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

Boise Cascade (NYSE:BCC) saw a large growth in short interest in December. As of December 31st, there was short interest totalling 1,150,000 shares, a growth of 19.5% from the December 15th total of 962,300 shares. Based on an average trading volume of 269,000 shares, the short-interest ratio is presently 4.3 days. Currently, 3.0% of the company’s stock are sold short.

Analysts Set New Price Targets

A number of research firms have weighed in on BCC. Loop Capital started coverage on Boise Cascade in a research note on Friday, November 1st. They issued a “buy” rating and a $155.00 price target for the company. BMO Capital Markets raised their target price on shares of Boise Cascade from $130.00 to $136.00 and gave the company a “market perform” rating in a research note on Tuesday, October 22nd. The Goldman Sachs Group dropped their price target 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. StockNews.com downgraded shares of Boise Cascade from a “buy” rating to a “hold” rating in a research report on Wednesday, November 6th. Finally, Truist Financial dropped their target price on shares of Boise Cascade from $161.00 to $157.00 and set a “buy” rating on the stock in a report on Monday, January 6th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Boise Cascade currently has a consensus rating of “Hold” and an average price target of $139.60.

Institutional Trading of Boise Cascade

A number of institutional investors have recently modified their holdings of BCC. Retireful LLC acquired a new position in Boise Cascade in the fourth quarter valued at about $289,000. Burney Co. raised its position in shares of Boise Cascade by 14.1% in the 4th quarter. Burney Co. now owns 7,488 shares of the construction company’s stock valued at $890,000 after buying an additional 927 shares in the last quarter. Fulcrum Capital LLC acquired a new stake in shares of Boise Cascade during the 4th quarter worth approximately $1,092,000. Oliver Luxxe Assets LLC boosted its position in shares of Boise Cascade by 5.4% during the 4th quarter. Oliver Luxxe Assets LLC now owns 41,071 shares of the construction company’s stock worth $4,882,000 after acquiring an additional 2,097 shares in the last quarter. Finally, Nordea Investment Management AB increased its stake in Boise Cascade by 5.0% in the fourth quarter. Nordea Investment Management AB now owns 120,816 shares of the construction company’s stock valued at $14,454,000 after acquiring an additional 5,779 shares during the last quarter. 96.18% of the stock is currently owned by institutional investors.

Boise Cascade Stock Performance

Shares of BCC traded down $0.21 during trading hours on Friday, hitting $128.25. The company had a trading volume of 486,114 shares, compared to its average volume of 306,713. The business has a fifty day moving average of $133.00 and a 200-day moving average of $133.16. The company has a quick ratio of 1.90, a current ratio of 3.13 and a debt-to-equity ratio of 0.22. The firm has a market cap of $4.93 billion, a price-to-earnings ratio of 12.55 and a beta of 1.58. Boise Cascade has a 12 month low of $113.38 and a 12 month high of $155.42.

Boise Cascade (NYSE:BCC) last released its quarterly earnings results on Monday, November 4th. The construction company reported $2.33 earnings per share for the quarter, missing the consensus estimate of $2.37 by ($0.04). Boise Cascade had a net margin of 5.95% and a return on equity of 18.24%. The company had revenue of $1.71 billion during the quarter, compared to the consensus estimate of $1.72 billion. During the same period in the prior year, the company earned $3.58 earnings per share. The firm’s revenue was down 6.6% compared to the same quarter last year. Equities analysts anticipate that Boise Cascade will post 9.6 EPS for the current fiscal year.

Boise Cascade Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Monday, December 2nd were issued a $0.21 dividend. The ex-dividend date was Monday, December 2nd. This represents a $0.84 annualized dividend and a yield of 0.65%. Boise Cascade’s dividend payout ratio is presently 8.22%.

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.