Boise Cascade (NYSE:BCC) Short Interest Update

Boise Cascade (NYSE:BCC) was the target of a large drop in short interest during the month of March. As of March 15th, there was short interest totalling 642,800 shares, a drop of 41.6% from the February 28th total of 1,100,000 shares. Based on an average trading volume of 390,300 shares, the days-to-cover ratio is currently 1.6 days. Approximately 1.7% of the company’s shares are short sold.

Wall Street Analyst Weigh In

BCC has been the subject of a number of recent analyst reports. Truist Financial cut their price objective on Boise Cascade from $157.00 to $134.00 and set a “buy” rating for the company in a research report on Monday, February 24th. Loop Capital dropped their price target on shares of Boise Cascade from $145.00 to $140.00 and set a “buy” rating for the company in a research report on Monday, February 24th. DA Davidson decreased their price objective on shares of Boise Cascade from $155.00 to $125.00 and set a “buy” rating on the stock in a report on Monday, February 24th. Benchmark reiterated a “hold” rating on shares of Boise Cascade in a report on Tuesday, February 25th. Finally, BMO Capital Markets cut their target price on Boise Cascade from $136.00 to $122.00 and set a “market perform” rating on the stock in a research report on Tuesday, February 25th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Boise Cascade currently has a consensus rating of “Hold” and an average target price of $128.50.

Boise Cascade Stock Down 2.1 %

Shares of BCC stock traded down $2.08 during trading on Friday, reaching $98.28. The company’s stock had a trading volume of 378,873 shares, compared to its average volume of 325,492. Boise Cascade has a 1-year low of $95.33 and a 1-year high of $155.42. The stock’s 50-day moving average price is $112.29 and its 200 day moving average price is $127.32. The company has a market capitalization of $3.73 billion, a price-to-earnings ratio of 10.28 and a beta of 1.67. The company has a debt-to-equity ratio of 0.22, a current ratio of 3.34 and a quick ratio of 1.92.

Boise Cascade (NYSE:BCC) last posted its quarterly earnings results on Thursday, February 20th. The construction company reported $1.78 EPS for the quarter, missing the consensus estimate of $1.79 by ($0.01). Boise Cascade had a return on equity of 17.04% and a net margin of 5.60%. The business had revenue of $1.57 billion during the quarter, compared to analyst estimates of $1.57 billion. On average, research analysts anticipate that Boise Cascade will post 10.15 EPS for the current year.

Boise Cascade Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Monday, February 24th were issued a dividend of $0.21 per share. The ex-dividend date of this dividend was Monday, February 24th. This represents a $0.84 annualized dividend and a yield of 0.85%. Boise Cascade’s dividend payout ratio (DPR) is 8.79%.

Insiders Place Their Bets

In related news, COO Jeffrey Robert Strom sold 4,500 shares of the company’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 transaction, the chief operating officer now directly owns 38,026 shares in the company, valued at approximately $3,810,585.46. This represents a 10.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Kristopher J. Matula sold 553 shares of the firm’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $103.16, for a total value of $57,047.48. Following the sale, the director now directly owns 13,099 shares of the company’s stock, valued at approximately $1,351,292.84. This trade represents a 4.05 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.98% of the company’s stock.

Institutional Investors Weigh In On Boise Cascade

A number of hedge funds have recently bought and sold shares of the stock. Westwood Holdings Group Inc. increased its stake in shares of Boise Cascade by 3.9% during the fourth quarter. Westwood Holdings Group Inc. now owns 1,192,621 shares of the construction company’s stock worth $141,755,000 after buying an additional 45,010 shares during the period. American Century Companies Inc. raised its holdings in shares of Boise Cascade by 12.0% in the 4th quarter. American Century Companies Inc. now owns 1,134,364 shares of the construction company’s stock valued at $134,831,000 after purchasing an additional 121,790 shares in the last quarter. First Trust Advisors LP lifted its position in shares of Boise Cascade by 37.9% during the 4th quarter. First Trust Advisors LP now owns 712,527 shares of the construction company’s stock worth $84,691,000 after purchasing an additional 195,773 shares during the last quarter. Northern Trust Corp grew its stake in shares of Boise Cascade by 17.8% during the fourth quarter. Northern Trust Corp now owns 483,165 shares of the construction company’s stock worth $57,429,000 after purchasing an additional 73,061 shares in the last quarter. Finally, Norges Bank purchased a new position in Boise Cascade in the fourth quarter valued at $55,680,000. Institutional investors and hedge funds own 96.18% of the company’s stock.

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.