Boise Cascade (NYSE:BCC) Sees Large Growth in Short Interest

Boise Cascade (NYSE:BCC) was the target of a large growth in short interest in March. As of March 15th, there was short interest totalling 1,370,000 shares, a growth of 11.4% from the February 29th total of 1,230,000 shares. Based on an average trading volume of 284,100 shares, the days-to-cover ratio is currently 4.8 days. Currently, 3.5% of the company’s stock are sold short.

Boise Cascade Stock Down 0.2 %

Shares of Boise Cascade stock traded down $0.28 during trading on Monday, reaching $153.09. The company had a trading volume of 262,835 shares, compared to its average volume of 292,052. The company has a market cap of $6.06 billion, a price-to-earnings ratio of 12.65 and a beta of 1.60. The firm’s fifty day moving average is $136.86 and its 200-day moving average is $119.85. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.26 and a current ratio of 3.46. Boise Cascade has a fifty-two week low of $59.90 and a fifty-two week high of $154.67.

Boise Cascade (NYSE:BCC) last issued its earnings results on Wednesday, February 21st. The construction company reported $2.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.45 by ($0.01). The company had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.64 billion. Boise Cascade had a net margin of 7.07% and a return on equity of 21.94%. The business’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same quarter last year, the company posted $2.95 EPS. On average, analysts anticipate that Boise Cascade will post 11.58 EPS for the current year.

Boise Cascade Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, February 23rd were paid a $0.20 dividend. The ex-dividend date was Thursday, February 22nd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.52%. Boise Cascade’s dividend payout ratio (DPR) is presently 6.60%.

Wall Street Analyst Weigh In

BCC has been the topic of a number of recent analyst reports. Truist Financial boosted their price objective on shares of Boise Cascade from $156.00 to $175.00 and gave the stock a “buy” rating in a report on Thursday, March 21st. StockNews.com lowered shares of Boise Cascade from a “buy” rating to a “hold” rating in a report on Friday, February 23rd. Finally, The Goldman Sachs Group boosted their price objective on shares of Boise Cascade from $114.00 to $129.00 and gave the stock a “neutral” rating in a report on Thursday, January 11th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, Boise Cascade currently has an average rating of “Hold” and an average price target of $125.00.

Insider Activity at Boise Cascade

In related news, EVP Dean Michael Brown sold 11,117 shares of Boise Cascade stock in a transaction on Monday, March 4th. The shares were sold at an average price of $139.09, for a total transaction of $1,546,263.53. Following the transaction, the executive vice president now owns 40,237 shares in the company, valued at approximately $5,596,564.33. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.05% of the company’s stock.

Institutional Investors Weigh In On Boise Cascade

A number of institutional investors have recently modified their holdings of the stock. BlackRock Inc. raised its stake in shares of Boise Cascade by 3.0% in the 1st quarter. BlackRock Inc. now owns 6,609,770 shares of the construction company’s stock valued at $459,180,000 after purchasing an additional 191,595 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Boise Cascade by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 4,709,276 shares of the construction company’s stock valued at $609,192,000 after buying an additional 35,963 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Boise Cascade by 1.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,801,903 shares of the construction company’s stock valued at $362,456,000 after buying an additional 28,952 shares during the last quarter. Macquarie Group Ltd. grew its position in shares of Boise Cascade by 2.1% during the 1st quarter. Macquarie Group Ltd. now owns 2,124,951 shares of the construction company’s stock valued at $134,403,000 after buying an additional 43,014 shares during the last quarter. Finally, Acadian Asset Management LLC grew its position in shares of Boise Cascade by 13.8% during the 3rd quarter. Acadian Asset Management LLC now owns 1,473,620 shares of the construction company’s stock valued at $151,820,000 after buying an additional 178,439 shares during the last quarter. Institutional investors and hedge funds own 96.18% of the company’s stock.

About Boise Cascade

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.