Boise Cascade (NYSE:BCC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Thursday.
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. “
A number of other brokerages also recently issued reports on BCC. Bank of America downgraded Boise Cascade from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $35.00 to $36.00 in a research report on Monday, October 2nd. ValuEngine upgraded Boise Cascade from a “hold” rating to a “buy” rating in a report on Sunday. Vertical Research downgraded Boise Cascade from a “buy” rating to a “hold” rating and set a $36.00 target price for the company. in a report on Wednesday, October 4th. DA Davidson downgraded Boise Cascade from a “buy” rating to a “neutral” rating and set a $36.00 target price for the company. in a report on Tuesday, October 3rd. Finally, Sidoti initiated coverage on Boise Cascade in a report on Friday, September 15th. They issued a “buy” rating for the company. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company’s stock. Boise Cascade presently has an average rating of “Hold” and an average price target of $36.40.
Boise Cascade (NYSE:BCC) last posted its earnings results on Tuesday, October 31st. The construction company reported $0.81 EPS for the quarter, beating the consensus estimate of $0.64 by $0.17. The firm had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.15 billion. Boise Cascade had a return on equity of 10.66% and a net margin of 1.59%. The business’s quarterly revenue was up 14.9% on a year-over-year basis. During the same period last year, the company earned $0.26 earnings per share. equities research analysts forecast that Boise Cascade will post 1.95 EPS for the current year.
Large investors have recently made changes to their positions in the stock. Victory Capital Management Inc. boosted its position in Boise Cascade by 17.6% in the second quarter. Victory Capital Management Inc. now owns 3,753 shares of the construction company’s stock worth $114,000 after purchasing an additional 561 shares during the last quarter. Commonwealth Equity Services Inc bought a new stake in shares of Boise Cascade in the third quarter valued at $204,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of Boise Cascade in the third quarter valued at $223,000. SG Americas Securities LLC raised its stake in shares of Boise Cascade by 57.3% in the third quarter. SG Americas Securities LLC now owns 6,952 shares of the construction company’s stock valued at $243,000 after buying an additional 2,532 shares during the period. Finally, Highbridge Capital Management LLC bought a new stake in shares of Boise Cascade in the third quarter valued at $260,000. 94.73% of the stock is currently owned by institutional investors.
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Boise Cascade Company Profile
Boise Cascade Company is an integrated wood products manufacturer and building materials distributor with operations throughout the United States and one manufacturing facility in Canada. The Company is also a producer of engineered wood products (EWP) and plywood in North America. The Company operates through three segments: Wood Products, Building Materials Distribution, and Corporate and Other.
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