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

Boise Cascade (NYSE:BCC – Get Rating) was downgraded by equities research analysts at Bank of America from a “buy” rating to a “neutral” rating in a report released on Thursday, The Fly reports.

BCC has been the topic of several other reports. Benchmark downgraded shares of Boise Cascade from a “buy” rating to a “hold” rating in a research note on Tuesday, May 10th. StockNews.com downgraded shares of Boise Cascade from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, May 4th. Finally, DA Davidson raised shares of Boise Cascade from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $80.00 to $82.00 in a research note on Thursday, February 24th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, Boise Cascade has a consensus rating of “Hold” and a consensus price target of $80.33.

Shares of Boise Cascade stock opened at $62.41 on Thursday. Boise Cascade has a 1 year low of $46.51 and a 1 year high of $85.17. The firm has a market cap of $2.46 billion, a PE ratio of 2.86, a PEG ratio of 1.51 and a beta of 1.50. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.75 and a quick ratio of 1.84. The company has a 50 day simple moving average of $76.30 and a two-hundred day simple moving average of $74.23.

Boise Cascade (NYSE:BCC – Get Rating) last announced its earnings results on Thursday, May 5th. The construction company reported $7.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.95 by $0.66. The business had revenue of $2.33 billion during the quarter, compared to analyst estimates of $2.19 billion. Boise Cascade had a net margin of 10.27% and a return on equity of 62.72%. Boise Cascade’s revenue for the quarter was up 27.7% on a year-over-year basis. During the same period in the previous year, the business posted $3.76 earnings per share. As a group, research analysts anticipate that Boise Cascade will post 18.43 earnings per share for the current year.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Mutual of America Capital Management LLC increased its stake in shares of Boise Cascade by 2.4% in the fourth quarter. Mutual of America Capital Management LLC now owns 5,373 shares of the construction company’s stock worth $383,000 after buying an additional 128 shares during the period. Alps Advisors Inc. boosted its holdings in Boise Cascade by 2.0% in the fourth quarter. Alps Advisors Inc. now owns 6,879 shares of the construction company’s stock valued at $490,000 after acquiring an additional 138 shares in the last quarter. Convergence Investment Partners LLC boosted its holdings in Boise Cascade by 7.2% in the first quarter. Convergence Investment Partners LLC now owns 2,329 shares of the construction company’s stock valued at $162,000 after acquiring an additional 157 shares in the last quarter. Lazard Asset Management LLC boosted its holdings in Boise Cascade by 9.7% in the first quarter. Lazard Asset Management LLC now owns 1,930 shares of the construction company’s stock valued at $134,000 after acquiring an additional 170 shares in the last quarter. Finally, Maryland State Retirement & Pension System boosted its holdings in Boise Cascade by 1.3% in the fourth quarter. Maryland State Retirement & Pension System now owns 15,680 shares of the construction company’s stock valued at $1,116,000 after acquiring an additional 204 shares in the last quarter. 91.42% of the stock is currently owned by institutional investors.

Boise Cascade Company Profile (Get Rating)

Boise Cascade Company manufactures wood products and distributes 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.

Featured Articles