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

Boise Cascade (NYSE:BCC) was the target of a large increase in short interest in November. As of November 30th, there was short interest totalling 1,040,000 shares, an increase of 5.2% from the November 15th total of 988,400 shares. Based on an average daily volume of 288,700 shares, the days-to-cover ratio is presently 3.6 days. Approximately 2.7% of the shares of the stock are sold short.

Wall Street Analyst Weigh In

BCC has been the topic of a number of research analyst reports. Loop Capital initiated coverage on shares of Boise Cascade in a research report on Friday, November 1st. They issued a “buy” rating and a $155.00 target price on the stock. StockNews.com downgraded Boise Cascade from a “buy” rating to a “hold” rating in a report on Wednesday, November 6th. Bank of America upped their target price on Boise Cascade from $120.00 to $124.00 and gave the stock an “underperform” rating in a report on Thursday, September 12th. Truist Financial lifted 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, October 15th. Finally, BMO Capital Markets raised their price objective on shares of Boise Cascade from $130.00 to $136.00 and gave the company a “market perform” rating in a report on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, Boise Cascade has an average rating of “Hold” and a consensus target price of $139.60.

Institutional Investors Weigh In On Boise Cascade

Several institutional investors and hedge funds have recently made changes to their positions in the business. Westwood Holdings Group Inc. lifted its stake in Boise Cascade by 107.7% in the second quarter. Westwood Holdings Group Inc. now owns 1,117,914 shares of the construction company’s stock valued at $133,278,000 after buying an additional 579,759 shares during the period. Marshall Wace LLP boosted its stake in Boise Cascade by 2,978.4% during the second quarter. Marshall Wace LLP now owns 191,047 shares of the construction company’s stock worth $22,777,000 after acquiring an additional 184,841 shares in the last quarter. Skandinaviska Enskilda Banken AB publ grew its holdings in Boise Cascade by 46.0% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 383,000 shares of the construction company’s stock worth $45,661,000 after purchasing an additional 120,600 shares during the period. Bank of Montreal Can increased its stake in Boise Cascade by 1,597.4% in the third quarter. Bank of Montreal Can now owns 126,559 shares of the construction company’s stock valued at $17,907,000 after purchasing an additional 119,103 shares in the last quarter. Finally, FMR LLC increased its stake in Boise Cascade by 158.9% in the third quarter. FMR LLC now owns 126,123 shares of the construction company’s stock valued at $17,781,000 after purchasing an additional 77,401 shares in the last quarter. Institutional investors own 96.18% of the company’s stock.

Boise Cascade Trading Down 2.4 %

BCC stock traded down $3.21 during trading on Tuesday, hitting $133.04. The company had a trading volume of 282,263 shares, compared to its average volume of 299,811. The stock has a market cap of $5.11 billion, a PE ratio of 13.02 and a beta of 1.53. The business has a 50-day moving average of $141.04 and a 200-day moving average of $133.87. The company has a current ratio of 3.13, a quick ratio of 1.90 and a debt-to-equity ratio of 0.22. Boise Cascade has a one year low of $113.89 and a one year 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 for the quarter, missing the consensus estimate of $2.37 by ($0.04). Boise Cascade had a return on equity of 18.24% and a net margin of 5.95%. The firm had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.72 billion. During the same quarter last year, the company earned $3.58 earnings per share. The company’s quarterly revenue was down 6.6% compared to the same quarter last year. Research analysts predict that Boise Cascade will post 9.57 earnings per share for the current fiscal year.

Boise Cascade Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Monday, December 2nd will be given a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 0.63%. The ex-dividend date is Monday, December 2nd. Boise Cascade’s dividend payout ratio (DPR) is presently 8.22%.

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.