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

Boise Cascade (NYSE:BCC) was the recipient of a significant increase in short interest in November. As of November 30th, there was short interest totalling 1,040,000 shares, an increase of 5.2% from the November 15th total of 988,400 shares. Based on an average daily trading volume, of 288,700 shares, the short-interest ratio is currently 3.6 days. Approximately 2.7% of the company’s stock are sold short.

Wall Street Analyst Weigh In

BCC has been the topic of a number of recent analyst reports. StockNews.com downgraded shares of Boise Cascade from a “buy” rating to a “hold” rating in a report on Wednesday, November 6th. Truist Financial boosted their target price on shares of Boise Cascade from $154.00 to $161.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. Bank of America raised their price target on Boise Cascade from $120.00 to $124.00 and gave the stock an “underperform” rating in a research note on Thursday, September 12th. Loop Capital initiated coverage on Boise Cascade in a report on Friday, November 1st. They issued a “buy” rating and a $155.00 target price on the stock. Finally, BMO Capital Markets boosted their price target on Boise Cascade from $130.00 to $136.00 and gave the company a “market perform” rating in a research note on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, Boise Cascade currently has an average rating of “Hold” and an average target price of $139.60.

Boise Cascade Trading Down 2.4 %

Shares of NYSE:BCC opened at $133.04 on Wednesday. The stock has a 50 day moving average of $141.04 and a 200 day moving average of $133.87. The company has a market cap of $5.11 billion, a PE ratio of 13.02 and a beta of 1.53. Boise Cascade has a 12-month low of $113.89 and a 12-month high of $155.42. The company has a current ratio of 3.13, a quick ratio of 1.90 and a debt-to-equity ratio of 0.22.

Boise Cascade (NYSE:BCC) last posted its quarterly earnings results on Monday, November 4th. The construction company reported $2.33 earnings per share for the quarter, missing analysts’ consensus estimates of $2.37 by ($0.04). The firm had revenue of $1.71 billion during the quarter, compared to the consensus estimate of $1.72 billion. Boise Cascade had a return on equity of 18.24% and a net margin of 5.95%. The business’s revenue for the quarter was down 6.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.58 earnings per share. As a group, equities research analysts expect that Boise Cascade will post 9.57 EPS for the current year.

Boise Cascade Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Monday, December 2nd will be paid a $0.21 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.84 dividend on an annualized basis and a yield of 0.63%. Boise Cascade’s payout ratio is presently 8.22%.

Institutional Investors Weigh In On Boise Cascade

A number of institutional investors and hedge funds have recently bought and sold shares of BCC. Tidal Investments LLC grew its position in shares of Boise Cascade by 341.9% during the third quarter. Tidal Investments LLC now owns 15,808 shares of the construction company’s stock worth $2,229,000 after purchasing an additional 12,231 shares in the last quarter. Algert Global LLC boosted its stake in Boise Cascade by 8.3% in the 2nd quarter. Algert Global LLC now owns 79,277 shares of the construction company’s stock worth $9,451,000 after purchasing an additional 6,059 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Boise Cascade by 2.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 437,509 shares of the construction company’s stock valued at $61,680,000 after buying an additional 9,128 shares in the last quarter. Seven Eight Capital LP grew its holdings in Boise Cascade by 31.6% during the 2nd quarter. Seven Eight Capital LP now owns 17,896 shares of the construction company’s stock valued at $2,134,000 after buying an additional 4,300 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in shares of Boise Cascade by 56.8% during the third quarter. Allspring Global Investments Holdings LLC now owns 89,163 shares of the construction company’s stock valued at $12,570,000 after buying an additional 32,303 shares during the last quarter. 96.18% of the stock is owned by institutional investors.

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.