Bank of America Issues Pessimistic Forecast for Boise Cascade (NYSE:BCC) Stock Price

Boise Cascade (NYSE:BCC) had its price target cut by stock analysts at Bank of America from $89.00 to $80.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has an “underperform” rating on the construction company’s stock. Bank of America‘s price target would suggest a potential upside of 7.96% from the company’s current price.

A number of other equities research analysts have also commented on the company. The Goldman Sachs Group upped their price target on Boise Cascade from $81.00 to $91.00 and gave the company a “neutral” rating in a research report on Wednesday, August 5th. Wall Street Zen raised Boise Cascade from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. DA Davidson raised their price objective on Boise Cascade from $92.00 to $99.00 and gave the stock a “buy” rating in a research report on Wednesday, August 5th. Zacks Research lowered Boise Cascade from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 17th. Finally, Weiss Ratings raised Boise Cascade from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, August 17th. Three analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Boise Cascade has a consensus rating of “Hold” and an average target price of $93.40.

Boise Cascade Price Performance

Shares of NYSE:BCC opened at $74.10 on Wednesday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.31 and a current ratio of 2.71. Boise Cascade has a 52 week low of $65.00 and a 52 week high of $91.97. The firm has a market cap of $2.59 billion, a PE ratio of 23.60, a price-to-earnings-growth ratio of 0.99 and a beta of 1.08. The firm’s fifty day moving average is $78.30 and its 200-day moving average is $75.99.

Boise Cascade (NYSE:BCC) last posted its quarterly earnings data on Monday, August 3rd. The construction company reported $1.63 earnings per share for the quarter, beating analysts’ consensus estimates of $1.23 by $0.40. The business had revenue of $1.83 billion during the quarter, compared to the consensus estimate of $1.77 billion. Boise Cascade had a return on equity of 5.41% and a net margin of 1.64%. Boise Cascade’s quarterly revenue was up 5.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.64 earnings per share. Sell-side analysts predict that Boise Cascade will post 3.86 earnings per share for the current year.

Insider Activity

In other Boise Cascade news, Director Kristopher J. Matula sold 1,930 shares of the business’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $84.58, for a total value of $163,239.40. Following the transaction, the director directly owned 13,982 shares of the company’s stock, valued at approximately $1,182,597.56. The trade was a 12.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Jill Twedt sold 1,250 shares of the stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $79.40, for a total value of $99,250.00. Following the transaction, the senior vice president owned 25,295 shares in the company, valued at $2,008,423. The trade was a 4.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.42% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Nykredit A S bought a new position in Boise Cascade during the second quarter worth $69,000. GAMMA Investing LLC increased its position in Boise Cascade by 19.0% in the 3rd quarter. GAMMA Investing LLC now owns 1,164 shares of the construction company’s stock valued at $86,000 after buying an additional 186 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in Boise Cascade by 309.3% in the third quarter. Farther Finance Advisors LLC now owns 2,431 shares of the construction company’s stock worth $180,000 after acquiring an additional 1,837 shares in the last quarter. Vise Technologies Inc. acquired a new stake in Boise Cascade in the second quarter valued at approximately $208,000. Finally, Swiss Life Asset Management Ltd acquired a new stake in Boise Cascade in the second quarter valued at approximately $212,000. Institutional investors and hedge funds own 96.18% of the company’s stock.

Boise Cascade Company Profile

Boise Cascade Company is a manufacturer of wood products and a wholesale distributor of building materials. The company serves residential and commercial construction markets, as well as industrial and remodeling customers, primarily in the United States.

Through its Wood Products segment, Boise Cascade manufactures engineered wood products such as laminated veneer lumber, I-joists, laminated beams, plywood and related structural panels. These products are used in floors, roofs, walls and other structural applications.