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

Boise Cascade (NYSE:BCC) was the recipient of a significant decrease in short interest during the month of 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 daily trading volume, of 320,400 shares, the days-to-cover ratio is currently 3.2 days. Approximately 2.7% of the company’s shares are sold short.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. StockNews.com upgraded Boise Cascade from a “hold” rating to a “buy” rating in a report on Tuesday, May 7th. Truist Financial increased their price objective on Boise Cascade from $156.00 to $175.00 and gave the company a “buy” rating in a report on Thursday, March 21st. One equities 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. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $131.75.

Boise Cascade Stock Down 2.5 %

Shares of BCC traded down $2.94 during midday trading on Monday, hitting $116.28. 112,265 shares of the company’s stock traded hands, compared to its average volume of 310,938. Boise Cascade has a 1 year low of $87.32 and a 1 year high of $154.67. The firm’s fifty day moving average is $132.32 and its 200-day moving average is $134.62. The company has a current ratio of 3.24, a quick ratio of 2.05 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $4.59 billion, a price-to-earnings ratio of 9.69 and a beta of 1.50.

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

Boise Cascade Announces Dividend

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

Insider Activity

In related news, EVP Jeffrey Robert Strom sold 2,500 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now owns 43,353 shares of the company’s stock, valued at $5,852,655. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Boise Cascade news, SVP Jill Twedt sold 1,852 shares of the company’s stock in a transaction 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 completion of the sale, the senior vice president now owns 37,437 shares in the company, valued at $5,053,995. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Jeffrey Robert Strom sold 2,500 shares of the company’s 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 sale, the executive vice president now owns 43,353 shares of the company’s stock, valued at approximately $5,852,655. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 4,352 shares of company stock valued at $587,520. 1.05% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Boise Cascade

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in shares of Boise Cascade during the 4th quarter valued at about $60,383,000. Wellington Management Group LLP grew its position in shares of Boise Cascade by 45.0% during the 3rd quarter. Wellington Management Group LLP now owns 1,349,170 shares of the construction company’s stock valued at $139,018,000 after acquiring an additional 418,891 shares during the period. Pacer Advisors Inc. grew its position in shares of Boise Cascade by 59.7% during the 4th quarter. Pacer Advisors Inc. now owns 1,096,986 shares of the construction company’s stock valued at $141,906,000 after acquiring an additional 409,906 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Boise Cascade by 293.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 236,980 shares of the construction company’s stock valued at $36,346,000 after acquiring an additional 176,738 shares during the period. Finally, LSV Asset Management grew its position in shares of Boise Cascade by 55.0% during the 4th quarter. LSV Asset Management now owns 446,057 shares of the construction company’s stock valued at $57,702,000 after acquiring an additional 158,363 shares during the period. 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.