Boise Cascade (NYSE:BCC) Rating Lowered to Underperform at Bank of America

Boise Cascade (NYSE:BCC) was downgraded by equities research analysts at Bank of America from a “neutral” rating to an “underperform” rating in a note issued to investors on Friday, Marketbeat Ratings reports. They currently have a $22.00 target price on the construction company’s stock. Bank of America‘s target price points to a potential downside of 15.84% from the stock’s current price.

Several other equities analysts have also issued reports on BCC. Zacks Investment Research upgraded DLH from a “sell” rating to a “hold” rating in a research note on Tuesday, July 9th. Goldman Sachs Group lowered Metcash from a “conviction-buy” rating to a “neutral” rating in a research note on Monday, June 24th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $31.20.

Shares of BCC opened at $26.14 on Friday. Boise Cascade has a 52-week low of $22.00 and a 52-week high of $47.15. The firm has a fifty day simple moving average of $25.31. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.13 and a current ratio of 2.54. The company has a market cap of $1.02 billion, a price-to-earnings ratio of 12.69, a price-to-earnings-growth ratio of 2.23 and a beta of 2.10.

Boise Cascade (NYSE:BCC) last issued its quarterly earnings results on Tuesday, May 7th. The construction company reported $0.29 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.28 by $0.01. Boise Cascade had a positive return on equity of 11.49% and a negative net margin of 0.11%. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same quarter last year, the company posted $0.94 EPS. The company’s revenue for the quarter was down 11.9% compared to the same quarter last year. On average, equities analysts expect that Boise Cascade will post 1.82 earnings per share for the current fiscal year.

In other news, Director Kristopher J. Matula acquired 3,500 shares of Boise Cascade stock in a transaction that occurred 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 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.50% of the company’s stock.

A number of hedge funds have recently modified their holdings of the stock. Crossmark Global Holdings Inc. increased its position in Boise Cascade by 5.8% in the 2nd quarter. Crossmark Global Holdings Inc. now owns 15,090 shares of the construction company’s stock valued at $424,000 after buying an additional 830 shares in the last quarter. First Trust Advisors LP increased its position in Boise Cascade by 22.2% in the 1st quarter. First Trust Advisors LP now owns 89,785 shares of the construction company’s stock valued at $2,403,000 after buying an additional 16,333 shares in the last quarter. FMR LLC increased its position in Boise Cascade by 436.4% in the 1st quarter. FMR LLC now owns 3,331 shares of the construction company’s stock valued at $89,000 after buying an additional 2,710 shares in the last quarter. Dynamic Technology Lab Private Ltd increased its position in Boise Cascade by 32.9% in the 1st quarter. Dynamic Technology Lab Private Ltd now owns 13,850 shares of the construction company’s stock valued at $371,000 after buying an additional 3,425 shares in the last quarter. Finally, Jennison Associates LLC increased its position in Boise Cascade by 3.6% in the 1st quarter. Jennison Associates LLC now owns 24,922 shares of the construction company’s stock valued at $667,000 after buying an additional 866 shares in the last quarter. Institutional investors and hedge funds own 90.82% of the company’s stock.

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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Analyst Recommendations for Boise Cascade (NYSE:BCC)

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