Arizona State Retirement System Boosts Stock Holdings in Boise Cascade (NYSE:BCC)

Arizona State Retirement System boosted its position in Boise Cascade (NYSE:BCC) by 1.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,076 shares of the construction company’s stock after buying an additional 196 shares during the quarter. Arizona State Retirement System’s holdings in Boise Cascade were worth $1,320,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Principal Securities Inc. bought a new position in shares of Boise Cascade during the 4th quarter worth $27,000. Scarborough Advisors LLC bought a new position in Boise Cascade during the fourth quarter worth about $36,000. Larson Financial Group LLC bought a new position in Boise Cascade during the second quarter worth about $36,000. iA Global Asset Management Inc. purchased a new position in shares of Boise Cascade in the first quarter worth about $82,000. Finally, Daiwa Securities Group Inc. raised its position in shares of Boise Cascade by 500.0% in the first quarter. Daiwa Securities Group Inc. now owns 600 shares of the construction company’s stock valued at $92,000 after purchasing an additional 500 shares during the period. 96.18% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

BCC has been the subject of several analyst reports. The Goldman Sachs Group cut their price objective on shares of Boise Cascade from $140.00 to $122.00 and set a “neutral” rating for the company in a report on Wednesday, July 10th. Bank of America raised their price target on Boise Cascade from $120.00 to $124.00 and gave the stock an “underperform” rating in a report on Thursday. StockNews.com lowered Boise Cascade from a “buy” rating to a “hold” rating in a research note on Tuesday, August 6th. Finally, Truist Financial restated a “buy” rating and issued a $154.00 target price (down previously from $159.00) on shares of Boise Cascade in a research note on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $128.00.

Boise Cascade Stock Up 4.5 %

Shares of NYSE:BCC opened at $127.57 on Friday. The firm has a fifty day moving average price of $128.96 and a two-hundred day moving average price of $133.32. The company has a market cap of $5.04 billion, a price-to-earnings ratio of 10.34 and a beta of 1.52. The company has a debt-to-equity ratio of 0.21, a current ratio of 3.28 and a quick ratio of 2.08. Boise Cascade has a one year low of $87.32 and a one year high of $154.67.

Boise Cascade (NYSE:BCC) last posted its quarterly earnings data on Monday, August 5th. The construction company reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.68 by $0.16. The company had revenue of $1.80 billion during the quarter, compared to analyst estimates of $1.77 billion. Boise Cascade had a return on equity of 20.17% and a net margin of 6.60%. The firm’s quarterly revenue was down 1.0% on a year-over-year basis. During the same quarter last year, the company earned $3.67 earnings per share. Analysts anticipate that Boise Cascade will post 9.76 EPS for the current fiscal year.

Boise Cascade Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd will be issued a dividend of $0.21 per share. This is a positive change from Boise Cascade’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $0.84 annualized dividend and a dividend yield of 0.66%. Boise Cascade’s payout ratio is presently 6.83%.

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.