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

Boise Cascade (NYSE:BCC) was the recipient of a significant growth in short interest in August. As of August 31st, there was short interest totalling 1,410,000 shares, a growth of 19.5% from the August 15th total of 1,180,000 shares. Based on an average trading volume of 317,200 shares, the days-to-cover ratio is currently 4.4 days. Approximately 3.7% of the company’s stock are short sold.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of BCC. UniSuper Management Pty Ltd purchased a new position in shares of Boise Cascade during the 1st quarter worth $1,055,000. BNP Paribas Financial Markets grew its holdings in Boise Cascade by 80.2% during the first quarter. BNP Paribas Financial Markets now owns 23,522 shares of the construction company’s stock valued at $3,608,000 after purchasing an additional 10,467 shares during the period. Tower Research Capital LLC TRC increased its position in Boise Cascade by 1,809.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 12,659 shares of the construction company’s stock worth $1,638,000 after buying an additional 11,996 shares in the last quarter. Burney Co. bought a new position in shares of Boise Cascade in the first quarter worth about $673,000. Finally, Vanguard Group Inc. lifted its position in shares of Boise Cascade by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 4,709,276 shares of the construction company’s stock valued at $609,192,000 after buying an additional 35,963 shares in the last quarter. 96.18% of the stock is owned by hedge funds and other institutional investors.

Boise Cascade Stock Performance

Shares of BCC traded up $0.48 during mid-day trading on Tuesday, hitting $135.29. 265,917 shares of the company traded hands, compared to its average volume of 305,430. The stock has a market cap of $5.34 billion, a price-to-earnings ratio of 11.09 and a beta of 1.52. The stock has a 50-day moving average price of $129.92 and a two-hundred day moving average price of $133.31. Boise Cascade has a 1 year low of $87.32 and a 1 year high of $154.67. The company has a debt-to-equity ratio of 0.21, a quick ratio of 2.08 and a current ratio of 3.28.

Boise Cascade (NYSE:BCC) last posted its earnings results on Monday, August 5th. The construction company reported $2.84 EPS for the quarter, topping analysts’ consensus estimates of $2.68 by $0.16. The business had revenue of $1.80 billion during the quarter, compared to the consensus estimate of $1.77 billion. Boise Cascade had a net margin of 6.60% and a return on equity of 20.17%. The firm’s revenue was down 1.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.67 EPS. Equities analysts anticipate that Boise Cascade will post 9.76 earnings per share for the current year.

Boise Cascade Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, September 3rd were given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 0.62%. The ex-dividend date was Tuesday, September 3rd. This is a boost from Boise Cascade’s previous quarterly dividend of $0.20. Boise Cascade’s dividend payout ratio is 6.83%.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Truist Financial reaffirmed a “buy” rating and issued a $154.00 target price (down from $159.00) on shares of Boise Cascade in a report on Wednesday, August 7th. The Goldman Sachs Group decreased their price objective on shares of Boise Cascade from $140.00 to $122.00 and set a “neutral” rating for the company in a report on Wednesday, July 10th. Bank of America upped their price objective on Boise Cascade from $120.00 to $124.00 and gave the company an “underperform” rating in a research report on Thursday, September 12th. Finally, StockNews.com lowered Boise Cascade from a “buy” rating to a “hold” rating in a report on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $128.00.

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.