Short Interest in Boise Cascade (NYSE:BCC) Drops By 33.8%

Boise Cascade (NYSE:BCC) was the target of a significant decline in short interest in June. As of June 15th, there was short interest totalling 1,040,000 shares, a decline of 33.8% from the May 31st total of 1,570,000 shares. Based on an average daily volume of 320,400 shares, the short-interest ratio is currently 3.2 days. Currently, 2.7% of the shares of the stock are short sold.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. StockNews.com raised Boise Cascade from a “hold” rating to a “buy” rating in a research note on Tuesday, May 7th. Truist Financial boosted their target price on Boise Cascade from $156.00 to $175.00 and gave the stock a “buy” rating in a research note on Thursday, March 21st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $131.75.

Insider Transactions at Boise Cascade

In other Boise Cascade news, EVP Jeffrey Robert Strom sold 2,500 shares of the stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $135.00, for a total transaction of $337,500.00. Following the completion of the transaction, the executive vice president now owns 43,353 shares of the company’s stock, valued at $5,852,655. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Boise Cascade news, SVP Jill Twedt sold 1,852 shares of the company’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $135.00, for a total value of $250,020.00. Following the completion of the sale, the senior vice president now directly owns 37,437 shares in the company, valued at approximately $5,053,995. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Jeffrey Robert Strom sold 2,500 shares of Boise Cascade stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $135.00, for a total value of $337,500.00. Following the transaction, the executive vice president now owns 43,353 shares in the company, valued at approximately $5,852,655. The disclosure for this sale can be found here. Insiders sold 4,352 shares of company stock valued at $587,520 over the last 90 days. Corporate insiders own 0.98% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. USA Financial Formulas increased its position in Boise Cascade by 5,050.0% in the 4th quarter. USA Financial Formulas now owns 206 shares of the construction company’s stock valued at $27,000 after acquiring an additional 202 shares during the period. Principal Securities Inc. acquired a new stake in shares of Boise Cascade during the fourth quarter worth $27,000. Global Retirement Partners LLC grew its position in Boise Cascade by 1,147.1% in the 4th quarter. Global Retirement Partners LLC now owns 212 shares of the construction company’s stock valued at $28,000 after buying an additional 195 shares during the last quarter. Scarborough Advisors LLC acquired a new position in Boise Cascade in the 4th quarter valued at $36,000. Finally, Blue Trust Inc. raised its position in Boise Cascade by 58.1% during the 4th quarter. Blue Trust Inc. now owns 544 shares of the construction company’s stock worth $70,000 after buying an additional 200 shares during the last quarter. 96.18% of the stock is currently owned by institutional investors and hedge funds.

Boise Cascade Stock Performance

NYSE BCC traded up $0.65 during trading hours on Friday, hitting $119.22. The company had a trading volume of 1,196,231 shares, compared to its average volume of 305,614. The business has a 50 day moving average of $132.32 and a 200-day moving average of $134.30. The company has a market cap of $4.71 billion, a PE ratio of 9.69 and a beta of 1.57. Boise Cascade has a 1-year low of $86.43 and a 1-year high of $154.67. The company has a debt-to-equity ratio of 0.21, a quick ratio of 2.05 and a current ratio of 3.24.

Boise Cascade (NYSE:BCC) last announced its earnings results on Monday, May 6th. The construction company reported $2.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.30 by $0.31. The firm had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.56 billion. Boise Cascade had a return on equity of 22.00% and a net margin of 7.08%. The business’s revenue was up 6.5% on a year-over-year basis. During the same period in the prior year, the firm earned $2.43 EPS. As a group, equities research analysts expect that Boise Cascade will post 10.84 EPS for the current year.

Boise Cascade Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Monday, June 3rd were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.67%. The ex-dividend date of this dividend was Monday, June 3rd. Boise Cascade’s payout ratio is currently 6.50%.

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.