DA Davidson Reiterates Buy Rating for Boise Cascade (NYSE:BCC)

Boise Cascade (NYSE:BCC)‘s stock had its “buy” rating reissued by DA Davidson in a note issued to investors on Thursday,Benzinga reports. They currently have a $95.00 target price on the construction company’s stock. DA Davidson’s price objective would suggest a potential upside of 38.34% from the stock’s current price.

A number of other research firms also recently issued reports on BCC. The Goldman Sachs Group cut their target price on shares of Boise Cascade from $96.00 to $82.00 and set a “neutral” rating on the stock in a research report on Monday, October 13th. BMO Capital Markets upgraded shares of Boise Cascade from a “market perform” rating to an “outperform” rating and set a $100.00 price target on the stock in a research report on Wednesday, November 5th. Wall Street Zen cut shares of Boise Cascade from a “hold” rating to a “sell” rating in a report on Saturday, October 25th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Boise Cascade in a research note on Thursday, November 13th. Finally, Truist Financial reduced their price target on shares of Boise Cascade from $101.00 to $96.00 and set a “buy” rating on the stock in a research report on Wednesday, September 17th. Five research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $102.50.

Boise Cascade Price Performance

BCC traded up $1.45 during trading on Thursday, hitting $68.67. The company’s stock had a trading volume of 179,336 shares, compared to its average volume of 366,960. The firm’s 50 day moving average price is $74.16 and its two-hundred day moving average price is $82.90. The company has a quick ratio of 1.69, a current ratio of 3.10 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 $155.42. The stock has a market capitalization of $2.54 billion, a price-to-earnings ratio of 13.57, a price-to-earnings-growth ratio of 5.47 and a beta of 1.27.

Boise Cascade (NYSE:BCC) last released its earnings results on Monday, November 3rd. The construction company reported $0.58 EPS for the quarter, meeting the consensus estimate of $0.58. Boise Cascade had a return on equity of 9.00% and a net margin of 2.96%.The company had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.64 billion. During the same period last year, the firm earned $2.33 EPS. The business’s revenue for the quarter was down 2.7% on a year-over-year basis. Sell-side analysts forecast that Boise Cascade will post 10.15 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, COO Jeffrey Robert Strom sold 1,000 shares of the company’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $91.06, for a total value of $91,060.00. Following the completion of the transaction, the chief operating officer directly owned 37,026 shares of the company’s stock, valued at approximately $3,371,587.56. This represents a 2.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.98% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Salomon & Ludwin LLC bought a new stake in Boise Cascade in the 3rd quarter valued at approximately $28,000. Caitong International Asset Management Co. Ltd raised its holdings in shares of 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 during the last quarter. Huntington National Bank lifted its position in shares of Boise Cascade by 630.0% in the second 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. Hantz Financial Services Inc. boosted its holdings 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 purchasing an additional 450 shares during the last quarter. Finally, Advisory Services Network LLC bought a new position in Boise Cascade in the third quarter valued at $38,000. 96.18% of the stock is currently owned by institutional investors.

About Boise Cascade

Boise Cascade Company engages in manufacture of wood products and distribution of building materials in the United States and Canada. It operates through 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 shop lumber and appearance grade boards.