Prudential Financial Inc. Trims Stock Holdings in Boise Cascade (NYSE:BCC)

Prudential Financial Inc. reduced its stake in shares of Boise Cascade (NYSE:BCC) by 2.7% during the fourth quarter, Holdings Channel reports. The institutional investor owned 60,607 shares of the construction company’s stock after selling 1,668 shares during the period. Prudential Financial Inc.’s holdings in Boise Cascade were worth $7,204,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Bridge City Capital LLC boosted its position in shares of Boise Cascade by 0.9% in the fourth quarter. Bridge City Capital LLC now owns 21,528 shares of the construction company’s stock worth $2,559,000 after purchasing an additional 192 shares during the period. LPL Financial LLC increased its stake in Boise Cascade by 29.1% in the 4th quarter. LPL Financial LLC now owns 14,127 shares of the construction company’s stock worth $1,679,000 after buying an additional 3,187 shares in the last quarter. Fox Run Management L.L.C. bought a new stake in Boise Cascade during the fourth quarter valued at about $1,318,000. KLP Kapitalforvaltning AS bought a new stake in Boise Cascade during the fourth quarter valued at about $5,777,000. Finally, AXQ Capital LP purchased a new position in shares of Boise Cascade in the fourth quarter valued at about $301,000. 96.18% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

BCC has been the topic of a number of research analyst reports. BMO Capital Markets lowered their price target on Boise Cascade from $136.00 to $122.00 and set a “market perform” rating on the stock in a report on Tuesday, February 25th. Truist Financial lowered their target price on shares of Boise Cascade from $157.00 to $134.00 and set a “buy” rating on the stock in a report on Monday, February 24th. Loop Capital cut their target price on shares of Boise Cascade from $145.00 to $140.00 and set a “buy” rating for the company in a research note on Monday, February 24th. DA Davidson decreased their price target on shares of Boise Cascade from $155.00 to $125.00 and set a “buy” rating on the stock in a research note on Monday, February 24th. Finally, The Goldman Sachs Group cut their price objective on Boise Cascade from $145.00 to $126.00 and set a “neutral” rating for the company in a research report on Tuesday, January 14th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $128.50.

Insiders Place Their Bets

In other Boise Cascade news, Director Kristopher J. Matula sold 553 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $103.16, for a total transaction of $57,047.48. Following the completion of the transaction, the director now owns 13,099 shares in the company, valued at $1,351,292.84. The trade was a 4.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Jeffrey Robert Strom sold 4,500 shares of the firm’s stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $100.21, for a total value of $450,945.00. Following the sale, the chief operating officer now directly owns 38,026 shares of the company’s stock, valued at $3,810,585.46. This represents a 10.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.98% of the stock is owned by insiders.

Boise Cascade Stock Performance

Shares of NYSE:BCC opened at $98.28 on Monday. The firm has a fifty day simple moving average of $112.29 and a two-hundred day simple moving average of $127.39. Boise Cascade has a 52 week low of $95.33 and a 52 week high of $155.42. The company has a quick ratio of 1.92, a current ratio of 3.34 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $3.73 billion, a P/E ratio of 10.28 and a beta of 1.67.

Boise Cascade (NYSE:BCC) last issued its quarterly earnings data on Thursday, February 20th. The construction company reported $1.78 earnings per share for the quarter, missing the consensus estimate of $1.79 by ($0.01). The company had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.57 billion. Boise Cascade had a return on equity of 17.04% and a net margin of 5.60%. On average, analysts expect that Boise Cascade will post 10.15 earnings per share for the current fiscal year.

Boise Cascade Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Monday, February 24th were given a $0.21 dividend. The ex-dividend date was Monday, February 24th. This represents a $0.84 dividend on an annualized basis and a yield of 0.85%. Boise Cascade’s dividend payout ratio is presently 8.79%.

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.