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

Boise Cascade (NYSE:BCC) was the target of a large decrease in short interest in June. As of June 15th, there was short interest totalling 1,040,000 shares, a decrease of 33.8% from the May 31st total of 1,570,000 shares. Based on an average trading volume of 320,400 shares, the short-interest ratio is presently 3.2 days. Approximately 2.7% of the shares of the company are short sold.

Boise Cascade Stock Down 2.5 %

BCC stock traded down $2.94 during mid-day trading on Monday, reaching $116.28. The company had a trading volume of 112,265 shares, compared to its average volume of 310,938. The company has a debt-to-equity ratio of 0.21, a current ratio of 3.24 and a quick ratio of 2.05. The stock has a 50 day simple moving average of $132.32 and a two-hundred day simple moving average of $134.62. The company has a market capitalization of $4.59 billion, a price-to-earnings ratio of 9.69 and a beta of 1.50. Boise Cascade has a 52 week low of $87.32 and a 52 week high of $154.67.

Boise Cascade (NYSE:BCC) last released its quarterly earnings data on Monday, May 6th. The construction company reported $2.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.30 by $0.31. The company had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.56 billion. Boise Cascade had a return on equity of 22.00% and a net margin of 7.08%. The business’s revenue was up 6.5% on a year-over-year basis. During the same period last year, the firm posted $2.43 earnings per share. As a group, equities analysts predict that Boise Cascade will post 10.84 earnings per share for the current fiscal year.

Boise Cascade Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Monday, June 3rd were given a dividend of $0.20 per share. The ex-dividend date was Monday, June 3rd. This represents a $0.80 dividend on an annualized basis and a yield of 0.69%. Boise Cascade’s dividend payout ratio is currently 6.50%.

Analysts Set New Price Targets

Several research firms recently weighed in on BCC. StockNews.com upgraded Boise Cascade from a “hold” rating to a “buy” rating in a report on Tuesday, May 7th. Truist Financial upped their price target on Boise Cascade from $156.00 to $175.00 and gave the company a “buy” rating in a research report on Thursday, March 21st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Boise Cascade currently has a consensus rating of “Hold” and a consensus price target of $131.75.

Insider Activity at Boise Cascade

In related news, SVP Jill Twedt sold 1,852 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $135.00, for a total transaction of $250,020.00. Following the sale, the senior vice president now directly owns 37,437 shares of the company’s stock, valued at approximately $5,053,995. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Boise Cascade news, SVP Jill Twedt sold 1,852 shares of the stock in a transaction on Monday, May 13th. The stock was sold at an average price of $135.00, for a total value of $250,020.00. Following the sale, the senior vice president now directly owns 37,437 shares of the company’s stock, valued at $5,053,995. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Jeffrey Robert Strom sold 2,500 shares of the stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $135.00, for a total value of $337,500.00. Following the completion of the sale, the executive vice president now directly owns 43,353 shares in the company, valued at $5,852,655. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 4,352 shares of company stock valued at $587,520. Corporate insiders own 1.05% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of BCC. Vanguard Group Inc. lifted its stake in shares of Boise Cascade by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 4,709,276 shares of the construction company’s stock valued at $609,192,000 after purchasing an additional 35,963 shares during the period. Dimensional Fund Advisors LP grew its holdings in Boise Cascade by 1.0% during 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 during the period. Wellington Management Group LLP lifted its position in shares of Boise Cascade by 45.0% during the third quarter. Wellington Management Group LLP now owns 1,349,170 shares of the construction company’s stock worth $139,018,000 after acquiring an additional 418,891 shares in the last quarter. Pacer Advisors Inc. lifted its position in shares of Boise Cascade by 59.7% during the fourth quarter. Pacer Advisors Inc. now owns 1,096,986 shares of the construction company’s stock worth $141,906,000 after acquiring an additional 409,906 shares in the last quarter. Finally, American Century Companies Inc. lifted its position in shares of Boise Cascade by 14.2% during the third quarter. American Century Companies Inc. now owns 701,301 shares of the construction company’s stock worth $72,262,000 after acquiring an additional 87,411 shares in the last quarter. 96.18% of the stock is owned by institutional investors and hedge funds.

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.