Boise Cascade (NYSE:BCC) Reaches New 12-Month High on Better-Than-Expected Earnings

Boise Cascade Co (NYSE:BCC)’s stock price reached a new 52-week high during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $38.41 and last traded at $38.39, with a volume of 1164 shares traded. The stock had previously closed at $37.33.

The construction company reported $0.69 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.68 by $0.01. Boise Cascade had a positive return on equity of 8.46% and a negative net margin of 0.41%. The business had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter last year, the business posted $0.76 earnings per share. The company’s revenue for the quarter was down 5.2% on a year-over-year basis.

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a dividend of $0.10 per share. This is an increase from Boise Cascade’s previous quarterly dividend of $0.09. The ex-dividend date is Friday, November 29th. This represents a $0.40 dividend on an annualized basis and a yield of 1.05%. Boise Cascade’s dividend payout ratio (DPR) is presently 15.72%.

BCC has been the topic of a number of research reports. DA Davidson downgraded Boise Cascade from a “buy” rating to a “neutral” rating and set a $40.00 price target on the stock. in a research report on Friday. ValuEngine upgraded Boise Cascade from a “hold” rating to a “buy” rating in a research report on Wednesday, October 16th. Bank of America downgraded Boise Cascade from a “neutral” rating to an “underperform” rating and set a $22.00 price target on the stock. in a research report on Friday, July 12th. Finally, Zacks Investment Research upgraded Boise Cascade from a “hold” rating to a “strong-buy” rating and set a $34.00 price target on the stock in a research report on Thursday, August 8th. One analyst has rated the stock with a sell rating, two have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $32.40.

In related news, insider Stewart David acquired 196,000 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The shares were purchased at an average price of $0.23 per share, for a total transaction of $45,276.00. 1.50% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Strs Ohio increased its holdings in shares of Boise Cascade by 1.7% in the second quarter. Strs Ohio now owns 30,700 shares of the construction company’s stock worth $862,000 after buying an additional 500 shares during the period. Versant Capital Management Inc grew 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 worth $25,000 after purchasing an additional 510 shares during the last quarter. Arizona State Retirement System grew its stake in shares of Boise Cascade by 1.2% in the second quarter. Arizona State Retirement System now owns 60,459 shares of the construction company’s stock worth $1,700,000 after purchasing an additional 745 shares during the last quarter. Crossmark Global Holdings Inc. grew its stake in shares of Boise Cascade by 5.8% in the second quarter. Crossmark Global Holdings Inc. now owns 15,090 shares of the construction company’s stock worth $424,000 after purchasing an additional 830 shares during the last quarter. Finally, First Interstate Bank grew 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 worth $98,000 after purchasing an additional 1,084 shares during the last quarter. Hedge funds and other institutional investors own 91.24% of the company’s stock.

The company has a debt-to-equity ratio of 0.74, a current ratio of 2.53 and a quick ratio of 1.29. The company has a market capitalization of $1.50 billion, a P/E ratio of 16.67, a PEG ratio of 2.38 and a beta of 2.02. The company has a 50 day moving average of $33.79 and a 200-day moving average of $28.96.

About Boise Cascade (NYSE:BCC)

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.

Further Reading: Why investors pay attention to retained earnings

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