Boise Cascade Co (NYSE:BCC) was the target of a significant increase in short interest in August. As of August 31st, there was short interest totalling 1,022,200 shares, an increase of 20.3% from the July 31st total of 849,800 shares. Approximately 2.7% of the company’s shares are sold short. Based on an average trading volume of 284,500 shares, the short-interest ratio is presently 3.6 days.
BCC has been the topic of several recent analyst reports. Bank of America cut shares of Boise Cascade from a “neutral” rating to an “underperform” rating and set a $22.00 price target on the stock. in a report on Friday, July 12th. Zacks Investment Research upgraded shares of Boise Cascade from a “hold” rating to a “strong-buy” rating and set a $34.00 target price on the stock in a report on Thursday, August 8th. Goldman Sachs Group upgraded shares of Boise Cascade from a “neutral” rating to a “buy” rating and set a $34.00 target price on the stock in a report on Monday, June 24th. Finally, ValuEngine upgraded shares of Boise Cascade from a “sell” rating to a “hold” rating in a report on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. Boise Cascade has a consensus rating of “Buy” and an average target price of $31.80.
Shares of BCC traded up $0.59 during trading hours on Friday, hitting $31.90. The company had a trading volume of 7,848 shares, compared to its average volume of 197,641. The firm has a fifty day moving average price of $29.47 and a 200-day moving average price of $27.21. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.29 and a current ratio of 2.53. The stock has a market capitalization of $1.24 billion, a price-to-earnings ratio of 13.92, a P/E/G ratio of 2.11 and a beta of 2.03. Boise Cascade has a 52-week low of $22.00 and a 52-week high of $45.22.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd will be given a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 1.13%. The ex-dividend date is Friday, August 30th. Boise Cascade’s dividend payout ratio is presently 15.72%.
In related news, EVP Dean Michael Brown sold 3,947 shares of Boise Cascade stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $29.91, for a total value of $118,054.77. Following the sale, the executive vice president now owns 29,196 shares in the company, valued at $873,252.36. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.50% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of BCC. Dimensional Fund Advisors LP raised its position in shares of Boise Cascade by 10.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,177,418 shares of the construction company’s stock worth $75,781,000 after purchasing an additional 289,177 shares during the last quarter. BNP Paribas Arbitrage SA raised its position in shares of Boise Cascade by 170.0% in the 1st quarter. BNP Paribas Arbitrage SA now owns 11,727 shares of the construction company’s stock worth $314,000 after purchasing an additional 7,384 shares during the last quarter. SG Americas Securities LLC raised its position in shares of Boise Cascade by 243.8% in the 1st quarter. SG Americas Securities LLC now owns 16,518 shares of the construction company’s stock worth $442,000 after purchasing an additional 11,714 shares during the last quarter. Rhumbline Advisers raised its position in shares of Boise Cascade by 1.3% in the 1st quarter. Rhumbline Advisers now owns 111,764 shares of the construction company’s stock worth $2,991,000 after purchasing an additional 1,444 shares during the last quarter. Finally, Comerica Bank raised its position in Boise Cascade by 2.6% in the 1st quarter. Comerica Bank now owns 38,612 shares of the construction company’s stock worth $1,046,000 after buying an additional 961 shares during the last quarter. 91.60% of the stock is owned by hedge funds and other institutional investors.
Boise Cascade Company Profile
Boise Cascade Company manufactures wood products and distributes building materials in the United States and Canada. It operates in 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; and structural, appearance, and industrial plywood panels.
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