Freedom Investment Management Inc. Sells 234 Shares of Boise Cascade (NYSE:BCC)

Freedom Investment Management Inc. reduced its position in Boise Cascade (NYSE:BCC) by 3.3% in the 3rd quarter, Holdings Channel reports. The firm owned 6,910 shares of the construction company’s stock after selling 234 shares during the quarter. Freedom Investment Management Inc.’s holdings in Boise Cascade were worth $974,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Harbor Capital Advisors Inc. bought a new stake in Boise Cascade in the 3rd quarter valued at $28,000. Larson Financial Group LLC bought a new stake in Boise Cascade in the second quarter valued at about $36,000. iA Global Asset Management Inc. acquired a new position in Boise Cascade in the first quarter worth about $82,000. CWM LLC lifted its stake in Boise Cascade by 26.5% during the third quarter. CWM LLC now owns 673 shares of the construction company’s stock worth $95,000 after purchasing an additional 141 shares during the period. Finally, Covestor Ltd boosted its holdings in Boise Cascade by 50.1% during the third quarter. Covestor Ltd now owns 689 shares of the construction company’s stock valued at $97,000 after purchasing an additional 230 shares in the last quarter. 96.18% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on BCC. Bank of America increased their target price on Boise Cascade from $120.00 to $124.00 and gave the stock an “underperform” rating in a report on Thursday, September 12th. Truist Financial increased their price objective on Boise Cascade from $154.00 to $161.00 and gave the stock a “buy” rating in a research note on Tuesday, October 15th. Loop Capital assumed coverage on shares of Boise Cascade in a research note on Friday, November 1st. They issued a “buy” rating and a $155.00 target price on the stock. StockNews.com cut shares of Boise Cascade from a “buy” rating to a “hold” rating in a research report on Wednesday, November 6th. Finally, BMO Capital Markets boosted their price target on shares of Boise Cascade from $130.00 to $136.00 and gave the company a “market perform” rating in a research report on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $139.60.

Boise Cascade Stock Performance

Boise Cascade stock opened at $146.40 on Friday. The stock has a 50-day simple moving average of $140.21 and a 200 day simple moving average of $133.31. The stock has a market capitalization of $5.62 billion, a price-to-earnings ratio of 14.32 and a beta of 1.53. The company has a quick ratio of 1.90, a current ratio of 3.13 and a debt-to-equity ratio of 0.22. Boise Cascade has a 12-month low of $106.38 and a 12-month high of $155.42.

Boise Cascade (NYSE:BCC) last announced its earnings results on Monday, November 4th. The construction company reported $2.33 earnings per share for the quarter, missing analysts’ consensus estimates of $2.37 by ($0.04). Boise Cascade had a return on equity of 18.24% and a net margin of 5.95%. The company had revenue of $1.71 billion during the quarter, compared to the consensus estimate of $1.72 billion. During the same period in the prior year, the firm posted $3.58 earnings per share. The company’s revenue was down 6.6% on a year-over-year basis. On average, research analysts anticipate that Boise Cascade will post 9.57 earnings per share for the current fiscal year.

Boise Cascade Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Monday, December 2nd will be issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 0.57%. The ex-dividend date is Monday, December 2nd. Boise Cascade’s dividend payout ratio is 8.22%.

Boise Cascade Company 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.