the sale, the executive vice president now owns 43,223 shares in the company, valued at approximately $1,892,735.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Wayne M. Rancourt sold 9,872 shares of the firm’s stock in a transaction that occurred on Thursday, August 23rd. The stock was sold at an average price of $44.85, for a total transaction of $442,759.20. Following the sale, the chief financial officer now owns 86,421 shares of the company’s stock, valued at approximately $3,875,981.85. The disclosure for this sale can be found here. Insiders have sold a total of 35,472 shares of company stock valued at $1,567,444 in the last 90 days. Insiders own 1.00% of the company’s stock.
Boise Cascade Profile
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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