Boise Cascade (NYSE:BCC) Short Interest Update

Boise Cascade (NYSE:BCC) was the target of a significant growth in short interest in August. As of August 31st, there was short interest totalling 1,410,000 shares, a growth of 19.5% from the August 15th total of 1,180,000 shares. Based on an average daily trading volume, of 317,200 shares, the days-to-cover ratio is currently 4.4 days. Currently, 3.7% of the shares of the stock are short sold.

Institutional Investors Weigh In On Boise Cascade

Hedge funds have recently bought and sold shares of the business. Principal Securities Inc. purchased a new stake in Boise Cascade in the 4th quarter worth approximately $27,000. Massachusetts Financial Services Co. MA boosted its position in Boise Cascade by 30.7% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 33,989 shares of the construction company’s stock valued at $4,397,000 after purchasing an additional 7,992 shares during the last quarter. Vanguard Personalized Indexing Management LLC grew its stake in Boise Cascade by 16.1% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 4,855 shares of the construction company’s stock valued at $628,000 after purchasing an additional 674 shares in the last quarter. Quadrant Capital Group LLC increased its position in Boise Cascade by 38.7% in the 4th quarter. Quadrant Capital Group LLC now owns 763 shares of the construction company’s stock worth $99,000 after purchasing an additional 213 shares during the last quarter. Finally, Great Lakes Advisors LLC raised its stake in shares of Boise Cascade by 5.0% during the 4th quarter. Great Lakes Advisors LLC now owns 3,643 shares of the construction company’s stock worth $471,000 after purchasing an additional 175 shares in the last quarter. 96.18% of the stock is owned by hedge funds and other institutional investors.

Boise Cascade Trading Up 0.4 %

Shares of Boise Cascade stock traded up $0.48 during trading on Tuesday, hitting $135.29. The stock had a trading volume of 265,917 shares, compared to its average volume of 305,430. Boise Cascade has a 1 year low of $87.32 and a 1 year high of $154.67. The stock has a 50 day simple moving average of $129.92 and a 200 day simple moving average of $133.31. The company has a quick ratio of 2.08, a current ratio of 3.28 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $5.34 billion, a PE ratio of 11.09 and a beta of 1.52.

Boise Cascade (NYSE:BCC) last posted its quarterly earnings data on Monday, August 5th. The construction company reported $2.84 earnings per share for the quarter, topping the consensus estimate of $2.68 by $0.16. The firm had revenue of $1.80 billion for the quarter, compared to analysts’ expectations of $1.77 billion. Boise Cascade had a net margin of 6.60% and a return on equity of 20.17%. The company’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same period in the previous year, the company posted $3.67 EPS. On average, research analysts expect that Boise Cascade will post 9.76 EPS for the current fiscal year.

Boise Cascade Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, September 3rd were given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 0.62%. This is a positive change from Boise Cascade’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Tuesday, September 3rd. Boise Cascade’s payout ratio is presently 6.83%.

Wall Street Analysts Forecast Growth

BCC has been the topic of several recent research reports. The Goldman Sachs Group lowered their price objective on shares of Boise Cascade from $140.00 to $122.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. StockNews.com lowered shares of Boise Cascade from a “buy” rating to a “hold” rating in a research report on Tuesday, August 6th. Bank of America increased their price objective on Boise Cascade from $120.00 to $124.00 and gave the company an “underperform” rating in a research report on Thursday, September 12th. Finally, Truist Financial reissued a “buy” rating and set a $154.00 price objective (down from $159.00) on shares of Boise Cascade in a research note on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $128.00.

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.