Moran Wealth Management LLC has significantly reduced its investment in Boise Cascade, L.L.C. (NYSE: BCC), selling 21,598 shares during the third quarter of 2023. This move reflects a 60.9% decrease in their holdings, leaving the firm with 13,868 shares valued at approximately $1,072,000 as of the quarter’s end. The decision comes amid ongoing shifts in investment strategies among various hedge funds.
Several institutional investors have also adjusted their positions in Boise Cascade recently. The Royal Bank of Canada increased its stake by 4.0% in the first quarter, now owning 34,704 shares worth $3,404,000, following the acquisition of an additional 1,332 shares. Similarly, AQR Capital Management LLC boosted its stake by 8.8%, holding 36,639 shares valued at $3,594,000 after purchasing 2,966 shares in the same period.
In a remarkable shift, Jones Financial Companies Lllp increased its holdings by an astonishing 1,638.4%, acquiring 4,120 shares worth $404,000 after buying an additional 3,883 shares. The United Services Automobile Association also entered the scene, acquiring a new stake valued at $258,000. Lastly, UBS Asset Management Americas LLC raised its holdings by 2.0%, now owning 203,631 shares worth $19,974,000 after adding 3,978 shares.
Approximately 96.18% of Boise Cascade’s stock is currently held by institutional investors, highlighting the company’s appeal among large financial entities.
Recent Performance and Stock Metrics
On October 13, 2023, Boise Cascade shares opened at $83.07, reflecting a 6.5% increase. The stock has experienced a 52-week low of $65.14 and a 52-week high of $131.27. Key financial indicators include a 50-day moving average price of $73.42 and a 200-day moving average price of $79.47. The company’s market capitalization stands at $3.08 billion, with a P/E ratio of 16.42 and a beta of 1.27. Notably, Boise Cascade maintains a quick ratio of 1.69 and a current ratio of 3.10, indicating solid liquidity.
Boise Cascade also announced a quarterly dividend recently, paid on December 17, 2023. Shareholders of record as of December 1, 2023 received a dividend of $0.22 per share, translating to an annualized dividend of $0.88 and a yield of 1.1%. The company’s payout ratio stands at 17.39%, reflecting its commitment to returning value to shareholders.
Analyst Ratings and Market Outlook
Recent analyst evaluations convey mixed sentiments regarding Boise Cascade’s future. The Goldman Sachs Group revised its price target from $96.00 to $82.00, maintaining a “neutral” rating. Conversely, DA Davidson reaffirmed a “buy” rating with a price target of $95.00. Meanwhile, Weiss Ratings has issued a “sell (d+)” rating, while BMO Capital Markets continues to advocate for an “outperform” rating. Notably, Truist Financial increased its price objective from $88.00 to $92.00, supporting a “buy” recommendation.
Currently, five research analysts have assigned a “buy” rating, two have categorized the stock as a hold, and one has issued a sell rating. According to data from MarketBeat.com, the consensus rating for Boise Cascade is “Moderate Buy,” with an average price target of $101.83.
Boise Cascade operates as a prominent manufacturer and distributor of wood products and building materials in North America. The company’s operations are divided into two primary segments: wood products manufacturing and building materials distribution. In its manufacturing segment, Boise Cascade produces a variety of engineered wood products, including plywood, oriented strand board (OSB), lumber, particleboard, and laminated veneer lumber (LVL), catering to residential, commercial, and industrial customers. The distribution segment sources and delivers building materials through a comprehensive network of distribution centers, servicing professional builders, remodelers, contractors, and industrial clients.
For those interested in further details on Boise Cascade’s stock performance and hedge fund activities, resources such as HoldingsChannel.com provide up-to-date information on recent trades and filings.
