Zacks Investment Research upgraded shares of Boise Cascade (NYSE:BCC) from a hold rating to a buy rating in a research note issued to investors on Tuesday, Zacks.com reports. The firm currently has $31.00 price target on the construction company’s stock.
According to Zacks, “Boise Cascade Company operates as a wood products manufacturer and building materials distributor. The Company manufactures engineered wood products, plywood, lumber and particleboard and distributes wood products, such as decking, EWP, lumber, panel, particleboard, and MDF products. It has operations primarily in the United States and Canada. Boise Cascade Company is headquartered in Boise, Idaho. “
Separately, Goldman Sachs Group downgraded Metcash from a conviction-buy rating to a neutral rating in a report on Monday, June 24th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company’s stock. Boise Cascade presently has a consensus rating of Hold and a consensus target price of $36.40.
Boise Cascade (NYSE:BCC) last announced its earnings results on Tuesday, May 7th. The construction company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.01. The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.14 billion. Boise Cascade had a positive return on equity of 11.49% and a negative net margin of 0.11%. The firm’s revenue for the quarter was down 11.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.94 earnings per share. On average, equities analysts predict that Boise Cascade will post 1.82 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Monday, June 3rd were issued 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 1.42%. Boise Cascade’s dividend payout ratio is presently 15.72%.
In other news, Director Kristopher J. Matula acquired 3,500 shares of the firm’s stock in a transaction on Thursday, May 30th. The stock was acquired at an average price of $23.12 per share, for a total transaction of $80,920.00. Following the completion of the acquisition, the director now owns 14,049 shares in the company, valued at $324,812.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.50% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. grew its stake in shares of Boise Cascade by 4.8% in the fourth quarter. BlackRock Inc. now owns 6,215,192 shares of the construction company’s stock worth $148,233,000 after acquiring an additional 287,366 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Boise Cascade by 10.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,177,418 shares of the construction company’s stock worth $75,781,000 after acquiring an additional 289,177 shares during the last quarter. Macquarie Group Ltd. grew its stake in shares of Boise Cascade by 4.4% in the fourth quarter. Macquarie Group Ltd. now owns 1,667,171 shares of the construction company’s stock worth $39,762,000 after acquiring an additional 70,900 shares during the last quarter. Norges Bank purchased a new stake in shares of Boise Cascade in the fourth quarter worth $20,938,000. Finally, JPMorgan Chase & Co. grew its stake in shares of Boise Cascade by 74.9% in the first quarter. JPMorgan Chase & Co. now owns 769,027 shares of the construction company’s stock worth $20,579,000 after acquiring an additional 329,299 shares during the last quarter. Institutional investors and hedge funds 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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