Highland Capital Management LLC Purchases New Shares in Boise Cascade (NYSE:BCC)

Highland Capital Management LLC acquired a new position in shares of Boise Cascade (NYSE:BCC) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 1,649 shares of the construction company’s stock, valued at approximately $213,000.

Several other large investors also recently added to or reduced their stakes in BCC. Norges Bank purchased a new position in Boise Cascade during the fourth quarter worth about $35,996,000. Wellington Management Group LLP grew its position in Boise Cascade by 45.0% in the third quarter. Wellington Management Group LLP now owns 1,349,170 shares of the construction company’s stock worth $139,018,000 after acquiring an additional 418,891 shares during the period. Pacer Advisors Inc. increased its stake in Boise Cascade by 59.7% during the fourth quarter. Pacer Advisors Inc. now owns 1,096,986 shares of the construction company’s stock worth $141,906,000 after acquiring an additional 409,906 shares during the last quarter. Point72 Asset Management L.P. raised its position in Boise Cascade by 10,958.4% in the second quarter. Point72 Asset Management L.P. now owns 263,300 shares of the construction company’s stock valued at $23,789,000 after purchasing an additional 260,919 shares during the period. Finally, FMR LLC grew its holdings in shares of Boise Cascade by 257.5% during the 2nd quarter. FMR LLC now owns 302,851 shares of the construction company’s stock worth $18,016,000 after purchasing an additional 218,130 shares during the period. 96.18% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BCC has been the subject of a number of research analyst reports. The Goldman Sachs Group increased their price objective on shares of Boise Cascade from $114.00 to $129.00 and gave the stock a “neutral” rating in a research report on Thursday, January 11th. StockNews.com cut Boise Cascade from a “buy” rating to a “hold” rating in a research note on Friday, February 23rd. Finally, Truist Financial boosted their price target on shares of Boise Cascade from $156.00 to $175.00 and gave the stock a “buy” rating in a report on Thursday, March 21st. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $125.00.

Insider Buying and Selling

In other Boise Cascade news, EVP Dean Michael Brown sold 11,117 shares of Boise Cascade stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $139.09, for a total transaction of $1,546,263.53. Following the sale, the executive vice president now directly owns 40,237 shares in the company, valued at approximately $5,596,564.33. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.89% of the company’s stock.

Boise Cascade Stock Performance

NYSE BCC opened at $151.90 on Thursday. Boise Cascade has a 1-year low of $59.90 and a 1-year high of $154.01. The business has a 50 day moving average price of $136.04 and a 200 day moving average price of $119.01. The company has a debt-to-equity ratio of 0.22, a current ratio of 3.46 and a quick ratio of 2.26. The company has a market capitalization of $6.01 billion, a P/E ratio of 12.53 and a beta of 1.59.

Boise Cascade (NYSE:BCC) last announced its quarterly earnings results on Wednesday, February 21st. The construction company reported $2.44 EPS for the quarter, missing the consensus estimate of $2.45 by ($0.01). The firm had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.64 billion. Boise Cascade had a return on equity of 21.94% and a net margin of 7.07%. The business’s revenue was up 1.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.95 earnings per share. Sell-side analysts expect that Boise Cascade will post 11.58 EPS for the current fiscal year.

Boise Cascade Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, February 23rd were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $0.80 annualized dividend and a dividend yield of 0.53%. Boise Cascade’s dividend payout ratio is presently 6.60%.

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.