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

Boise Cascade (NYSE:BCC) saw a large increase in short interest in 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 trading volume of 269,000 shares, the short-interest ratio is currently 4.3 days. Approximately 3.0% of the company’s stock are sold short.

Boise Cascade Stock Performance

Shares of NYSE:BCC traded down $0.21 during midday trading on Friday, reaching $128.25. 486,114 shares of the company’s stock traded hands, compared to its average volume of 306,713. Boise Cascade has a one year low of $113.38 and a one year high of $155.42. The stock has a 50 day moving average of $133.00 and a 200 day moving average of $133.16. The company has a market cap of $4.93 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.

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

Boise Cascade Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Loop Capital began coverage on shares of Boise Cascade in a research note on Friday, November 1st. They set a “buy” rating and a $155.00 target price for the company. The Goldman Sachs Group lowered their price objective on Boise Cascade from $145.00 to $126.00 and set a “neutral” rating for the company in a research note on Tuesday, January 14th. BMO Capital Markets increased their target price on Boise Cascade from $130.00 to $136.00 and gave the stock a “market perform” rating in a research note on Tuesday, October 22nd. StockNews.com lowered Boise Cascade from a “buy” rating to a “hold” rating in a research report on Wednesday, November 6th. Finally, Truist Financial cut their price objective on shares of Boise Cascade from $161.00 to $157.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, Boise Cascade currently has an average rating of “Hold” and a consensus target price of $139.60.

Hedge Funds Weigh In On Boise Cascade

Institutional investors and hedge funds have recently made changes to their positions in the business. Westwood Holdings Group Inc. boosted its stake in shares of Boise Cascade by 107.7% during the 2nd quarter. Westwood Holdings Group Inc. now owns 1,117,914 shares of the construction company’s stock worth $133,278,000 after acquiring an additional 579,759 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Boise Cascade by 2.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 437,509 shares of the construction company’s stock worth $61,680,000 after purchasing an additional 9,128 shares during the period. Skandinaviska Enskilda Banken AB publ lifted its position in Boise Cascade by 46.0% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 383,000 shares of the construction company’s stock valued at $45,661,000 after purchasing an additional 120,600 shares in the last quarter. Marshall Wace LLP grew its holdings 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 valued at $22,777,000 after purchasing an additional 184,841 shares during the period. Finally, Bank of Montreal Can increased its position 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 worth $17,907,000 after buying an additional 119,103 shares in the last quarter. Hedge funds and other 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.