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

Boise Cascade (NYSE:BCC) saw a significant decrease in short interest in 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. Based on an average daily trading volume, of 339,100 shares, the short-interest ratio is presently 3.2 days. Approximately 3.0% of the company’s stock are short sold.

Insider Transactions at Boise Cascade

In related news, COO Jeffrey Robert Strom sold 4,500 shares of the business’s stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $100.21, for a total value of $450,945.00. Following the transaction, the chief operating officer now owns 38,026 shares in the company, valued at approximately $3,810,585.46. The trade was a 10.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Kristopher J. Matula sold 553 shares of the business’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $103.16, for a total value of $57,047.48. Following the completion of the transaction, the director now owns 13,099 shares in the company, valued at approximately $1,351,292.84. This trade represents a 4.05 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.98% of the company’s stock.

Hedge Funds Weigh In On Boise Cascade

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BCC. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Boise Cascade during the 4th quarter valued at $9,894,000. Mackenzie Financial Corp lifted its position in shares of Boise Cascade by 263.7% during the 4th quarter. Mackenzie Financial Corp now owns 19,142 shares of the construction company’s stock valued at $2,275,000 after acquiring an additional 13,879 shares during the last quarter. Public Employees Retirement System of Ohio lifted its holdings in shares of Boise Cascade by 3.0% in the fourth quarter. Public Employees Retirement System of Ohio now owns 50,833 shares of the construction company’s stock valued at $6,042,000 after purchasing an additional 1,471 shares in the last quarter. Vise Technologies Inc. lifted its holdings in shares of Boise Cascade by 3.4% in the fourth quarter. Vise Technologies Inc. now owns 3,021 shares of the construction company’s stock valued at $359,000 after purchasing an additional 100 shares in the last quarter. Finally, Voloridge Investment Management LLC lifted its holdings in shares of Boise Cascade by 80.9% in the fourth quarter. Voloridge Investment Management LLC now owns 15,702 shares of the construction company’s stock valued at $1,866,000 after purchasing an additional 7,021 shares in the last quarter. 96.18% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Truist Financial cut their price objective 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. Benchmark restated a “hold” rating on shares of Boise Cascade in a research note on Tuesday, February 25th. DA Davidson cut their price objective 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. Loop Capital cut their price objective on Boise Cascade from $145.00 to $140.00 and set a “buy” rating on the stock in a research note on Monday, February 24th. Finally, The Goldman Sachs Group cut their price objective on Boise Cascade from $145.00 to $126.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 14th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Boise Cascade currently has a consensus rating of “Hold” and an average target price of $128.50.

Boise Cascade Stock Performance

BCC stock traded up $0.46 on Monday, reaching $99.81. The company’s stock had a trading volume of 274,956 shares, compared to its average volume of 341,523. Boise Cascade has a 52 week low of $95.33 and a 52 week high of $155.42. The company has a market capitalization of $3.79 billion, a P/E ratio of 10.47 and a beta of 1.67. The firm has a fifty day moving average of $116.54 and a two-hundred day moving average of $129.27. The company has a debt-to-equity ratio of 0.22, a current ratio of 3.34 and a quick ratio of 1.92.

Boise Cascade (NYSE:BCC) last issued its quarterly earnings data on Thursday, February 20th. The construction company reported $1.78 earnings per share (EPS) 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 business had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.57 billion. As a group, analysts predict that Boise Cascade will post 10.15 EPS for the current fiscal year.

Boise Cascade Announces Dividend

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

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.