Federated Hermes Inc. Sells 91,584 Shares of Boise Cascade (NYSE:BCC)

Federated Hermes Inc. cut its holdings in shares of Boise Cascade (NYSE:BCC) by 61.5% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 57,232 shares of the construction company’s stock after selling 91,584 shares during the period. Federated Hermes Inc. owned about 0.14% of Boise Cascade worth $6,823,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the business. Meeder Asset Management Inc. grew its position in Boise Cascade by 10.4% during the 2nd quarter. Meeder Asset Management Inc. now owns 17,833 shares of the construction company’s stock worth $2,126,000 after acquiring an additional 1,675 shares during the last quarter. Vest Financial LLC grew its position in Boise Cascade by 44.2% during the 2nd quarter. Vest Financial LLC now owns 9,123 shares of the construction company’s stock worth $1,088,000 after acquiring an additional 2,798 shares during the last quarter. BOKF NA lifted its holdings in Boise Cascade by 78.7% during the 2nd quarter. BOKF NA now owns 5,181 shares of the construction company’s stock worth $618,000 after buying an additional 2,281 shares in the last quarter. Qsemble Capital Management LP acquired a new position in Boise Cascade during the 2nd quarter worth $452,000. Finally, American Century Companies Inc. lifted its holdings in Boise Cascade by 2.4% during the 2nd quarter. American Century Companies Inc. now owns 897,137 shares of the construction company’s stock worth $106,957,000 after buying an additional 21,030 shares in the last quarter. 96.18% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on BCC shares. The Goldman Sachs Group reduced their price objective on Boise Cascade from $140.00 to $122.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. Bank of America increased their price target on Boise Cascade from $120.00 to $124.00 and gave the company an “underperform” rating in a research note on Thursday, September 12th. Truist Financial reissued a “buy” rating and issued a $154.00 price target (down previously from $159.00) on shares of Boise Cascade in a research note on Wednesday, August 7th. Finally, StockNews.com downgraded Boise Cascade from a “buy” rating to a “hold” rating in a research note on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $128.00.

Boise Cascade Price Performance

BCC opened at $135.29 on Wednesday. The company has a quick ratio of 2.08, a current ratio of 3.28 and a debt-to-equity ratio of 0.21. Boise Cascade has a 12 month low of $87.32 and a 12 month high of $154.67. The company has a fifty day simple moving average of $129.92 and a 200 day simple moving average of $133.31. The stock has a market cap of $5.34 billion, a P/E ratio of 11.00 and a beta of 1.52.

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

Boise Cascade Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, September 3rd were given a $0.21 dividend. The ex-dividend date was Tuesday, September 3rd. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.62%. This is a boost from Boise Cascade’s previous quarterly dividend of $0.20. Boise Cascade’s dividend payout ratio is currently 6.83%.

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.