Balyasny Asset Management L.P. Raises Position in Boise Cascade (NYSE:BCC)

Balyasny Asset Management L.P. increased its holdings in shares of Boise Cascade (NYSE:BCC) by 13.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 155,054 shares of the construction company’s stock after buying an additional 18,503 shares during the quarter. Balyasny Asset Management L.P. owned 0.40% of Boise Cascade worth $18,430,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. R Squared Ltd acquired a new position in shares of Boise Cascade during the fourth quarter valued at about $29,000. Quarry LP grew its holdings in shares of Boise Cascade by 502.4% during the fourth quarter. Quarry LP now owns 253 shares of the construction company’s stock valued at $30,000 after buying an additional 211 shares during the last quarter. Principal Securities Inc. raised its stake in Boise Cascade by 44.2% in the 4th quarter. Principal Securities Inc. now owns 473 shares of the construction company’s stock worth $56,000 after acquiring an additional 145 shares during the last quarter. Smartleaf Asset Management LLC raised its stake in shares of Boise Cascade by 254.8% in the fourth quarter. Smartleaf Asset Management LLC now owns 777 shares of the construction company’s stock worth $92,000 after purchasing an additional 558 shares during the last quarter. Finally, PEAK6 LLC purchased a new stake in Boise Cascade in the fourth quarter valued at approximately $201,000. 96.18% of the stock is owned by institutional investors and hedge funds.

Boise Cascade Stock Performance

Shares of BCC stock opened at $87.17 on Thursday. The company has a current ratio of 3.34, a quick ratio of 1.92 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $3.32 billion, a P/E ratio of 9.12 and a beta of 1.43. The business’s 50 day moving average is $96.45 and its two-hundred day moving average is $118.17. Boise Cascade has a 12-month low of $84.53 and a 12-month high of $155.42.

Boise Cascade (NYSE:BCC) last posted its quarterly earnings data on Monday, May 5th. The construction company reported $1.06 earnings per share for the quarter, missing analysts’ consensus estimates of $1.36 by ($0.30). The company had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.53 billion. Boise Cascade had a return on equity of 17.04% and a net margin of 5.60%. The business’s revenue was down 6.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.61 earnings per share. Analysts expect that Boise Cascade will post 10.15 EPS for the current fiscal year.

Boise Cascade Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Monday, June 2nd will be paid a dividend of $0.21 per share. The ex-dividend date is Monday, June 2nd. This represents a $0.84 annualized dividend and a yield of 0.96%. Boise Cascade’s dividend payout ratio (DPR) is currently 10.49%.

Insider Buying and Selling at Boise Cascade

In related news, Director Kristopher J. Matula sold 553 shares of Boise Cascade stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $103.16, for a total transaction of $57,047.48. Following the transaction, the director now owns 13,099 shares in the company, valued at approximately $1,351,292.84. This trade represents a 4.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Jeffrey Robert Strom sold 4,500 shares of the company’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $100.21, for a total value of $450,945.00. Following the completion of the sale, the chief operating officer now owns 38,026 shares of the company’s stock, valued at approximately $3,810,585.46. The trade was a 10.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.11% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on BCC shares. Loop Capital cut their price objective on shares of Boise Cascade from $140.00 to $135.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. BMO Capital Markets reduced their price objective on Boise Cascade from $136.00 to $122.00 and set a “market perform” rating for the company in a research note on Tuesday, February 25th. Truist Financial lowered their target price on Boise Cascade from $134.00 to $118.00 and set a “buy” rating on the stock in a research note on Tuesday, April 22nd. DA Davidson decreased their price target on Boise Cascade from $155.00 to $125.00 and set a “buy” rating for the company in a report on Monday, February 24th. Finally, Benchmark restated a “hold” rating on shares of Boise Cascade in a research report on Tuesday, February 25th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $125.00.

Boise Cascade Profile

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.