Boise Cascade (NYSE:BCC) Rating Lowered to “Strong Sell” at Zacks Research

Boise Cascade (NYSE:BCC) was downgraded by investment analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Thursday, Zacks reports.

A number of other research firms have also issued reports on BCC. The Goldman Sachs Group upped their target price on Boise Cascade from $81.00 to $91.00 and gave the company a “neutral” rating in a research note on Wednesday, August 5th. Wall Street Zen cut Boise Cascade from a “buy” rating to a “hold” rating in a report on Saturday, October 31st. Loop Capital downgraded Boise Cascade from a “buy” rating to a “hold” rating and set a $85.00 price target for the company. in a research report on Monday, October 26th. Bank of America cut their price target on Boise Cascade from $89.00 to $80.00 and set an “underperform” rating for the company in a report on Wednesday, October 14th. Finally, Truist Financial cut their price target on Boise Cascade from $97.00 to $86.00 and set a “buy” rating for the company in a report on Wednesday. Two research analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus target price of $88.17.

Boise Cascade Price Performance

BCC traded down $3.53 during midday trading on Thursday, reaching $70.22. 324,041 shares of the company’s stock were exchanged, compared to its average volume of 340,266. Boise Cascade has a 1-year low of $65.00 and a 1-year high of $91.97. The stock has a market capitalization of $2.45 billion, a PE ratio of 20.59, a P/E/G ratio of 0.98 and a beta of 1.08. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.71 and a quick ratio of 1.31. The business’s 50-day moving average price is $75.81 and its 200 day moving average price is $77.02.

Boise Cascade (NYSE:BCC) last released its quarterly earnings results on Monday, November 2nd. The construction company reported $1.04 EPS for the quarter, missing the consensus estimate of $1.12 by ($0.08). Boise Cascade had a net margin of 1.83% and a return on equity of 6.20%. The business had revenue of $1.80 billion during the quarter, compared to analyst estimates of $1.76 billion. During the same quarter in the prior year, the company earned $0.58 earnings per share. The firm’s revenue for the quarter was up 8.1% compared to the same quarter last year. As a group, equities analysts anticipate that Boise Cascade will post 3.20 EPS for the current fiscal year.

Insider Activity at Boise Cascade

In other news, SVP Jill Twedt sold 1,250 shares of the business’s stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $79.40, for a total value of $99,250.00. Following the completion of the transaction, the senior vice president owned 25,295 shares of the company’s stock, valued at $2,008,423. The trade was a 4.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.42% of the stock is currently owned by company insiders.

Institutional Trading of Boise Cascade

A number of hedge funds have recently bought and sold shares of BCC. BlackRock Inc. purchased a new stake in Boise Cascade in the 2nd quarter worth approximately $463,729,000. Dimensional Fund Advisors LP lifted its stake in shares of Boise Cascade by 2.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,325,781 shares of the construction company’s stock worth $176,410,000 after purchasing an additional 46,561 shares during the period. State Street Corp boosted its holdings in shares of Boise Cascade by 2.8% during the second quarter. State Street Corp now owns 1,497,224 shares of the construction company’s stock worth $116,229,000 after purchasing an additional 41,324 shares during the last quarter. Atlas FRM LLC acquired a new stake in shares of Boise Cascade during the second quarter worth $34,545,350. Finally, Bank of America Corp DE acquired a new stake in shares of Boise Cascade during the second quarter worth $30,351,000. Institutional investors and hedge funds own 96.18% of the company’s stock.

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.