Boise Cascade (NYSE:BCC) Sets New 1-Year Low After Earnings Miss

Boise Cascade (NYSE:BCC) shares reached a new 52-week low on Friday following a dissappointing earnings announcement. The stock traded as low as $110.56 and last traded at $108.87, with a volume of 166978 shares traded. The stock had previously closed at $116.48.

The construction company reported $1.78 earnings per share for the quarter, missing analysts’ consensus estimates of $1.79 by ($0.01). The company had revenue of $1.57 billion during the quarter, compared to analyst estimates of $1.57 billion. Boise Cascade had a net margin of 5.60% and a return on equity of 16.89%.

Boise Cascade Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Monday, February 24th will be paid a $0.21 dividend. The ex-dividend date of this dividend is Monday, February 24th. This represents a $0.84 annualized dividend and a dividend yield of 0.79%. Boise Cascade’s payout ratio is presently 8.79%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on BCC. Loop Capital initiated coverage on Boise Cascade in a report on Friday, November 1st. They issued a “buy” rating and a $155.00 price objective for the company. StockNews.com lowered shares of Boise Cascade from a “buy” rating to a “hold” rating in a research report on Wednesday, November 6th. The Goldman Sachs Group cut their price objective on shares of Boise Cascade from $145.00 to $126.00 and set a “neutral” rating for the company in a report on Tuesday, January 14th. Finally, Truist Financial reduced their price objective on shares of Boise Cascade from $161.00 to $157.00 and set a “buy” rating for the company in a research note on Monday, January 6th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $139.60.

Hedge Funds Weigh In On Boise Cascade

A number of large investors have recently modified their holdings of BCC. Mackenzie Financial Corp lifted its stake in Boise Cascade by 263.7% in the 4th quarter. Mackenzie Financial Corp now owns 19,142 shares of the construction company’s stock worth $2,275,000 after purchasing an additional 13,879 shares in the last quarter. Public Employees Retirement System of Ohio raised its position in shares of Boise Cascade by 3.0% in the fourth quarter. Public Employees Retirement System of Ohio now owns 50,833 shares of the construction company’s stock worth $6,042,000 after buying an additional 1,471 shares in the last quarter. Vise Technologies Inc. raised its position in shares of Boise Cascade by 3.4% in the fourth quarter. Vise Technologies Inc. now owns 3,021 shares of the construction company’s stock worth $359,000 after buying an additional 100 shares in the last quarter. Voloridge Investment Management LLC boosted its stake in Boise Cascade by 80.9% during the fourth quarter. Voloridge Investment Management LLC now owns 15,702 shares of the construction company’s stock valued at $1,866,000 after buying an additional 7,021 shares during the period. Finally, Westwood Holdings Group Inc. grew its position in Boise Cascade by 3.9% during the fourth quarter. Westwood Holdings Group Inc. now owns 1,192,621 shares of the construction company’s stock worth $141,755,000 after buying an additional 45,010 shares in the last quarter. 96.18% of the stock is currently owned by institutional investors.

Boise Cascade Price Performance

The business has a 50 day simple moving average of $123.15 and a two-hundred day simple moving average of $132.29. The firm has a market capitalization of $4.11 billion, a P/E ratio of 11.19 and a beta of 1.57. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.90 and a current ratio of 3.13.

About Boise Cascade

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.