Boise Cascade (NYSE:BCC) Rating Lowered to Hold at Zacks Investment Research

Boise Cascade (NYSE:BCC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports.

According to Zacks, “Boise Cascade Company operates as a wood products manufacturer and building materials distributor. The Company manufactures engineered wood products, plywood, lumber and particleboard and distributes wood products, such as decking, EWP, lumber, panel, particleboard, and MDF products. It has operations primarily in the United States and Canada. Boise Cascade Company is headquartered in Boise, Idaho. “

Other research analysts have also issued research reports about the stock. BMO Capital Markets increased their target price on shares of Boise Cascade from $30.00 to $35.00 and gave the stock a “market perform” rating in a research note on Monday, November 11th. DA Davidson lowered shares of Boise Cascade from a “buy” rating to a “neutral” rating and set a $40.00 target price for the company. in a research note on Friday, November 8th. ValuEngine raised shares of Boise Cascade from a “hold” rating to a “buy” rating in a research note on Wednesday, October 16th. Finally, Vertical Research lowered shares of Boise Cascade from a “buy” rating to a “hold” rating in a research note on Monday, November 11th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $33.00.

Boise Cascade stock traded down $1.00 during midday trading on Tuesday, hitting $37.56. 338,610 shares of the stock were exchanged, compared to its average volume of 372,570. Boise Cascade has a fifty-two week low of $22.00 and a fifty-two week high of $39.65. The stock has a market capitalization of $1.52 billion, a price-to-earnings ratio of 16.40, a PEG ratio of 2.62 and a beta of 2.02. The stock’s 50-day simple moving average is $34.58 and its 200 day simple moving average is $29.31. The company has a current ratio of 2.53, a quick ratio of 1.42 and a debt-to-equity ratio of 0.72.

Boise Cascade (NYSE:BCC) last released its quarterly earnings data on Thursday, November 7th. The construction company reported $0.69 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.68 by $0.01. Boise Cascade had a negative net margin of 0.13% and a positive return on equity of 8.10%. The firm had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.27 billion. During the same period last year, the business earned $0.76 earnings per share. Boise Cascade’s revenue was down 5.2% compared to the same quarter last year. Equities analysts anticipate that Boise Cascade will post 1.88 EPS for the current fiscal year.

In related news, insider Stewart David bought 196,000 shares of the stock in a transaction on Wednesday, October 16th. The stock was bought at an average price of $0.23 per share, with a total value of $45,276.00. Also, CEO Thomas Kevin Corrick sold 20,923 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $38.08, for a total transaction of $796,747.84. Following the completion of the transaction, the chief executive officer now directly owns 222,752 shares of the company’s stock, valued at approximately $8,482,396.16. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 44,396 shares of company stock valued at $1,683,907. 1.50% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Versant Capital Management Inc boosted its stake in shares of Boise Cascade by 183.5% in the third quarter. Versant Capital Management Inc now owns 788 shares of the construction company’s stock valued at $25,000 after purchasing an additional 510 shares during the period. Tower Research Capital LLC TRC boosted its stake in shares of Boise Cascade by 680.0% in the second quarter. Tower Research Capital LLC TRC now owns 1,560 shares of the construction company’s stock valued at $44,000 after purchasing an additional 1,360 shares during the period. FMR LLC boosted its stake in shares of Boise Cascade by 436.4% in the first quarter. FMR LLC now owns 3,331 shares of the construction company’s stock valued at $89,000 after purchasing an additional 2,710 shares during the period. First Interstate Bank boosted its stake in shares of Boise Cascade by 56.6% in the third quarter. First Interstate Bank now owns 2,999 shares of the construction company’s stock valued at $98,000 after purchasing an additional 1,084 shares during the period. Finally, Advisory Services Network LLC purchased a new position in shares of Boise Cascade in the second quarter valued at approximately $115,000. 91.08% of the stock is owned by institutional investors and hedge funds.

About Boise Cascade

Boise Cascade Company manufactures wood products and distributes building materials in the United States and Canada. It operates in 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; and structural, appearance, and industrial plywood panels.

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