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

by · The Markets Daily

Boise Cascade (NYSE:BCC – Get Free Report) was the recipient of a large decline in short interest in the month of September. As of September 30th, there was short interest totalling 1,140,000 shares, a decline of 8.1% from the September 15th total of 1,240,000 shares. Approximately 3.0% of the company’s shares are sold short. Based on an average daily trading volume, of 322,800 shares, the short-interest ratio is presently 3.5 days.

Boise Cascade Stock Performance

BCC traded up $4.77 during trading on Wednesday, hitting $147.00. The stock had a trading volume of 295,597 shares, compared to its average volume of 312,907. The firm has a market cap of $5.80 billion, a price-to-earnings ratio of 11.95 and a beta of 1.52. The company has a debt-to-equity ratio of 0.21, a current ratio of 3.28 and a quick ratio of 2.08. The company has a 50 day moving average price of $133.89 and a 200-day moving average price of $133.57. Boise Cascade has a one year low of $87.32 and a one year high of $154.67.

Boise Cascade (NYSE:BCC – Get Free Report) last issued its earnings results on Monday, August 5th. The construction company reported $2.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.68 by $0.16. Boise Cascade had a return on equity of 20.17% and a net margin of 6.60%. The business had revenue of $1.80 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter in the prior year, the firm earned $3.67 EPS. The business’s revenue for the quarter was down 1.0% compared to the same quarter last year. As a group, research analysts predict that Boise Cascade will post 9.71 EPS for the current year.

Boise Cascade Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd were issued a $0.21 dividend. This is a positive change from Boise Cascade’s previous quarterly dividend of $0.20. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.57%. The ex-dividend date of this dividend was Tuesday, September 3rd. Boise Cascade’s dividend payout ratio (DPR) is presently 6.83%.

Institutional Investors Weigh In On Boise Cascade

A number of large investors have recently added to or reduced their stakes in the company. ZWJ Investment Counsel Inc. bought a new position in Boise Cascade in the 3rd quarter worth $210,000. SeaCrest Wealth Management LLC purchased a new position in Boise Cascade in the 3rd quarter worth about $243,000. Creative Planning increased its position in shares of Boise Cascade by 17.9% during the 3rd quarter. Creative Planning now owns 8,596 shares of the construction company’s stock valued at $1,212,000 after purchasing an additional 1,302 shares during the last quarter. Wedge Capital Management L L P NC grew its stake in shares of Boise Cascade by 1.1% during the 3rd quarter. Wedge Capital Management L L P NC now owns 108,965 shares of the construction company’s stock valued at $15,362,000 after acquiring an additional 1,155 shares during the period. Finally, Oliver Luxxe Assets LLC boosted its stake in Boise Cascade by 30.7% in the 3rd quarter. Oliver Luxxe Assets LLC now owns 38,974 shares of the construction company’s stock worth $5,495,000 after purchasing an additional 9,160 shares during the period. Hedge funds and other institutional investors own 96.18% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Bank of America boosted their price target on Boise Cascade from $120.00 to $124.00 and gave the company an “underperform” rating in a research note on Thursday, September 12th. Truist Financial boosted their price target on Boise Cascade from $154.00 to $161.00 and gave the company a “buy” rating in a research note on Tuesday. StockNews.com raised Boise Cascade from a “hold” rating to a “buy” rating in a research note on Tuesday, October 8th. Finally, The Goldman Sachs Group lowered their price target on Boise Cascade from $140.00 to $122.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $129.75.

Read Our Latest Stock Report on Boise Cascade

Boise Cascade Company Profile

(Get Free Report)

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.

Further Reading