Boise Cascade (NYSE:BCC) Stock Price Down 6.9% After Analyst Downgrade
Boise Cascade (NYSE:BCC – Get Rating)’s stock price fell 6.9% during mid-day trading on Thursday after The Goldman Sachs Group lowered their price target on the stock from $88.00 to $72.00. The Goldman Sachs Group currently has a neutral rating on the stock. Boise Cascade traded as low as $57.80 and last traded at $58.12. 2,358 shares changed hands during trading, a decline of 99% from the average session volume of 416,763 shares. The stock had previously closed at $62.41.
Several other research firms also recently issued reports on BCC. Bank of America downgraded shares of Boise Cascade from a “buy” rating to a “neutral” rating and set a $71.00 price objective on the stock. in a report on Thursday. StockNews.com downgraded shares of Boise Cascade from a “strong-buy” rating to a “buy” rating in a report on Wednesday, May 4th. Benchmark downgraded shares of Boise Cascade from a “buy” rating to a “hold” rating in a report on Tuesday, May 10th. Finally, DA Davidson upgraded shares of Boise Cascade from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $80.00 to $82.00 in a report on Thursday, February 24th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, Boise Cascade currently has an average rating of “Hold” and a consensus price target of $75.00.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Mutual of America Capital Management LLC increased its stake in Boise Cascade by 2.4% in the fourth quarter. Mutual of America Capital Management LLC now owns 5,373 shares of the construction company’s stock valued at $383,000 after acquiring an additional 128 shares during the period. Alps Advisors Inc. increased its stake in Boise Cascade by 2.0% in the fourth quarter. Alps Advisors Inc. now owns 6,879 shares of the construction company’s stock valued at $490,000 after acquiring an additional 138 shares during the period. Convergence Investment Partners LLC increased its stake in Boise Cascade by 7.2% in the first quarter. Convergence Investment Partners LLC now owns 2,329 shares of the construction company’s stock valued at $162,000 after acquiring an additional 157 shares during the period. Lazard Asset Management LLC increased its stake in Boise Cascade by 9.7% in the first quarter. Lazard Asset Management LLC now owns 1,930 shares of the construction company’s stock valued at $134,000 after acquiring an additional 170 shares during the period. Finally, Maryland State Retirement & Pension System boosted its position in Boise Cascade by 1.3% in the fourth quarter. Maryland State Retirement & Pension System now owns 15,680 shares of the construction company’s stock valued at $1,116,000 after buying an additional 204 shares in the last quarter. 91.42% of the stock is currently owned by institutional investors and hedge funds.
The stock has a market capitalization of $2.20 billion, a price-to-earnings ratio of 2.56, a price-to-earnings-growth ratio of 1.51 and a beta of 1.50. The company has a quick ratio of 1.84, a current ratio of 2.75 and a debt-to-equity ratio of 0.29. The stock’s 50-day simple moving average is $76.00 and its 200 day simple moving average is $74.16.
Boise Cascade (NYSE:BCC – Get Rating) last released its quarterly earnings results on Thursday, May 5th. The construction company reported $7.61 EPS for the quarter, beating analysts’ consensus estimates of $6.95 by $0.66. The firm had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.19 billion. Boise Cascade had a net margin of 10.27% and a return on equity of 62.72%. The company’s revenue for the quarter was up 27.7% compared to the same quarter last year. During the same period in the previous year, the business earned $3.76 earnings per share. As a group, equities research analysts anticipate that Boise Cascade will post 18.43 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, June 15th. Shareholders of record on Wednesday, June 1st were given a $2.62 dividend. The ex-dividend date of this dividend was Tuesday, May 31st. This is a positive change from Boise Cascade’s previous quarterly dividend of $0.12. This represents a $10.48 dividend on an annualized basis and a yield of 18.80%. Boise Cascade’s payout ratio is 2.20%.
Boise Cascade Company Profile (NYSE:BCC)
Boise Cascade Company manufactures wood products and distributes 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 lumber products.
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