Boise Cascade (NYSE:BCC) Shares Gap Down Following Weak Earnings

Boise Cascade (NYSE:BCC) gapped down before the market opened on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $134.26, but opened at $127.90. Boise Cascade shares last traded at $130.60, with a volume of 29,942 shares traded.

The construction company reported $2.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.37 by ($0.04). The company had revenue of $1.71 billion during the quarter, compared to analyst estimates of $1.72 billion. Boise Cascade had a net margin of 6.60% and a return on equity of 20.17%. Boise Cascade’s quarterly revenue was down 6.6% compared to the same quarter last year. During the same quarter last year, the business posted $3.58 EPS.

Boise Cascade Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Monday, December 2nd will be paid a dividend of $0.21 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.59%. Boise Cascade’s dividend payout ratio is currently 7.32%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on BCC shares. BMO Capital Markets raised their price target on shares of Boise Cascade from $130.00 to $136.00 and gave the company a “market perform” rating in a report on Tuesday, October 22nd. Truist Financial raised their target price on Boise Cascade from $154.00 to $161.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. Loop Capital assumed coverage on Boise Cascade in a research note on Friday, November 1st. They issued a “buy” rating and a $155.00 price target on the stock. Bank of America raised their price objective on Boise Cascade from $120.00 to $124.00 and gave the company an “underperform” rating in a research note on Thursday, September 12th. Finally, The Goldman Sachs Group cut their target price on Boise Cascade from $140.00 to $122.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $139.60.

Institutional Trading of Boise Cascade

Institutional investors and hedge funds have recently bought and sold shares of the company. Harbor Capital Advisors Inc. acquired a new position in shares of Boise Cascade in the 3rd quarter worth approximately $28,000. Larson Financial Group LLC bought a new position in Boise Cascade during the second quarter worth $36,000. iA Global Asset Management Inc. acquired a new position in Boise Cascade in the first quarter worth $82,000. Daiwa Securities Group Inc. increased its stake in Boise Cascade by 500.0% during 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 last quarter. Finally, CWM LLC raised its holdings in shares of Boise Cascade by 26.5% during the third quarter. CWM LLC now owns 673 shares of the construction company’s stock worth $95,000 after purchasing an additional 141 shares during the period. Institutional investors and hedge funds own 96.18% of the company’s stock.

Boise Cascade Stock Performance

The stock’s 50-day moving average price is $136.25 and its 200-day moving average price is $132.57. The company has a current ratio of 3.28, a quick ratio of 2.08 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $5.60 billion, a P/E ratio of 12.36 and a beta of 1.53.

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.