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

Boise Cascade (NYSE:BCC) saw a significant decline in short interest in February. As of February 28th, there was short interest totalling 1,100,000 shares, a decline of 22.5% from the February 13th total of 1,420,000 shares. Currently, 3.0% of the shares of the stock are short sold. Based on an average daily trading volume, of 339,100 shares, the short-interest ratio is currently 3.2 days.

Boise Cascade Stock Down 0.5 %

Shares of NYSE BCC traded down $0.55 during midday trading on Tuesday, hitting $99.46. The stock had a trading volume of 350,520 shares, compared to its average volume of 302,793. Boise Cascade has a 52 week low of $95.33 and a 52 week high of $155.42. The company has a quick ratio of 1.92, a current ratio of 3.34 and a debt-to-equity ratio of 0.22. The business’s 50 day moving average is $115.76 and its 200-day moving average is $128.78. The company has a market cap of $3.77 billion, a P/E ratio of 10.40 and a beta of 1.67.

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

Boise Cascade Dividend Announcement

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

Analysts Set New Price Targets

A number of research analysts have issued reports on BCC shares. Truist Financial reduced their price objective on Boise Cascade from $157.00 to $134.00 and set a “buy” rating for the company in a research note on Monday, February 24th. Loop Capital reduced their target price on Boise Cascade from $145.00 to $140.00 and set a “buy” rating for the company in a report on Monday, February 24th. DA Davidson reduced their target price on Boise Cascade from $155.00 to $125.00 and set a “buy” rating for the company in a research report on Monday, February 24th. The Goldman Sachs Group cut their price objective on Boise Cascade from $145.00 to $126.00 and set a “neutral” rating for the company in a report on Tuesday, January 14th. Finally, Benchmark reaffirmed a “hold” rating on shares of Boise Cascade in a research note on Tuesday, February 25th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Boise Cascade currently has an average rating of “Hold” and a consensus price target of $128.50.

Insider Activity

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

Institutional Investors Weigh In On Boise Cascade

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BCC. Crossmark Global Holdings Inc. grew its holdings in shares of Boise Cascade by 13.9% in the third quarter. Crossmark Global Holdings Inc. now owns 3,122 shares of the construction company’s stock valued at $440,000 after purchasing an additional 381 shares in the last quarter. KBC Group NV raised its position in Boise Cascade by 19.0% during the 3rd quarter. KBC Group NV now owns 1,226 shares of the construction company’s stock valued at $173,000 after purchasing an additional 196 shares in the last quarter. Chesapeake Capital Corp IL grew its position in shares of Boise Cascade by 27.9% during the 3rd quarter. Chesapeake Capital Corp IL now owns 3,948 shares of the construction company’s stock worth $559,000 after buying an additional 862 shares in the last quarter. Quest Partners LLC increased its stake in shares of Boise Cascade by 2,173.7% during the third quarter. Quest Partners LLC now owns 7,253 shares of the construction company’s stock valued at $1,023,000 after buying an additional 6,934 shares during the period. Finally, Meeder Asset Management Inc. lifted its stake in Boise Cascade by 55.8% in the third quarter. Meeder Asset Management Inc. now owns 27,791 shares of the construction company’s stock worth $3,918,000 after acquiring an additional 9,958 shares during the period. 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.