Bank of America Corp DE Decreases Holdings in Boise Cascade (NYSE:BCC)

Bank of America Corp DE lowered its holdings in Boise Cascade (NYSE:BCC) by 24.1% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 192,698 shares of the construction company’s stock after selling 61,324 shares during the quarter. Bank of America Corp DE’s holdings in Boise Cascade were worth $22,904,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Norges Bank acquired a new position in Boise Cascade in the fourth quarter valued at approximately $55,680,000. First Trust Advisors LP lifted its position in shares of Boise Cascade by 37.9% during the 4th quarter. First Trust Advisors LP now owns 712,527 shares of the construction company’s stock worth $84,691,000 after buying an additional 195,773 shares during the last quarter. American Century Companies Inc. boosted its holdings in shares of Boise Cascade by 12.0% in the 4th quarter. American Century Companies Inc. now owns 1,134,364 shares of the construction company’s stock valued at $134,831,000 after buying an additional 121,790 shares in the last quarter. Rockefeller Capital Management L.P. grew its position in shares of Boise Cascade by 322.3% in the 4th quarter. Rockefeller Capital Management L.P. now owns 109,770 shares of the construction company’s stock valued at $13,048,000 after buying an additional 83,776 shares during the last quarter. Finally, Northern Trust Corp raised its stake in Boise Cascade by 17.8% during the 4th quarter. Northern Trust Corp now owns 483,165 shares of the construction company’s stock worth $57,429,000 after acquiring an additional 73,061 shares in the last quarter. Hedge funds and other institutional investors own 96.18% of the company’s stock.

Boise Cascade Price Performance

Shares of NYSE:BCC opened at $91.74 on Monday. Boise Cascade has a one year low of $84.53 and a one year high of $155.42. The stock has a market capitalization of $3.45 billion, a price-to-earnings ratio of 9.60 and a beta of 1.43. The company has a 50-day simple moving average of $95.21 and a 200-day simple moving average of $115.79. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.92 and a current ratio of 3.34.

Boise Cascade (NYSE:BCC) last issued its quarterly earnings results on Monday, May 5th. The construction company reported $1.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.36 by ($0.30). The company had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.53 billion. Boise Cascade had a net margin of 5.60% and a return on equity of 17.04%. The business’s revenue was down 6.6% on a year-over-year basis. During the same quarter last year, the firm earned $2.61 EPS. On average, analysts predict that Boise Cascade will post 10.15 EPS for the current year.

Boise Cascade Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Monday, June 2nd will be issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.92%. The ex-dividend date is Monday, June 2nd. Boise Cascade’s payout ratio is currently 10.49%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on BCC. Benchmark restated a “hold” rating on shares of Boise Cascade in a research note on Tuesday, February 25th. DA Davidson reduced their target price on Boise Cascade from $155.00 to $125.00 and set a “buy” rating for the company in a report on Monday, February 24th. BMO Capital Markets decreased their target price on 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. Loop Capital cut their price target on Boise Cascade from $140.00 to $135.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Finally, Truist Financial reduced their price objective on Boise Cascade from $134.00 to $118.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $125.00.

Insider Transactions at Boise Cascade

In other news, COO Jeffrey Robert Strom sold 4,500 shares of the firm’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $100.21, for a total value of $450,945.00. Following the completion of the sale, the chief operating officer now owns 38,026 shares in the company, valued at approximately $3,810,585.46. This trade represents a 10.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kristopher J. Matula sold 553 shares of Boise Cascade stock in a transaction dated Tuesday, February 25th. The shares were 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 directly owns 13,099 shares in the company, valued at approximately $1,351,292.84. The trade was a 4.05% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.98% of the company’s stock.

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.