Boise Cascade (NYSE:BCC) Raised to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Boise Cascade (NYSE:BCC) from a hold rating to a buy rating in a research note published on Tuesday, reports. Zacks Investment Research currently has $31.00 price objective on the construction company’s stock.

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. “

Separately, Goldman Sachs Group cut Metcash from a conviction-buy rating to a neutral rating in a report on Monday, June 24th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company’s stock. The company has an average rating of Hold and an average target price of $31.20.

Shares of Boise Cascade stock opened at $26.14 on Tuesday. The business’s fifty day simple moving average is $25.31. The firm has a market cap of $1.02 billion, a P/E ratio of 11.41, a PEG ratio of 2.31 and a beta of 2.10. The company has a debt-to-equity ratio of 0.77, a current ratio of 2.54 and a quick ratio of 1.13. Boise Cascade has a 12 month low of $22.00 and a 12 month high of $47.15.

Boise Cascade (NYSE:BCC) last released its earnings results on Tuesday, May 7th. The construction company reported $0.29 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.28 by $0.01. The firm had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.14 billion. Boise Cascade had a positive return on equity of 11.49% and a negative net margin of 0.11%. The company’s revenue was down 11.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.94 EPS. Equities research analysts predict that Boise Cascade will post 1.82 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Monday, June 3rd were issued a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 1.38%. The ex-dividend date of this dividend was Friday, May 31st. Boise Cascade’s payout ratio is currently 15.72%.

In other Boise Cascade news, Director Kristopher J. Matula purchased 3,500 shares of Boise Cascade stock in a transaction that occurred on Thursday, May 30th. The stock was acquired at an average price of $23.12 per share, for a total transaction of $80,920.00. Following the completion of the acquisition, the director now owns 14,049 shares of the company’s stock, valued at approximately $324,812.88. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.50% of the company’s stock.

A number of hedge funds have recently modified their holdings of BCC. Norges Bank acquired a new stake in Boise Cascade during the fourth quarter worth approximately $20,938,000. Pictet Asset Management Ltd. acquired a new stake in Boise Cascade during the first quarter worth approximately $13,059,000. JPMorgan Chase & Co. lifted its position in Boise Cascade by 74.9% during the first quarter. JPMorgan Chase & Co. now owns 769,027 shares of the construction company’s stock worth $20,579,000 after acquiring an additional 329,299 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Boise Cascade by 10.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,177,418 shares of the construction company’s stock worth $75,781,000 after acquiring an additional 289,177 shares during the last quarter. Finally, BlackRock Inc. lifted its position in Boise Cascade by 4.8% during the fourth quarter. BlackRock Inc. now owns 6,215,192 shares of the construction company’s stock worth $148,233,000 after acquiring an additional 287,366 shares during the last quarter. Hedge funds and other institutional investors own 90.82% of the company’s stock.

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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