Boise Cascade (NYSE:BCC) Sees Large Drop in Short Interest

Boise Cascade (NYSE:BCC) was the target of a significant drop in short interest in the month of February. As of February 28th, there was short interest totalling 1,100,000 shares, a drop of 22.5% from the February 13th total of 1,420,000 shares. Currently, 3.0% of the company’s shares are short sold. Based on an average daily volume of 339,100 shares, the short-interest ratio is presently 3.2 days.

Boise Cascade Stock Performance

Shares of NYSE:BCC traded up $0.67 during trading on Wednesday, hitting $100.01. The stock had a trading volume of 23,987 shares, compared to its average volume of 301,661. Boise Cascade has a 12-month low of $95.33 and a 12-month high of $155.42. The stock has a market capitalization of $3.79 billion, a price-to-earnings ratio of 10.47 and a beta of 1.67. 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 stock has a 50-day simple moving average of $115.76 and a two-hundred day simple moving average of $128.78.

Boise Cascade (NYSE:BCC) last announced its quarterly earnings results on Thursday, February 20th. The construction company reported $1.78 earnings per share for the quarter, missing the consensus estimate of $1.79 by ($0.01). The company had revenue of $1.57 billion for the quarter, compared to analysts’ expectations of $1.57 billion. Boise Cascade had a net margin of 5.60% and a return on equity of 17.04%. On average, equities research analysts expect that Boise Cascade will post 10.15 earnings per share for the current fiscal year.

Boise Cascade Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Monday, February 24th will be given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 0.84%. The ex-dividend date is Monday, February 24th. Boise Cascade’s dividend payout ratio is currently 8.79%.

Insiders Place Their Bets

In other Boise Cascade news, COO Jeffrey Robert Strom sold 4,500 shares of the stock in a transaction on Wednesday, March 5th. The stock was 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 in the company, valued at $3,810,585.46. This trade represents a 10.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kristopher J. Matula sold 553 shares of the stock in a transaction 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 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 disclosure for this sale can be found here. Insiders own 0.98% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. R Squared Ltd acquired a new stake in Boise Cascade in the fourth quarter valued at approximately $29,000. Quarry LP grew its holdings in Boise Cascade by 502.4% in the fourth quarter. Quarry LP now owns 253 shares of the construction company’s stock valued at $30,000 after purchasing an additional 211 shares during the period. Larson Financial Group LLC grew its holdings in Boise Cascade by 23.9% in the third quarter. Larson Financial Group LLC now owns 378 shares of the construction company’s stock valued at $53,000 after purchasing an additional 73 shares during the period. Principal Securities Inc. grew its holdings in Boise Cascade by 44.2% in the fourth quarter. Principal Securities Inc. now owns 473 shares of the construction company’s stock valued at $56,000 after purchasing an additional 145 shares during the period. Finally, Smartleaf Asset Management LLC grew its holdings in Boise Cascade by 254.8% in the fourth quarter. Smartleaf Asset Management LLC now owns 777 shares of the construction company’s stock valued at $92,000 after purchasing an additional 558 shares during the period. 96.18% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on BCC shares. BMO Capital Markets dropped their price target on Boise Cascade from $136.00 to $122.00 and set a “market perform” rating on the stock in a research report on Tuesday, February 25th. The Goldman Sachs Group dropped their price objective on Boise Cascade from $145.00 to $126.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 14th. Loop Capital dropped their price objective on Boise Cascade from $145.00 to $140.00 and set a “buy” rating on the stock 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 report on Monday, February 24th. Finally, Benchmark reiterated a “hold” rating on shares of Boise Cascade in a research note on Tuesday, February 25th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $128.50.

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.