Moran Wealth Management LLC Has $2.38 Million Stock Position in Boise Cascade (NYSE:BCC)

Moran Wealth Management LLC increased its position in shares of Boise Cascade (NYSE:BCC) by 5.5% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,328 shares of the construction company’s stock after purchasing an additional 1,368 shares during the quarter. Moran Wealth Management LLC’s holdings in Boise Cascade were worth $2,379,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Norges Bank acquired a new stake in Boise Cascade in the 4th quarter valued at about $35,996,000. Victory Capital Management Inc. increased its position in Boise Cascade by 703.1% in the 2nd quarter. Victory Capital Management Inc. now owns 411,935 shares of the construction company’s stock valued at $37,218,000 after acquiring an additional 360,644 shares in the last quarter. FMR LLC increased its position in Boise Cascade by 257.5% in the 2nd quarter. FMR LLC now owns 302,851 shares of the construction company’s stock valued at $18,016,000 after acquiring an additional 218,130 shares in the last quarter. BlackRock Inc. boosted its stake in shares of Boise Cascade by 3.0% in the 1st quarter. BlackRock Inc. now owns 6,609,770 shares of the construction company’s stock valued at $459,180,000 after purchasing an additional 191,595 shares during the last quarter. Finally, Envestnet Asset Management Inc. boosted its stake in shares of Boise Cascade by 208.8% in the 1st quarter. Envestnet Asset Management Inc. now owns 256,753 shares of the construction company’s stock valued at $5,297,000 after purchasing an additional 173,598 shares during the last quarter. Institutional investors and hedge funds own 91.75% of the company’s stock.

Insider Transactions at Boise Cascade

In related news, Director Sue Ying Taylor sold 300 shares of the firm’s stock in a transaction on Friday, August 25th. The shares were sold at an average price of $104.92, for a total value of $31,476.00. Following the completion of the transaction, the director now owns 9,642 shares of the company’s stock, valued at $1,011,638.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director Steven C. Cooper sold 5,306 shares of the company’s stock in a transaction dated Monday, November 6th. The stock was sold at an average price of $102.90, for a total transaction of $545,987.40. Following the sale, the director now owns 3,450 shares in the company, valued at $355,005. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Sue Ying Taylor sold 300 shares of the firm’s stock in a transaction that occurred on Friday, August 25th. The shares were sold at an average price of $104.92, for a total value of $31,476.00. Following the completion of the transaction, the director now owns 9,642 shares of the company’s stock, valued at $1,011,638.64. The disclosure for this sale can be found here. Insiders have sold a total of 24,274 shares of company stock valued at $2,591,895 over the last 90 days. 0.98% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have recently issued reports on BCC shares. The Goldman Sachs Group raised their target price on shares of Boise Cascade from $96.00 to $108.00 and gave the company a “neutral” rating in a research note on Wednesday, August 2nd. BMO Capital Markets reduced their price objective on shares of Boise Cascade from $115.00 to $112.00 and set a “market perform” rating on the stock in a research note on Tuesday, November 7th. StockNews.com started coverage on shares of Boise Cascade in a research note on Thursday, October 5th. They set a “buy” rating on the stock. Bank of America lowered shares of Boise Cascade from a “neutral” rating to an “underperform” rating and set a $111.00 price objective on the stock. in a research note on Monday, October 16th. Finally, Truist Financial reduced their price objective on shares of Boise Cascade from $129.00 to $126.00 and set a “buy” rating on the stock in a research note on Wednesday, November 1st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $111.00.

Boise Cascade Stock Performance

Shares of BCC opened at $113.23 on Tuesday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 2.57 and a current ratio of 3.55. Boise Cascade has a twelve month low of $59.32 and a twelve month high of $115.13. The firm’s 50 day moving average price is $100.20 and its two-hundred day moving average price is $94.66. The firm has a market cap of $4.48 billion, a P/E ratio of 8.97 and a beta of 1.54.

Boise Cascade (NYSE:BCC) last announced its quarterly earnings results on Tuesday, October 31st. The construction company reported $3.58 earnings per share for the quarter, beating analysts’ consensus estimates of $3.47 by $0.11. Boise Cascade had a net margin of 7.38% and a return on equity of 23.21%. The firm had revenue of $1.83 billion for the quarter, compared to analyst estimates of $1.85 billion. During the same quarter in the previous year, the firm posted $5.52 earnings per share. The business’s revenue was down 14.9% on a year-over-year basis. On average, analysts forecast that Boise Cascade will post 12.13 EPS for the current fiscal year.

Boise Cascade Increases Dividend

The firm also recently disclosed a None dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be issued a $5.20 dividend. The ex-dividend date of this dividend is Thursday, November 30th. This is an increase from Boise Cascade’s previous None dividend of $1.15. This represents a dividend yield of 0.9%. Boise Cascade’s dividend payout ratio (DPR) is 6.33%.

Boise Cascade Company Profile

Boise Cascade Company engages in manufacture of wood products and distribution of building materials in the United States and Canada. It operates through 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; structural, appearance, and industrial plywood panels; and ponderosa pine lumber products.