Short Interest in Boise Cascade (NYSE:BCC) Increases By 19.5%

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. The Goldman Sachs Group dropped their target price on Boise Cascade from $145.00 to $126.00 and set a “neutral” rating for the company in a report on Tuesday, January 14th. Loop Capital started coverage on shares of Boise Cascade in a research report on Friday, November 1st. They issued a “buy” rating and a $155.00 price objective for the company. BMO Capital Markets upped 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 report on Tuesday, October 22nd. Truist Financial reduced their price target on Boise Cascade from $161.00 to $157.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Finally, StockNews.com downgraded shares of Boise Cascade from a “buy” rating to a “hold” rating in a research note on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $139.60.

Boise Cascade Stock Performance

NYSE BCC traded down $0.21 during trading on Friday, hitting $128.25. 486,114 shares of the company’s stock traded hands, compared to its average volume of 306,713. The stock has a market capitalization of $4.92 billion, a price-to-earnings ratio of 12.55 and a beta of 1.58. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.90 and a current ratio of 3.13. The business has a 50 day moving average of $133.00 and a 200-day moving average of $133.16. Boise Cascade has a 12-month low of $113.38 and a 12-month high of $155.42.

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

Boise Cascade Announces Dividend

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

Institutional Investors Weigh In On Boise Cascade

Several institutional investors and hedge funds have recently made changes to their positions in BCC. Harbor Capital Advisors Inc. purchased a new position in shares of Boise Cascade during the 3rd quarter worth $28,000. Larson Financial Group LLC grew its holdings in Boise Cascade by 23.9% during the 3rd quarter. Larson Financial Group LLC now owns 378 shares of the construction company’s stock valued at $53,000 after buying an additional 73 shares in the last quarter. CWM LLC increased its stake in Boise Cascade by 26.5% in the 3rd quarter. CWM LLC now owns 673 shares of the construction company’s stock worth $95,000 after acquiring an additional 141 shares during the last quarter. Covestor Ltd lifted its position in Boise Cascade by 50.1% during the third quarter. Covestor Ltd now owns 689 shares of the construction company’s stock valued at $97,000 after purchasing an additional 230 shares during the last quarter. Finally, KBC Group NV grew its stake in shares of Boise Cascade by 19.0% in the 3rd quarter. KBC Group NV now owns 1,226 shares of the construction company’s stock worth $173,000 after buying an additional 196 shares in the last quarter. Institutional investors own 96.18% of the company’s stock.

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.