Short Interest in Boise Cascade (NYSE:BCC) Declines By 41.6%

Boise Cascade (NYSE:BCC) was the recipient of a large decrease in short interest in March. As of March 15th, there was short interest totalling 642,800 shares, a decrease of 41.6% from the February 28th total of 1,100,000 shares. Approximately 1.7% of the company’s stock are sold short. Based on an average trading volume of 390,300 shares, the short-interest ratio is currently 1.6 days.

Boise Cascade Stock Down 2.1 %

Shares of BCC opened at $98.28 on Monday. The stock has a fifty day simple moving average of $112.29 and a two-hundred day simple moving average of $127.39. 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 company has a market capitalization of $3.73 billion, a PE ratio of 10.28 and a beta of 1.67. Boise Cascade has a 52-week low of $95.33 and a 52-week high of $155.42.

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

Boise Cascade Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Monday, February 24th were issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.85%. The ex-dividend date of this dividend was Monday, February 24th. Boise Cascade’s dividend payout ratio (DPR) is currently 8.79%.

Insider Buying and Selling

In related news, Director Kristopher J. Matula sold 553 shares of the business’s stock in a transaction that occurred on 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 sale, the director now directly owns 13,099 shares in the company, valued at approximately $1,351,292.84. The trade was a 4.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Jeffrey Robert Strom sold 4,500 shares of the stock in a transaction that occurred 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 sale, the chief operating officer now owns 38,026 shares of the company’s stock, valued at approximately $3,810,585.46. The trade was a 10.58 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.98% of the company’s stock.

Institutional Investors Weigh In On Boise Cascade

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

Analysts Set New Price Targets

A number of brokerages have commented on BCC. Benchmark restated a “hold” rating on shares of Boise Cascade in a research report on Tuesday, February 25th. DA Davidson decreased 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. Truist Financial dropped 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. The Goldman Sachs Group cut their target price on shares of Boise Cascade from $145.00 to $126.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 14th. Finally, BMO Capital Markets cut their price target on Boise Cascade from $136.00 to $122.00 and set a “market perform” rating on the stock in a report on Tuesday, February 25th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $128.50.

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.