Medina Value Partners LLC acquired a new position in shares of Boise Cascade, L.L.C. (NYSE:BCC – Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 230,042 shares of the construction company’s stock, valued at approximately $17,858,160,000. Boise Cascade accounts for approximately 3.5% of Medina Value Partners LLC’s portfolio, making the stock its 14th largest position. Medina Value Partners LLC owned approximately 0.66% of Boise Cascade at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Cerity Partners LLC lifted its holdings in Boise Cascade by 3.8% during the 2nd quarter. Cerity Partners LLC now owns 3,274 shares of the construction company’s stock worth $284,000 after purchasing an additional 121 shares during the last quarter. Raymond James Financial Inc. boosted its stake in Boise Cascade by 1.0% in the 2nd quarter. Raymond James Financial Inc. now owns 13,219 shares of the construction company’s stock valued at $1,148,000 after purchasing an additional 126 shares during the period. Fifth Third Bancorp grew its holdings in Boise Cascade by 77.5% in the 4th quarter. Fifth Third Bancorp now owns 410 shares of the construction company’s stock valued at $30,000 after buying an additional 179 shares in the last quarter. ProShare Advisors LLC grew its holdings in Boise Cascade by 3.2% in the 4th quarter. ProShare Advisors LLC now owns 7,329 shares of the construction company’s stock valued at $539,000 after buying an additional 226 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd increased its position in Boise Cascade by 231.2% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 371 shares of the construction company’s stock worth $29,000 after buying an additional 259 shares during the period. Institutional investors and hedge funds own 96.18% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently issued reports on BCC shares. The Goldman Sachs Group boosted their target price on shares of Boise Cascade from $81.00 to $91.00 and gave the company a “neutral” rating in a research report on Wednesday, August 5th. Weiss Ratings raised shares of Boise Cascade from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, August 17th. DA Davidson lifted their price objective on shares of Boise Cascade from $92.00 to $99.00 and gave the stock a “buy” rating in a research note on Wednesday, August 5th. Truist Financial set a $97.00 price objective on shares of Boise Cascade in a report on Wednesday, May 6th. Finally, Zacks Research lowered shares of Boise Cascade from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 17th. Three equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $93.60.
Insider Activity
In related news, Director Kristopher J. Matula sold 1,930 shares of the stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $84.58, for a total transaction of $163,239.40. Following the sale, the director owned 13,982 shares in the company, valued at approximately $1,182,597.56. This trade represents a 12.13% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 1.42% of the company’s stock.
Boise Cascade Price Performance
Shares of NYSE BCC opened at $81.18 on Wednesday. The stock has a market capitalization of $2.83 billion, a PE ratio of 27.52, a P/E/G ratio of 1.11 and a beta of 1.10. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.71 and a quick ratio of 1.31. The business has a fifty day moving average price of $78.54 and a two-hundred day moving average price of $76.86. Boise Cascade, L.L.C. has a fifty-two week low of $65.00 and a fifty-two week high of $91.97.
Boise Cascade (NYSE:BCC – Get Free Report) last released its earnings results on Monday, August 3rd. The construction company reported $1.63 earnings per share for the quarter, beating analysts’ consensus estimates of $1.23 by $0.40. Boise Cascade had a return on equity of 5.41% and a net margin of 1.64%.The firm had revenue of $1.83 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same period in the prior year, the company posted $1.64 EPS. The company’s revenue was up 5.2% compared to the same quarter last year. As a group, equities analysts predict that Boise Cascade, L.L.C. will post 3.86 earnings per share for the current fiscal year.
Boise Cascade Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Tuesday, September 1st will be issued a dividend of $0.23 per share. This is a boost from Boise Cascade’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.1%. Boise Cascade’s payout ratio is currently 29.83%.
About Boise Cascade
Boise Cascade Company operates as a leading manufacturer and distributor of wood products and building materials in North America. The company’s operations are organized into two primary segments: wood products manufacturing and building materials distribution. In its manufacturing segment, Boise Cascade produces a wide array of engineered wood products, including plywood, oriented strand board (OSB), lumber, particleboard and laminated veneer lumber (LVL), serving residential, commercial and industrial customers.
In its distribution segment, Boise Cascade sources and delivers building materials through an extensive network of distribution centers, servicing professional builders, remodelers, contractors and industrial customers.
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