Boise Cascade (NYSE:BCC) Sees Significant Increase in Short Interest

Boise Cascade (NYSE:BCC) saw a large increase in short interest in April. As of April 15th, there was short interest totalling 1,230,000 shares, an increase of 6.0% from the March 31st total of 1,160,000 shares. Approximately 3.1% of the shares of the company are short sold. Based on an average trading volume of 310,200 shares, the days-to-cover ratio is currently 4.0 days.

Insider Activity

In related news, EVP Dean Michael Brown sold 11,117 shares of the firm’s stock in a transaction on Monday, March 4th. The stock was 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 directly owns 40,237 shares in the company, valued at $5,596,564.33. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.98% of the company’s stock.

Hedge Funds Weigh In On Boise Cascade

Several institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings 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 acquiring an additional 35,963 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Boise Cascade by 1.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,801,903 shares of the construction company’s stock valued at $362,456,000 after purchasing an additional 28,952 shares in the last quarter. Acadian Asset Management LLC increased its position in Boise Cascade by 13.8% in the 3rd quarter. Acadian Asset Management LLC now owns 1,473,620 shares of the construction company’s stock worth $151,820,000 after purchasing an additional 178,439 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Boise Cascade by 45.0% during the 3rd quarter. Wellington Management Group LLP now owns 1,349,170 shares of the construction company’s stock worth $139,018,000 after purchasing an additional 418,891 shares in the last quarter. Finally, Pacer Advisors Inc. grew its stake in shares of Boise Cascade by 59.7% in the 4th quarter. Pacer Advisors Inc. now owns 1,096,986 shares of the construction company’s stock valued at $141,906,000 after buying an additional 409,906 shares in the last quarter. Hedge funds and other institutional investors own 96.18% of the company’s stock.

Boise Cascade Price Performance

Shares of NYSE:BCC traded down $0.68 during trading hours on Thursday, hitting $131.33. 28,044 shares of the company’s stock traded hands, compared to its average volume of 292,875. The company’s fifty day simple moving average is $139.91 and its two-hundred day simple moving average is $126.62. The company has a market cap of $5.20 billion, a price-to-earnings ratio of 10.89 and a beta of 1.64. 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 52 week low of $66.82 and a 52 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 for the quarter, missing analysts’ consensus estimates of $2.45 by ($0.01). Boise Cascade had a return on equity of 21.94% and a net margin of 7.07%. The business had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.64 billion. During the same quarter in the previous year, the business posted $2.95 earnings per share. The company’s quarterly revenue was up 1.0% on a year-over-year basis. As a group, equities analysts anticipate that Boise Cascade will post 11.44 EPS for the current fiscal year.

Boise Cascade Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, February 23rd were issued a dividend of $0.20 per share. The ex-dividend date was Thursday, February 22nd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.61%. Boise Cascade’s dividend payout ratio is 6.60%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on BCC. Truist Financial raised their price target on Boise Cascade from $156.00 to $175.00 and gave the stock a “buy” rating in a report on Thursday, March 21st. The Goldman Sachs Group increased 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. Finally, StockNews.com cut shares of Boise Cascade from a “buy” rating to a “hold” rating in a research report on Friday, February 23rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, Boise Cascade has an average rating of “Hold” and a consensus price target of $125.00.

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.