Goldman Sachs Group upgraded shares of Boise Cascade (NYSE:BCC) from a neutral rating to a buy rating in a research note published on Monday, Benzinga reports. Goldman Sachs Group currently has $34.00 price objective on the construction company’s stock.
A number of other research analysts have also recently issued reports on BCC. DA Davidson raised shares of Boise Cascade from a neutral rating to a buy rating and lifted their price objective for the company from $35.00 to $37.00 in a research note on Wednesday, February 27th. ValuEngine raised shares of Boise Cascade from a strong sell rating to a sell rating in a research note on Tuesday, March 5th. Finally, Zacks Investment Research raised shares of Boise Cascade from a sell rating to a hold rating in a research note on Tuesday, April 30th. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of Hold and an average target price of $40.20.
Shares of NYSE:BCC opened at $25.74 on Monday. The company has a 50 day moving average price of $24.71. The company has a market capitalization of $995.68 million, a PE ratio of 11.24, a price-to-earnings-growth ratio of 2.11 and a beta of 1.99. The company has a debt-to-equity ratio of 0.77, a current ratio of 2.54 and a quick ratio of 1.13. Boise Cascade has a 1 year low of $22.00 and a 1 year high of $47.15.
Boise Cascade (NYSE:BCC) last announced its quarterly earnings data on Tuesday, May 7th. The construction company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.01. The business had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.14 billion. Boise Cascade had a negative net margin of 0.11% and a positive return on equity of 11.49%. The firm’s quarterly revenue was down 11.9% compared to the same quarter last year. During the same period last year, the firm posted $0.94 earnings per share. As a group, sell-side analysts predict that Boise Cascade will post 1.82 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Monday, June 3rd were paid a dividend of $0.09 per share. The ex-dividend date of this dividend was Friday, May 31st. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.40%. Boise Cascade’s payout ratio is presently 15.72%.
In related news, Director Kristopher J. Matula bought 3,500 shares of the firm’s stock in a transaction on Thursday, May 30th. The shares were purchased at an average price of $23.12 per share, with a total value of $80,920.00. Following the completion of the purchase, the director now owns 14,049 shares in the company, valued at approximately $324,812.88. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 1.50% of the company’s stock.
Several large investors have recently modified their holdings of BCC. Norges Bank acquired a new position in shares of Boise Cascade during the fourth quarter worth $20,938,000. Pictet Asset Management Ltd. acquired a new position in shares of Boise Cascade during the first quarter worth $13,059,000. JPMorgan Chase & Co. lifted its holdings in shares of Boise Cascade by 74.9% during the first quarter. JPMorgan Chase & Co. now owns 769,027 shares of the construction company’s stock worth $20,579,000 after purchasing an additional 329,299 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Boise Cascade by 10.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,177,418 shares of the construction company’s stock worth $75,781,000 after purchasing an additional 289,177 shares during the period. Finally, BlackRock Inc. lifted its holdings in shares of Boise Cascade by 4.8% during the fourth quarter. BlackRock Inc. now owns 6,215,192 shares of the construction company’s stock worth $148,233,000 after purchasing an additional 287,366 shares during the period. Institutional investors own 90.82% 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; and structural, appearance, and industrial plywood panels.
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