Boise Cascade (NYSE:BCC) Upgraded 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 report published on Tuesday, Zacks.com reports. Zacks Investment Research currently has $78.00 target price 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, DA Davidson lifted their price target on shares of Boise Cascade from $62.00 to $72.00 and gave the stock a neutral rating in a research note on Wednesday, November 3rd. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat, Boise Cascade has an average rating of Hold and an average target price of $61.80.

Shares of NYSE:BCC opened at $70.35 on Tuesday. The company’s fifty day moving average price is $69.04 and its 200 day moving average price is $60.33. Boise Cascade has a 12 month low of $45.83 and a 12 month high of $78.35. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.77 and a quick ratio of 1.85. The firm has a market capitalization of $2.77 billion, a P/E ratio of 4.90, a P/E/G ratio of 3.75 and a beta of 1.82.

Boise Cascade (NYSE:BCC) last announced its quarterly earnings results on Monday, November 1st. The construction company reported $2.31 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.12 by $0.19. Boise Cascade had a net margin of 7.48% and a return on equity of 56.14%. The firm had revenue of $1.88 billion for the quarter, compared to analyst estimates of $1.65 billion. During the same period last year, the business earned $2.88 EPS. Boise Cascade’s revenue for the quarter was up 18.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Boise Cascade will post 15.88 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 15th. Shareholders of record on Wednesday, December 1st were paid a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, November 30th. This is a positive change from Boise Cascade’s previous quarterly dividend of $0.10. This represents a $0.48 dividend on an annualized basis and a yield of 0.68%. Boise Cascade’s payout ratio is currently 3.34%.

Several large investors have recently modified their holdings of BCC. Vanguard Group Inc. boosted its holdings in shares of Boise Cascade by 5.2% in the second quarter. Vanguard Group Inc. now owns 4,985,505 shares of the construction company’s stock valued at $290,904,000 after acquiring an additional 246,789 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in shares of Boise Cascade by 254.1% in the second quarter. Wells Fargo & Company MN now owns 320,963 shares of the construction company’s stock valued at $18,729,000 after acquiring an additional 230,320 shares in the last quarter. Skandinaviska Enskilda Banken AB publ boosted its holdings in shares of Boise Cascade by 46.6% in the third quarter. Skandinaviska Enskilda Banken AB publ now owns 655,200 shares of the construction company’s stock valued at $35,368,000 after acquiring an additional 208,400 shares in the last quarter. Man Group plc boosted its holdings in shares of Boise Cascade by 1,382.1% in the third quarter. Man Group plc now owns 194,172 shares of the construction company’s stock valued at $10,481,000 after acquiring an additional 181,071 shares in the last quarter. Finally, American Century Companies Inc. boosted its holdings in shares of Boise Cascade by 126.7% in the third quarter. American Century Companies Inc. now owns 296,650 shares of the construction company’s stock valued at $16,013,000 after acquiring an additional 165,786 shares in the last quarter. 91.14% of the stock is currently owned by institutional investors and hedge funds.

Boise Cascade Company Profile

Boise Cascade Co engages in the manufacture and distribution of engineered wood products (EWP) and plywood. It operates through the Wood Products and Building Materials Distribution (BMD) segments. The Wood Products segment manufactures and sells engineered wood products, plywood, particleboard, studs and ponderosa pine lumber.

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