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

Boise Cascade (NYSE:BCC) was the recipient of a large growth in short interest in the month of August. As of August 31st, there was short interest totalling 1,410,000 shares, a growth of 19.5% from the August 15th total of 1,180,000 shares. Approximately 3.7% of the shares of the stock are sold short. Based on an average daily volume of 317,200 shares, the short-interest ratio is currently 4.4 days.

Boise Cascade Price Performance

Shares of BCC stock traded up $0.48 during trading hours on Tuesday, hitting $135.29. The stock had a trading volume of 265,917 shares, compared to its average volume of 305,430. The company has a debt-to-equity ratio of 0.21, a current ratio of 3.28 and a quick ratio of 2.08. The stock has a market capitalization of $5.34 billion, a price-to-earnings ratio of 11.09 and a beta of 1.52. Boise Cascade has a one year low of $87.32 and a one year high of $154.67. The stock’s 50-day moving average price is $129.92 and its two-hundred day moving average price is $133.31.

Boise Cascade (NYSE:BCC) last released its quarterly earnings data on Monday, August 5th. The construction company reported $2.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.68 by $0.16. The business had revenue of $1.80 billion for the quarter, compared to the consensus estimate of $1.77 billion. Boise Cascade had a return on equity of 20.17% and a net margin of 6.60%. The company’s revenue was down 1.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.67 EPS. Equities analysts forecast that Boise Cascade will post 9.76 EPS for the current year.

Boise Cascade Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, September 3rd were paid a dividend of $0.21 per share. This is an increase from Boise Cascade’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $0.84 dividend on an annualized basis and a yield of 0.62%. Boise Cascade’s dividend payout ratio is presently 6.83%.

Hedge Funds Weigh In On Boise Cascade

Institutional investors have recently bought and sold shares of the business. Measured Wealth Private Client Group LLC raised its position in shares of Boise Cascade by 1.8% during the 1st quarter. Measured Wealth Private Client Group LLC now owns 5,273 shares of the construction company’s stock valued at $809,000 after buying an additional 95 shares in the last quarter. SummerHaven Investment Management LLC lifted its stake in shares of Boise Cascade by 1.5% in the 2nd quarter. SummerHaven Investment Management LLC now owns 7,776 shares of the construction company’s stock valued at $927,000 after purchasing an additional 113 shares during the last quarter. Miller Howard Investments Inc. NY boosted its holdings in shares of Boise Cascade by 2.1% in the 2nd quarter. Miller Howard Investments Inc. NY now owns 5,892 shares of the construction company’s stock worth $702,000 after purchasing an additional 124 shares during the period. Bank of Montreal Can increased its position in shares of Boise Cascade by 1.9% during the 2nd quarter. Bank of Montreal Can now owns 7,456 shares of the construction company’s stock valued at $890,000 after purchasing an additional 137 shares during the last quarter. Finally, MorganRosel Wealth Management LLC raised its holdings in Boise Cascade by 1.8% during the 2nd quarter. MorganRosel Wealth Management LLC now owns 7,756 shares of the construction company’s stock valued at $925,000 after buying an additional 138 shares during the period. Institutional investors own 96.18% of the company’s stock.

Wall Street Analyst Weigh In

BCC has been the subject of several recent analyst reports. StockNews.com downgraded shares of Boise Cascade from a “buy” rating to a “hold” rating in a report on Tuesday, August 6th. Truist Financial reissued a “buy” rating and set a $154.00 target price (down previously from $159.00) on shares of Boise Cascade in a research note on Wednesday, August 7th. The Goldman Sachs Group dropped their price target on Boise Cascade from $140.00 to $122.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. Finally, Bank of America lifted their price objective on shares of Boise Cascade from $120.00 to $124.00 and gave the company an “underperform” rating in a research report on Thursday, September 12th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, Boise Cascade currently has an average rating of “Hold” and a consensus price target of $128.00.

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.