Bank of America Lowers Boise Cascade (NYSE:BCC) to Underperform

Boise Cascade (NYSE:BCC) was downgraded by Bank of America from a “neutral” rating to an “underperform” rating in a research note issued on Friday, The Fly reports.

Several other equities research analysts have also recently weighed in on the stock. Zacks Investment Research upgraded shares of DLH from a “sell” rating to a “hold” rating in a research report on Tuesday. Goldman Sachs Group cut shares of Metcash from a “conviction-buy” rating to a “neutral” rating in a research report on Monday, June 24th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $36.40.

Shares of BCC opened at $27.06 on Friday. The stock has a fifty day simple moving average of $25.27. Boise Cascade has a fifty-two week low of $22.00 and a fifty-two week high of $47.15. The company has a market capitalization of $1.06 billion, a PE ratio of 11.82, a PEG ratio of 2.33 and a beta of 2.10. The company has a debt-to-equity ratio of 0.77, a current ratio of 2.54 and a quick ratio of 1.13.

Boise Cascade (NYSE:BCC) last announced its quarterly earnings results on Tuesday, May 7th. The construction company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.01. Boise Cascade had a negative net margin of 0.11% and a positive return on equity of 11.49%. The company had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter in the previous year, the business posted $0.94 earnings per share. Boise Cascade’s quarterly revenue was down 11.9% on a year-over-year basis. Analysts anticipate that Boise Cascade will post 1.82 earnings per share for the current year.

In other news, Director Kristopher J. Matula acquired 3,500 shares of the business’s stock in a transaction on Thursday, May 30th. The shares were acquired at an average price of $23.12 per share, for a total transaction of $80,920.00. Following the completion of the transaction, the director now directly owns 14,049 shares of the company’s stock, valued at approximately $324,812.88. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 1.50% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. boosted its holdings in Boise Cascade by 4.8% during the fourth quarter. BlackRock Inc. now owns 6,215,192 shares of the construction company’s stock valued at $148,233,000 after purchasing an additional 287,366 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Boise Cascade by 8.7% in the 4th quarter. Bank of New York Mellon Corp now owns 703,262 shares of the construction company’s stock worth $16,772,000 after acquiring an additional 56,217 shares in the last quarter. Texas Permanent School Fund boosted its holdings in shares of Boise Cascade by 4.0% in the 4th quarter. Texas Permanent School Fund now owns 25,462 shares of the construction company’s stock worth $607,000 after acquiring an additional 990 shares in the last quarter. Royce & Associates LP boosted its holdings in shares of Boise Cascade by 56.3% in the 4th quarter. Royce & Associates LP now owns 1,455 shares of the construction company’s stock worth $35,000 after acquiring an additional 524 shares in the last quarter. Finally, Citigroup Inc. boosted its holdings in shares of Boise Cascade by 137.6% in the 4th quarter. Citigroup Inc. now owns 39,430 shares of the construction company’s stock worth $941,000 after acquiring an additional 22,835 shares in the last quarter. 90.82% of the stock is owned by hedge funds and other institutional investors.

Boise Cascade Company Profile

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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