Boise Cascade (NYSE:BCC) Hits New 52-Week Low Following Weak Earnings

Shares of Boise Cascade, L.L.C. (NYSE:BCC) hit a new 52-week low during mid-day trading on Tuesday following a weaker than expected earnings announcement. The company traded as low as $65.62 and last traded at $68.33, with a volume of 905859 shares trading hands. The stock had previously closed at $70.49.

The construction company reported $0.58 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.58. Boise Cascade had a net margin of 2.96% and a return on equity of 9.00%. The business had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.64 billion. During the same period in the prior year, the company posted $2.33 EPS. The company’s revenue for the quarter was down 2.7% on a year-over-year basis.

Boise Cascade Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 17th. Stockholders of record on Monday, December 1st will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Monday, December 1st. Boise Cascade’s dividend payout ratio is presently 17.39%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on BCC shares. Bank of America lowered their target price on shares of Boise Cascade from $111.00 to $107.00 and set a “buy” rating on the stock in a research note on Wednesday, July 9th. BMO Capital Markets upgraded shares of Boise Cascade from a “market perform” rating to an “outperform” rating and set a $100.00 price target for the company in a research report on Wednesday. DA Davidson reduced their price target on shares of Boise Cascade from $100.00 to $95.00 and set a “buy” rating for the company in a research report on Friday, October 24th. The Goldman Sachs Group reduced their price target on shares of Boise Cascade from $96.00 to $82.00 and set a “neutral” rating for the company in a research report on Monday, October 13th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Boise Cascade in a research report on Wednesday, October 8th. Five equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, Boise Cascade presently has a consensus rating of “Moderate Buy” and an average target price of $102.50.

Insider Buying and Selling

In other Boise Cascade news, COO Jeffrey Robert Strom sold 1,000 shares of the stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $91.06, for a total value of $91,060.00. Following the completion of the sale, the chief operating officer owned 37,026 shares in the company, valued at approximately $3,371,587.56. This represents a 2.63% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.98% of the company’s stock.

Institutional Trading of Boise Cascade

Hedge funds have recently bought and sold shares of the business. Caxton Associates LLP acquired a new stake in Boise Cascade in the 1st quarter valued at about $1,402,000. Intech Investment Management LLC raised its holdings in Boise Cascade by 13.4% in the 1st quarter. Intech Investment Management LLC now owns 41,941 shares of the construction company’s stock valued at $4,114,000 after acquiring an additional 4,963 shares during the last quarter. Public Employees Retirement System of Ohio raised its holdings in Boise Cascade by 12.5% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 39,811 shares of the construction company’s stock valued at $3,456,000 after acquiring an additional 4,414 shares during the last quarter. Strs Ohio acquired a new stake in Boise Cascade in the 1st quarter valued at about $1,069,000. Finally, Wedge Capital Management L L P NC raised its holdings in Boise Cascade by 12.8% in the 2nd quarter. Wedge Capital Management L L P NC now owns 132,641 shares of the construction company’s stock valued at $11,516,000 after acquiring an additional 15,003 shares during the last quarter. Institutional investors and hedge funds own 96.18% of the company’s stock.

Boise Cascade Stock Performance

The company has a market cap of $2.67 billion, a price-to-earnings ratio of 14.12, a P/E/G ratio of 5.50 and a beta of 1.27. The company has a current ratio of 3.10, a quick ratio of 1.54 and a debt-to-equity ratio of 0.22. The stock’s fifty day simple moving average is $77.76 and its 200 day simple moving average is $84.66.

Boise Cascade Company 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.