BMO Capital Markets Raises Boise Cascade (NYSE:BCC) Price Target to $136.00

Boise Cascade (NYSE:BCC) had its price target increased by BMO Capital Markets from $130.00 to $136.00 in a research note issued to investors on Tuesday, Benzinga reports. They currently have a market perform rating on the construction company’s stock.

BCC has been the topic of several other research reports. StockNews.com upgraded shares of Boise Cascade from a “hold” rating to a “buy” rating in a report on Tuesday, October 8th. Bank of America boosted their target price on shares of Boise Cascade from $120.00 to $124.00 and gave the company an “underperform” rating in a report on Thursday, September 12th. The Goldman Sachs Group dropped their target price on shares of Boise Cascade from $140.00 to $122.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. Finally, Truist Financial boosted their target price on shares of Boise Cascade from $154.00 to $161.00 and gave the company a “buy” rating in a report on Tuesday, October 15th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $135.75.

Boise Cascade Stock Performance

NYSE:BCC opened at $135.38 on Tuesday. The stock has a market cap of $5.34 billion, a P/E ratio of 11.01 and a beta of 1.52. The firm’s fifty day simple moving average is $135.76 and its 200 day simple moving average is $133.12. Boise Cascade has a twelve month low of $87.32 and a twelve month high of $154.67. 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 (NYSE:BCC) last released its quarterly earnings results on Monday, August 5th. The construction company reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.68 by $0.16. The business had revenue of $1.80 billion for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.67 earnings per share. As a group, research analysts predict that Boise Cascade will post 9.71 EPS for the current year.

Boise Cascade Increases Dividend

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

Hedge Funds Weigh In On Boise Cascade

A number of hedge funds have recently bought and sold shares of BCC. Westwood Holdings Group Inc. boosted its stake in Boise Cascade by 107.7% in the 2nd quarter. Westwood Holdings Group Inc. now owns 1,117,914 shares of the construction company’s stock worth $133,278,000 after purchasing an additional 579,759 shares in the last quarter. Marshall Wace LLP boosted its stake in Boise Cascade by 2,978.4% in the 2nd quarter. Marshall Wace LLP now owns 191,047 shares of the construction company’s stock worth $22,777,000 after purchasing an additional 184,841 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Boise Cascade by 293.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 236,980 shares of the construction company’s stock worth $36,346,000 after purchasing an additional 176,738 shares in the last quarter. Skandinaviska Enskilda Banken AB publ boosted its stake in Boise Cascade by 46.0% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 383,000 shares of the construction company’s stock worth $45,661,000 after purchasing an additional 120,600 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S boosted its stake in Boise Cascade by 76.4% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 88,132 shares of the construction company’s stock worth $13,517,000 after purchasing an additional 38,173 shares in the last quarter. Institutional investors own 96.18% of the company’s stock.

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.