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

Boise Cascade (NYSE:BCC) was the target of a significant increase in short interest during the month of December. As of December 31st, there was short interest totalling 1,150,000 shares, an increase of 19.5% from the December 15th total of 962,300 shares. Currently, 3.0% of the shares of the stock are sold short. Based on an average daily volume of 269,000 shares, the days-to-cover ratio is currently 4.3 days.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on BCC shares. Truist Financial cut their target price on shares of Boise Cascade from $161.00 to $157.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Loop Capital initiated coverage on Boise Cascade in a report on Friday, November 1st. They issued a “buy” rating and a $155.00 price objective for the company. StockNews.com cut Boise Cascade from a “buy” rating to a “hold” rating in a report on Wednesday, November 6th. The Goldman Sachs Group reduced their price target on shares of Boise Cascade from $145.00 to $126.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 14th. Finally, BMO Capital Markets boosted their price objective on shares of Boise Cascade from $130.00 to $136.00 and gave the stock a “market perform” rating in a report on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat, Boise Cascade currently has a consensus rating of “Hold” and an average price target of $139.60.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Westwood Holdings Group Inc. lifted its position in shares of Boise Cascade by 107.7% in the 2nd quarter. Westwood Holdings Group Inc. now owns 1,117,914 shares of the construction company’s stock worth $133,278,000 after purchasing an additional 579,759 shares during the period. Marshall Wace LLP lifted its holdings in Boise Cascade by 2,978.4% in the second quarter. Marshall Wace LLP now owns 191,047 shares of the construction company’s stock worth $22,777,000 after buying an additional 184,841 shares during the period. Skandinaviska Enskilda Banken AB publ boosted its position in Boise Cascade by 46.0% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 383,000 shares of the construction company’s stock valued at $45,661,000 after acquiring an additional 120,600 shares in the last quarter. Bank of Montreal Can grew its holdings in shares of Boise Cascade by 1,597.4% during the 3rd quarter. Bank of Montreal Can now owns 126,559 shares of the construction company’s stock worth $17,907,000 after acquiring an additional 119,103 shares during the period. Finally, FMR LLC raised its position in shares of Boise Cascade by 158.9% in the 3rd quarter. FMR LLC now owns 126,123 shares of the construction company’s stock worth $17,781,000 after acquiring an additional 77,401 shares in the last quarter. Institutional investors own 96.18% of the company’s stock.

Boise Cascade Trading Down 0.2 %

Shares of NYSE:BCC traded down $0.21 during trading on Friday, reaching $128.25. 486,114 shares of the company traded hands, compared to its average volume of 306,713. The company has a current ratio of 3.13, a quick ratio of 1.90 and a debt-to-equity ratio of 0.22. Boise Cascade has a 52-week low of $113.38 and a 52-week high of $155.42. The firm has a market capitalization of $4.93 billion, a price-to-earnings ratio of 12.55 and a beta of 1.58. The business’s fifty day moving average is $133.00 and its 200-day moving average is $133.16.

Boise Cascade (NYSE:BCC) last announced its quarterly earnings results on Monday, November 4th. The construction company reported $2.33 earnings per share for the quarter, missing the consensus estimate of $2.37 by ($0.04). Boise Cascade had a net margin of 5.95% and a return on equity of 18.24%. The firm had revenue of $1.71 billion for the quarter, compared to analysts’ expectations of $1.72 billion. During the same period in the previous year, the company earned $3.58 EPS. The company’s quarterly revenue was down 6.6% on a year-over-year basis. As a group, analysts forecast that Boise Cascade will post 9.6 EPS for the current year.

Boise Cascade Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 18th. Investors of record on Monday, December 2nd were paid a $0.21 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $0.84 annualized dividend and a dividend yield of 0.65%. Boise Cascade’s payout ratio is presently 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.