Boise Cascade (NYSE:BCC) Short Interest Down 7.5% in December

Boise Cascade (NYSE:BCC) was the target of a significant decline in short interest in the month of December. As of December 15th, there was short interest totalling 962,300 shares, a decline of 7.5% from the November 30th total of 1,040,000 shares. Currently, 2.5% of the shares of the company are short sold. Based on an average trading volume of 268,100 shares, the days-to-cover ratio is presently 3.6 days.

Boise Cascade Price Performance

NYSE BCC traded up $0.07 during trading hours on Wednesday, reaching $118.86. The company’s stock had a trading volume of 187,258 shares, compared to its average volume of 305,693. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.90 and a current ratio of 3.13. The company’s 50-day moving average is $136.79 and its two-hundred day moving average is $133.16. Boise Cascade has a fifty-two week low of $113.89 and a fifty-two week high of $155.42. The stock has a market cap of $4.56 billion, a PE ratio of 11.63 and a beta of 1.53.

Boise Cascade (NYSE:BCC) last released its quarterly earnings results on Monday, November 4th. The construction company reported $2.33 EPS for the quarter, missing the consensus estimate of $2.37 by ($0.04). Boise Cascade had a net margin of 5.95% and a return on equity of 18.24%. The business had revenue of $1.71 billion during the quarter, compared to analyst estimates of $1.72 billion. During the same quarter in the prior year, the company earned $3.58 earnings per share. The firm’s revenue for the quarter was down 6.6% compared to the same quarter last year. Analysts forecast that Boise Cascade will post 9.57 EPS for the current year.

Boise Cascade Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Monday, December 2nd were given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 0.71%. The ex-dividend date was Monday, December 2nd. Boise Cascade’s payout ratio is 8.22%.

Institutional Trading of Boise Cascade

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Harbor Capital Advisors Inc. purchased a new position in shares of Boise Cascade during the 3rd quarter worth $28,000. Larson Financial Group LLC acquired a new stake in shares of Boise Cascade in the second quarter worth approximately $36,000. CWM LLC grew its holdings in Boise Cascade by 26.5% in the third quarter. CWM LLC now owns 673 shares of the construction company’s stock valued at $95,000 after purchasing an additional 141 shares during the period. Covestor Ltd grew its holdings in Boise Cascade by 50.1% in the third quarter. Covestor Ltd now owns 689 shares of the construction company’s stock valued at $97,000 after purchasing an additional 230 shares during the period. Finally, Ashton Thomas Private Wealth LLC acquired a new position in Boise Cascade during the second quarter worth approximately $148,000. 96.18% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on BCC shares. Truist Financial increased their price objective on Boise Cascade from $154.00 to $161.00 and gave the stock a “buy” rating in a research report on Tuesday, October 15th. 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 research note on Tuesday, October 22nd. Bank of America boosted their price objective on shares of Boise Cascade from $120.00 to $124.00 and gave the stock an “underperform” rating in a report on Thursday, September 12th. StockNews.com cut shares of Boise Cascade from a “buy” rating to a “hold” rating in a report on Wednesday, November 6th. Finally, Loop Capital began coverage on Boise Cascade in a research note on Friday, November 1st. They set a “buy” rating and a $155.00 price target on the stock. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $139.60.

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.