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

Boise Cascade (NYSE:BCC) saw a large decline in short interest in the month of September. As of September 30th, there was short interest totalling 1,140,000 shares, a decline of 8.1% from the September 15th total of 1,240,000 shares. Approximately 3.0% of the company’s stock are sold short. Based on an average trading volume of 322,800 shares, the short-interest ratio is presently 3.5 days.

Boise Cascade Stock Down 3.3 %

NYSE:BCC traded down $4.80 on Thursday, hitting $142.20. The stock had a trading volume of 165,182 shares, compared to its average volume of 312,172. Boise Cascade has a 1 year low of $87.32 and a 1 year high of $154.67. The firm’s fifty day simple moving average is $134.33 and its two-hundred day simple moving average is $133.67. The company has a debt-to-equity ratio of 0.21, a quick ratio of 2.08 and a current ratio of 3.28. The stock has a market cap of $5.61 billion, a P/E ratio of 11.56 and a beta of 1.52.

Boise Cascade (NYSE:BCC) last announced its earnings results on Monday, August 5th. The construction company reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.68 by $0.16. The firm had revenue of $1.80 billion during the quarter, compared to analyst estimates of $1.77 billion. Boise Cascade had a return on equity of 20.17% and a net margin of 6.60%. The business’s revenue was down 1.0% compared to the same quarter last year. During the same period last year, the firm posted $3.67 EPS. Analysts predict that Boise Cascade will post 9.71 earnings per share for the current year.

Boise Cascade Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd were given a $0.21 dividend. This is an increase from Boise Cascade’s previous quarterly dividend of $0.20. This represents a $0.84 dividend on an annualized basis and a yield of 0.59%. The ex-dividend date was Tuesday, September 3rd. Boise Cascade’s dividend payout ratio (DPR) is currently 6.83%.

Institutional Investors Weigh In On Boise Cascade

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Westwood Holdings Group Inc. grew its position in Boise Cascade by 107.7% during the second quarter. Westwood Holdings Group Inc. now owns 1,117,914 shares of the construction company’s stock worth $133,278,000 after buying an additional 579,759 shares in the last quarter. Marshall Wace LLP grew its position 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 acquiring an additional 184,841 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in Boise Cascade by 293.4% in the first 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 last quarter. Skandinaviska Enskilda Banken AB publ lifted its stake in Boise Cascade by 46.0% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 383,000 shares of the construction company’s stock worth $45,661,000 after purchasing an additional 120,600 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S increased its position in shares of Boise Cascade by 76.4% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 88,132 shares of the construction company’s stock valued at $13,517,000 after purchasing an additional 38,173 shares during the last quarter. 96.18% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently commented on BCC shares. Truist Financial boosted their target price on Boise Cascade from $154.00 to $161.00 and gave the company a “buy” rating in a research report on Tuesday. StockNews.com upgraded shares of Boise Cascade from a “hold” rating to a “buy” rating in a research note on Tuesday, October 8th. The Goldman Sachs Group dropped their price objective on shares of Boise Cascade from $140.00 to $122.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. Finally, Bank of America boosted their target price on shares of Boise Cascade from $120.00 to $124.00 and gave the stock an “underperform” rating in a research report on Thursday, September 12th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $129.75.

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.