Renaissance Technologies LLC Trims Stock Holdings in Boise Cascade (NYSE:BCC)

Renaissance Technologies LLC trimmed its holdings in Boise Cascade (NYSE:BCC) by 8.5% in the second quarter, Holdings Channel reports. The institutional investor owned 203,949 shares of the construction company’s stock after selling 19,000 shares during the quarter. Renaissance Technologies LLC’s holdings in Boise Cascade were worth $24,315,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of BCC. Dimensional Fund Advisors LP boosted its holdings in Boise Cascade by 0.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,813,447 shares of the construction company’s stock valued at $335,419,000 after purchasing an additional 22,053 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in Boise Cascade by 8.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 31,939 shares of the construction company’s stock valued at $3,808,000 after purchasing an additional 2,527 shares during the period. Envestnet Asset Management Inc. boosted its holdings in Boise Cascade by 13.9% in the 2nd quarter. Envestnet Asset Management Inc. now owns 116,181 shares of the construction company’s stock valued at $13,851,000 after purchasing an additional 14,139 shares during the period. Meeder Asset Management Inc. boosted its holdings in Boise Cascade by 10.4% in the 2nd quarter. Meeder Asset Management Inc. now owns 17,833 shares of the construction company’s stock valued at $2,126,000 after purchasing an additional 1,675 shares during the period. Finally, Vest Financial LLC boosted its holdings in Boise Cascade by 44.2% in the 2nd quarter. Vest Financial LLC now owns 9,123 shares of the construction company’s stock valued at $1,088,000 after purchasing an additional 2,798 shares during the period. 96.18% of the stock is currently owned by hedge funds and other institutional investors.

Boise Cascade Stock Performance

Boise Cascade stock opened at $144.69 on Friday. The company has a quick ratio of 2.08, a current ratio of 3.28 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $5.71 billion, a PE ratio of 11.76 and a beta of 1.52. The firm has a fifty day simple moving average of $131.19 and a two-hundred day simple moving average of $133.40. Boise Cascade has a twelve month low of $87.32 and a twelve month high of $154.67.

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

Boise Cascade Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd were paid a $0.21 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This is an increase from Boise Cascade’s previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a yield of 0.58%. Boise Cascade’s payout ratio is currently 6.83%.

Analyst Ratings Changes

Several research analysts have commented on BCC shares. Truist Financial reissued a “buy” rating and issued a $154.00 price target (down from $159.00) on shares of Boise Cascade in a report on Wednesday, August 7th. StockNews.com downgraded shares of Boise Cascade from a “buy” rating to a “hold” rating in a report on Tuesday, August 6th. Bank of America lifted their price objective on shares of Boise Cascade from $120.00 to $124.00 and gave the stock an “underperform” rating in a report on Thursday, September 12th. Finally, The Goldman Sachs Group dropped 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. One analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $128.00.

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.