ZWJ Investment Counsel Inc. Buys New Stake in Boise Cascade (NYSE:BCC)

ZWJ Investment Counsel Inc. bought a new stake in Boise Cascade (NYSE:BCC) during the third quarter, according to its most recent disclosure with the SEC. The firm bought 1,490 shares of the construction company’s stock, valued at approximately $210,000.

A number of other hedge funds have also recently modified their holdings of BCC. SeaCrest Wealth Management LLC purchased a new position in Boise Cascade during the 3rd quarter worth $243,000. Creative Planning grew its position in Boise Cascade by 17.9% during the 3rd quarter. Creative Planning now owns 8,596 shares of the construction company’s stock worth $1,212,000 after purchasing an additional 1,302 shares during the last quarter. Wedge Capital Management L L P NC grew its position in Boise Cascade by 1.1% during the 3rd quarter. Wedge Capital Management L L P NC now owns 108,965 shares of the construction company’s stock worth $15,362,000 after purchasing an additional 1,155 shares during the last quarter. Oliver Luxxe Assets LLC grew its position in Boise Cascade by 30.7% during the 3rd quarter. Oliver Luxxe Assets LLC now owns 38,974 shares of the construction company’s stock worth $5,495,000 after purchasing an additional 9,160 shares during the last quarter. Finally, Ritholtz Wealth Management grew its position in Boise Cascade by 13.3% during the 3rd quarter. Ritholtz Wealth Management now owns 2,688 shares of the construction company’s stock worth $379,000 after purchasing an additional 315 shares during the last quarter. 96.18% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on BCC. The Goldman Sachs Group lowered their price objective on shares of Boise Cascade from $140.00 to $122.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. StockNews.com upgraded shares of Boise Cascade from a “hold” rating to a “buy” rating in a research note on Tuesday, October 8th. Truist Financial raised their target price on shares of Boise Cascade from $154.00 to $161.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, Bank of America raised their target price on shares of Boise Cascade from $120.00 to $124.00 and gave the stock an “underperform” rating in a research note on Thursday, September 12th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $129.75.

Boise Cascade Stock Performance

Shares of BCC opened at $142.08 on Friday. The company has a current ratio of 3.28, a quick ratio of 2.08 and a debt-to-equity ratio of 0.21. The stock has a market cap of $5.61 billion, a P/E ratio of 11.55 and a beta of 1.52. The company has a 50-day moving average of $134.33 and a two-hundred day moving average of $133.67. Boise Cascade has a 12-month low of $87.32 and a 12-month high of $154.67.

Boise Cascade (NYSE:BCC) last issued its quarterly earnings results on Monday, August 5th. The construction company reported $2.84 EPS for the quarter, topping analysts’ consensus estimates of $2.68 by $0.16. The business had revenue of $1.80 billion during the quarter, compared to the consensus estimate of $1.77 billion. Boise Cascade had a net margin of 6.60% and a return on equity of 20.17%. The company’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.67 earnings per share. As a group, research analysts predict that Boise Cascade will post 9.71 EPS for the current fiscal year.

Boise Cascade Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd were issued a dividend of $0.21 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This is an increase from Boise Cascade’s previous quarterly dividend of $0.20. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.59%. Boise Cascade’s payout ratio is 6.83%.

Boise Cascade Profile

Boise Cascade Company engages in manufacture of wood products and distribution of 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 shop lumber and appearance grade boards.