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

Boise Cascade (NYSE:BCC - Get Free Report) was the recipient of a significant decrease in short interest in the month of February. As of February 28th, there was short interest totalling 1,100,000 shares, a decrease of 22.5% from the February 13th total of 1,420,000 shares. Currently, 3.0% of the shares of the company are sold short. Based on an average daily volume of 339,100 shares, the days-to-cover ratio is currently 3.2 days.

Analyst Upgrades and Downgrades

BCC has been the subject of a number of recent research reports. Loop Capital cut their target price on Boise Cascade from $145.00 to $140.00 and set a "buy" rating for the company in a research note on Monday, February 24th. BMO Capital Markets cut their target price on Boise Cascade from $136.00 to $122.00 and set a "market perform" rating for the company in a research note on Tuesday, February 25th. Truist Financial cut their target price on Boise Cascade from $157.00 to $134.00 and set a "buy" rating for the company in a research note on Monday, February 24th. The Goldman Sachs Group cut their target price 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. Finally, Benchmark restated a "hold" rating on shares of Boise Cascade in a research note on Tuesday, February 25th. One research analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Boise Cascade presently has an average rating of "Hold" and a consensus price target of $128.50.

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Boise Cascade Trading Down 1.4 %

Boise Cascade stock traded down $1.42 during mid-day trading on Friday, hitting $99.01. The stock had a trading volume of 137,116 shares, compared to its average volume of 302,310. The stock has a 50-day simple moving average of $115.08 and a two-hundred day simple moving average of $128.38. The stock has a market capitalization of $3.76 billion, a PE ratio of 10.36 and a beta of 1.67. Boise Cascade has a 12 month low of $95.33 and a 12 month high of $155.42. The company has a current ratio of 3.34, a quick ratio of 1.92 and a debt-to-equity ratio of 0.22.

Boise Cascade (NYSE:BCC - Get Free Report) last posted its quarterly earnings results on Thursday, February 20th. The construction company reported $1.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.79 by ($0.01). The firm had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.57 billion. Boise Cascade had a net margin of 5.60% and a return on equity of 17.04%. As a group, sell-side analysts forecast that Boise Cascade will post 10.15 EPS for the current year.

Boise Cascade Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Monday, February 24th were issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 0.85%. The ex-dividend date of this dividend was Monday, February 24th. Boise Cascade's dividend payout ratio (DPR) is currently 8.79%.

Insiders Place Their Bets

In other news, Director Kristopher J. Matula sold 553 shares of the stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $103.16, for a total value of $57,047.48. Following the completion of the sale, the director now directly owns 13,099 shares of the company's stock, valued at approximately $1,351,292.84. This represents a 4.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Jeffrey Robert Strom sold 4,500 shares of the stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $100.21, for a total value of $450,945.00. Following the completion of the sale, the chief operating officer now directly owns 38,026 shares of the company's stock, valued at $3,810,585.46. This represents a 10.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.98% of the company's stock.

Hedge Funds Weigh In On Boise Cascade

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Westwood Holdings Group Inc. boosted its holdings in Boise Cascade by 3.9% during the fourth quarter. Westwood Holdings Group Inc. now owns 1,192,621 shares of the construction company's stock worth $141,755,000 after buying an additional 45,010 shares during the last quarter. American Century Companies Inc. boosted its holdings in Boise Cascade by 12.0% during the fourth quarter. American Century Companies Inc. now owns 1,134,364 shares of the construction company's stock worth $134,831,000 after buying an additional 121,790 shares during the last quarter. First Trust Advisors LP boosted its holdings in Boise Cascade by 37.9% during the fourth quarter. First Trust Advisors LP now owns 712,527 shares of the construction company's stock worth $84,691,000 after buying an additional 195,773 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Boise Cascade by 17.8% during the 4th quarter. Northern Trust Corp now owns 483,165 shares of the construction company's stock valued at $57,429,000 after purchasing an additional 73,061 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Boise Cascade during the 4th quarter valued at about $55,680,000. Institutional investors own 96.18% of the company's stock.

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.