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 report issued 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 equities research analysts have also recently issued research reports about the company. DA Davidson cut Boise Cascade from a “buy” rating to a “neutral” rating and set a $46.00 target price on the stock. in a report on Tuesday, August 4th. TheStreet upgraded Boise Cascade from a “c+” rating to a “b-” rating in a report on Thursday, July 23rd. BofA Securities cut Boise Cascade from a “buy” rating to a “neutral” rating in a report on Friday. Finally, Bank of America cut Boise Cascade from a “buy” rating to a “neutral” rating and set a $53.00 target price on the stock. in a report on Friday. Seven research analysts have rated the stock with a hold rating, Boise Cascade presently has a consensus rating of “Hold” and a consensus target price of $47.67.

Shares of BCC traded down $1.59 on Tuesday, reaching $41.28. The stock had a trading volume of 349,549 shares, compared to its average volume of 323,982. The firm has a market capitalization of $1.62 billion, a PE ratio of 18.59, a PEG ratio of 1.36 and a beta of 2.32. The company has a quick ratio of 1.52, a current ratio of 2.46 and a debt-to-equity ratio of 0.64. The firm has a 50-day moving average of $45.64 and a 200 day moving average of $35.54. Boise Cascade has a twelve month low of $20.08 and a twelve month high of $50.35.

Boise Cascade (NYSE:BCC) last announced its earnings results on Monday, August 3rd. The construction company reported $0.85 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $0.31. The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.18 billion. Boise Cascade had a return on equity of 14.09% and a net margin of 1.83%. Boise Cascade’s quarterly revenue was up 1.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.71 EPS. On average, sell-side analysts anticipate that Boise Cascade will post 3.34 earnings per share for the current fiscal year.

In other Boise Cascade news, EVP Dean Michael Brown sold 3,500 shares of the stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $45.00, for a total transaction of $157,500.00. Following the transaction, the executive vice president now owns 34,260 shares of the company’s stock, valued at approximately $1,541,700. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Thomas E. Carlile sold 16,061 shares of the stock in a transaction on Friday, August 28th. The stock was sold at an average price of $48.43, for a total value of $777,834.23. Following the completion of the transaction, the director now directly owns 40,167 shares in the company, valued at $1,945,287.81. The disclosure for this sale can be found here. In the last three months, insiders have sold 31,179 shares of company stock worth $1,490,349. Corporate insiders own 1.40% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the stock. Private Capital Group LLC raised its position in shares of Boise Cascade by 31.1% in the 2nd quarter. Private Capital Group LLC now owns 1,024 shares of the construction company’s stock worth $39,000 after buying an additional 243 shares during the period. Pacer Advisors Inc. raised its position in shares of Boise Cascade by 4.3% in the 2nd quarter. Pacer Advisors Inc. now owns 7,522 shares of the construction company’s stock worth $283,000 after buying an additional 312 shares during the period. California State Teachers Retirement System raised its position in shares of Boise Cascade by 0.9% in the 2nd quarter. California State Teachers Retirement System now owns 59,164 shares of the construction company’s stock worth $2,225,000 after buying an additional 499 shares during the period. Alliancebernstein L.P. raised its position in shares of Boise Cascade by 0.7% in the 1st quarter. Alliancebernstein L.P. now owns 113,175 shares of the construction company’s stock worth $2,691,000 after buying an additional 750 shares during the period. Finally, PNC Financial Services Group Inc. raised its position in shares of Boise Cascade by 42.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,637 shares of the construction company’s stock worth $63,000 after buying an additional 789 shares during the period.

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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