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

Boise Cascade (NYSE:BCC) was the recipient of a large decrease in short interest during the month of February. As of February 28th, there was short interest totalling 1,100,000 shares, a decrease of 22.5% from the February 13th total of 1,420,000 shares. Approximately 3.0% of the shares of the stock are short sold. Based on an average daily volume of 339,100 shares, the days-to-cover ratio is presently 3.2 days.

Analysts Set New Price Targets

BCC has been the subject of a number of research analyst reports. The Goldman Sachs Group lowered their price target on Boise Cascade from $145.00 to $126.00 and set a “neutral” rating for the company in a report on Tuesday, January 14th. DA Davidson decreased their target price on Boise Cascade from $155.00 to $125.00 and set a “buy” rating on the stock in a research note on Monday, February 24th. Truist Financial decreased their target price on Boise Cascade from $157.00 to $134.00 and set a “buy” rating on the stock in a research note on Monday, February 24th. BMO Capital Markets reduced their price target on Boise Cascade from $136.00 to $122.00 and set a “market perform” rating on the stock in a research report on Tuesday, February 25th. Finally, Benchmark reissued a “hold” rating on shares of Boise Cascade in a research report on Tuesday, February 25th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $128.50.

Boise Cascade Price Performance

BCC stock traded up $0.46 during midday trading on Monday, hitting $99.81. 274,956 shares of the stock were exchanged, compared to its average volume of 341,523. The stock’s 50-day moving average price is $116.54 and its 200-day moving average price is $129.27. The stock has a market cap of $3.79 billion, a price-to-earnings ratio of 10.47 and a beta of 1.67. Boise Cascade has a fifty-two week low of $95.33 and a fifty-two week high of $155.42. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.92 and a current ratio of 3.34.

Boise Cascade (NYSE:BCC) last released its quarterly earnings results on Thursday, February 20th. The construction company reported $1.78 earnings per share for the quarter, missing analysts’ consensus estimates of $1.79 by ($0.01). Boise Cascade had a return on equity of 17.04% and a net margin of 5.60%. The company had revenue of $1.57 billion during the quarter, compared to analyst estimates of $1.57 billion. Research analysts predict that Boise Cascade will post 10.15 earnings per share for the current year.

Boise Cascade Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Monday, February 24th will be given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.84%. The ex-dividend date of this dividend is Monday, February 24th. Boise Cascade’s dividend payout ratio is currently 8.79%.

Insider Activity at Boise Cascade

In other Boise Cascade news, COO Jeffrey Robert Strom sold 4,500 shares of the company’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $100.21, for a total value of $450,945.00. Following the completion of the sale, the chief operating officer now directly owns 38,026 shares in the company, valued at $3,810,585.46. This represents a 10.58 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kristopher J. Matula sold 553 shares of the company’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $103.16, for a total value of $57,047.48. Following the completion of the sale, the director now owns 13,099 shares of the company’s stock, valued at approximately $1,351,292.84. The trade was a 4.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.98% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Boise Cascade

A number of hedge funds and other institutional investors have recently made changes to their positions in BCC. Tidal Investments LLC grew its position in Boise Cascade by 341.9% during the third quarter. Tidal Investments LLC now owns 15,808 shares of the construction company’s stock valued at $2,229,000 after acquiring an additional 12,231 shares during the period. Charles Schwab Investment Management Inc. grew its position in Boise Cascade by 2.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 437,509 shares of the construction company’s stock valued at $61,680,000 after acquiring an additional 9,128 shares during the period. Fulcrum Capital LLC purchased a new stake in Boise Cascade during the fourth quarter valued at about $1,092,000. D.A. Davidson & CO. grew its position in Boise Cascade by 4.2% during the fourth quarter. D.A. Davidson & CO. now owns 3,267 shares of the construction company’s stock valued at $388,000 after acquiring an additional 133 shares during the period. Finally, Nordea Investment Management AB grew its position in Boise Cascade by 5.0% during the fourth quarter. Nordea Investment Management AB now owns 120,816 shares of the construction company’s stock valued at $14,454,000 after acquiring an additional 5,779 shares during the period. Hedge funds and other institutional investors own 96.18% of the company’s stock.

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.