Summit Global Investments Acquires 7,796 Shares of Boise Cascade, L.L.C. $BCC

Summit Global Investments raised its holdings in Boise Cascade, L.L.C. (NYSE:BCC) by 271.3% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 10,670 shares of the construction company’s stock after acquiring an additional 7,796 shares during the quarter. Summit Global Investments’ holdings in Boise Cascade were worth $791,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Pictet Asset Management Holding SA raised its stake in shares of Boise Cascade by 22.2% in the second quarter. Pictet Asset Management Holding SA now owns 117,675 shares of the construction company’s stock valued at $9,135,000 after acquiring an additional 21,362 shares in the last quarter. First Eagle Investment Management LLC boosted its holdings in Boise Cascade by 13.4% in the second quarter. First Eagle Investment Management LLC now owns 193,208 shares of the construction company’s stock valued at $14,999,000 after purchasing an additional 22,900 shares during the period. Legal & General Group Plc purchased a new position in Boise Cascade in the second quarter valued at $6,737,000. BlackRock Inc. purchased a new position in Boise Cascade in the second quarter valued at $463,729,000. Finally, Medina Value Partners LLC acquired a new position in Boise Cascade during the 2nd quarter worth $17,858,160. Institutional investors and hedge funds own 96.18% of the company’s stock.

Boise Cascade Price Performance

Shares of BCC opened at $75.28 on Tuesday. Boise Cascade, L.L.C. has a twelve month low of $65.00 and a twelve month high of $91.97. The firm’s fifty day simple moving average is $76.30 and its 200-day simple moving average is $77.24. The firm has a market capitalization of $2.63 billion, a price-to-earnings ratio of 25.52, a PEG ratio of 0.97 and a beta of 1.08. The company has a current ratio of 2.71, a quick ratio of 1.31 and a debt-to-equity ratio of 0.24.

Boise Cascade (NYSE:BCC) last issued its earnings results on Monday, November 2nd. The construction company reported $1.04 EPS for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.08). The firm had revenue of $1.80 billion for the quarter, compared to analyst estimates of $1.76 billion. Boise Cascade had a return on equity of 5.41% and a net margin of 1.64%. The business’s revenue for the quarter was up 8.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.58 EPS. Equities analysts forecast that Boise Cascade, L.L.C. will post 3.86 EPS for the current fiscal year.

Boise Cascade Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 16th. Shareholders of record on Tuesday, December 1st will be issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend is Tuesday, December 1st. Boise Cascade’s payout ratio is 31.19%.

Insider Activity

In other news, SVP Jill Twedt sold 1,250 shares of the firm’s stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $79.40, for a total transaction of $99,250.00. Following the sale, the senior vice president owned 25,295 shares of the company’s stock, valued at approximately $2,008,423. This trade represents a 4.71% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kristopher J. Matula sold 1,930 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $84.58, for a total value of $163,239.40. Following the sale, the director directly owned 13,982 shares in the company, valued at $1,182,597.56. This trade represents a 12.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.42% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Weiss Ratings upgraded Boise Cascade from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, August 17th. Wall Street Zen cut Boise Cascade from a “buy” rating to a “hold” rating in a research note on Saturday. Zacks Research cut Boise Cascade from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 17th. The Goldman Sachs Group boosted their price objective on Boise Cascade from $81.00 to $91.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 5th. Finally, Bank of America cut their target price on shares of Boise Cascade from $89.00 to $80.00 and set an “underperform” rating on the stock in a research note on Wednesday, October 14th. Three analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $92.00.

Boise Cascade Company Profile

Boise Cascade Company is a U.S.-based manufacturer of engineered wood products and a wholesale distributor of building materials. Headquartered in Boise, Idaho, the company serves the residential construction, repair and remodeling, and industrial sectors primarily across the United States.

Through its Wood Products segment, Boise Cascade manufactures laminated veneer lumber, I-joists, laminated strand lumber, plywood, and other engineered wood products used in floors, roofs, walls, and structural applications.