JPMorgan Chase & Co. Reduces Holdings in Boise Cascade (NYSE:BCC)

JPMorgan Chase & Co. cut its stake in Boise Cascade (NYSE:BCC) by 3.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 323,587 shares of the construction company’s stock after selling 12,279 shares during the period. JPMorgan Chase & Co.’s holdings in Boise Cascade were worth $38,462,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. American Century Companies Inc. increased its position in shares of Boise Cascade by 12.0% during the fourth quarter. American Century Companies Inc. now owns 1,134,364 shares of the construction company’s stock worth $134,831,000 after purchasing an additional 121,790 shares in the last quarter. Bank of New York Mellon Corp increased its position in Boise Cascade by 3.0% during the fourth quarter. Bank of New York Mellon Corp now owns 446,350 shares of the construction company’s stock worth $53,053,000 after buying an additional 12,963 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Boise Cascade by 1.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 443,691 shares of the construction company’s stock valued at $52,737,000 after buying an additional 6,182 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Boise Cascade by 2.6% in the fourth quarter. Principal Financial Group Inc. now owns 208,323 shares of the construction company’s stock valued at $24,761,000 after acquiring an additional 5,281 shares during the period. Finally, FMR LLC grew its position in shares of Boise Cascade by 158.9% during the third quarter. FMR LLC now owns 126,123 shares of the construction company’s stock worth $17,781,000 after acquiring an additional 77,401 shares during the last quarter. 96.18% of the stock is owned by hedge funds and other institutional investors.

Boise Cascade Price Performance

Shares of BCC opened at $95.38 on Monday. The company has a current ratio of 3.34, a quick ratio of 1.92 and a debt-to-equity ratio of 0.22. The stock’s 50 day moving average is $109.24 and its two-hundred day moving average is $126.11. Boise Cascade has a twelve month low of $89.59 and a twelve month high of $155.42. The firm has a market capitalization of $3.62 billion, a PE ratio of 9.98 and a beta of 1.52.

Boise Cascade (NYSE:BCC) last announced its quarterly earnings data on Thursday, February 20th. The construction company reported $1.78 earnings per share for the quarter, missing analysts’ consensus estimates of $1.79 by ($0.01). Boise Cascade had a return on equity of 17.04% and a net margin of 5.60%. The business had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.57 billion. Research analysts anticipate that Boise Cascade will post 10.15 earnings per share for the current year.

Boise Cascade Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Monday, February 24th were paid a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 0.88%. The ex-dividend date was Monday, February 24th. Boise Cascade’s dividend payout ratio (DPR) is 8.79%.

Insider Buying and Selling

In other news, COO Jeffrey Robert Strom sold 4,500 shares of the firm’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $100.21, for a total value of $450,945.00. Following the completion of the transaction, the chief operating officer now owns 38,026 shares in the company, valued at $3,810,585.46. This trade represents a 10.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Kristopher J. Matula sold 553 shares of the business’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $103.16, for a total transaction of $57,047.48. Following the completion of the sale, the director now owns 13,099 shares in the company, valued at $1,351,292.84. This represents a 4.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.98% of the stock is owned by insiders.

Analyst Ratings Changes

BCC has been the subject of several research reports. BMO Capital Markets reduced their price target on shares of Boise Cascade from $136.00 to $122.00 and set a “market perform” rating for the company in a research report on Tuesday, February 25th. DA Davidson decreased their target price on shares of Boise Cascade from $155.00 to $125.00 and set a “buy” rating for the company in a research note on Monday, February 24th. Loop Capital dropped their price target on Boise Cascade from $145.00 to $140.00 and set a “buy” rating on the stock in a research report on Monday, February 24th. Truist Financial reduced their price objective on Boise Cascade from $157.00 to $134.00 and set a “buy” rating for the company in a research note on Monday, February 24th. Finally, Benchmark reiterated a “hold” rating on shares of Boise Cascade in a research note on Tuesday, February 25th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $128.50.

Boise Cascade 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.