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

Boise Cascade (NYSE:BCC) was the target of a large growth in short interest in the month of April. As of April 15th, there was short interest totalling 1,230,000 shares, a growth of 6.0% from the March 31st total of 1,160,000 shares. Based on an average daily volume of 310,200 shares, the days-to-cover ratio is presently 4.0 days. Approximately 3.1% of the shares of the stock are sold short.

Boise Cascade Stock Performance

NYSE BCC opened at $132.01 on Thursday. The stock’s fifty day moving average is $139.91 and its two-hundred day moving average is $126.62. The firm has a market capitalization of $5.22 billion, a P/E ratio of 10.89 and a beta of 1.64. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.26 and a current ratio of 3.46. Boise Cascade has a fifty-two week low of $66.82 and a fifty-two week high of $154.67.

Boise Cascade (NYSE:BCC) last released its quarterly earnings data on Wednesday, February 21st. The construction company reported $2.44 earnings per share for the quarter, missing analysts’ consensus estimates of $2.45 by ($0.01). Boise Cascade had a return on equity of 21.94% and a net margin of 7.07%. The company had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.64 billion. During the same period last year, the firm posted $2.95 EPS. The business’s quarterly revenue was up 1.0% on a year-over-year basis. On average, research analysts anticipate that Boise Cascade will post 11.44 earnings per share for the current year.

Boise Cascade Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, February 23rd were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.61%. The ex-dividend date was Thursday, February 22nd. Boise Cascade’s dividend payout ratio (DPR) is presently 6.60%.

Analysts Set New Price Targets

BCC has been the subject of a number of analyst reports. Truist Financial raised their price target on Boise Cascade from $156.00 to $175.00 and gave the stock a “buy” rating in a research report on Thursday, March 21st. StockNews.com lowered Boise Cascade from a “buy” rating to a “hold” rating in a research note on Friday, February 23rd. Finally, The Goldman Sachs Group lifted their target price on Boise Cascade from $114.00 to $129.00 and gave the company a “neutral” rating in a research note on Thursday, January 11th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $125.00.

Insiders Place Their Bets

In other news, EVP Dean Michael Brown sold 11,117 shares of the stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $139.09, for a total transaction of $1,546,263.53. Following the completion of the transaction, the executive vice president now directly owns 40,237 shares in the company, valued at approximately $5,596,564.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.98% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Boise Cascade

Large investors have recently modified their holdings of the business. Capstone Investment Advisors LLC lifted its stake in Boise Cascade by 100.7% during the 1st quarter. Capstone Investment Advisors LLC now owns 7,310 shares of the construction company’s stock worth $1,121,000 after acquiring an additional 3,667 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in Boise Cascade by 80.2% during the 1st quarter. BNP Paribas Financial Markets now owns 23,522 shares of the construction company’s stock worth $3,608,000 after acquiring an additional 10,467 shares in the last quarter. Van ECK Associates Corp lifted its stake in Boise Cascade by 25.7% during the 1st quarter. Van ECK Associates Corp now owns 15,758 shares of the construction company’s stock worth $2,417,000 after acquiring an additional 3,226 shares in the last quarter. Vest Financial LLC increased its holdings in Boise Cascade by 213.4% during the 1st quarter. Vest Financial LLC now owns 6,325 shares of the construction company’s stock worth $970,000 after purchasing an additional 4,307 shares during the period. Finally, Aspen Investment Management Inc purchased a new stake in Boise Cascade during the 1st quarter worth about $626,000. Institutional investors and hedge funds own 96.18% of the company’s stock.

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.