Boise Cascade, L.L.C. (NYSE:BCC) Short Interest Up 26.1% in March

Key Points

• Short interest up 26.1% — short interest rose to 1,229,423 shares as of March 13 (from 974,608 on Feb 26), representing 3.5% of shares sold short and a short-interest ratio of 2.5 days.
• Analyst consensus "Moderate Buy" — five Buy, one Hold and one Sell lead to a consensus target of $105.67; Goldman Sachs and Truist raised price targets while Weiss Ratings downgraded the stock to a sell.
• High institutional ownership (96.18%) with recent position increases by RBC, AQR and UBS; Boise Cascade has a $2.68B market cap, a P/E of 21.27 and pays a $0.22 quarterly dividend (~1.2% yield).

Boise Cascade, L.L.C. (NYSE:BCC - Get Free Report) saw a significant growth in short interest in March. As of March 13th, there was short interest totaling 1,229,423 shares, a growth of 26.1% from the February 26th total of 974,608 shares. Based on an average trading volume of 501,373 shares, the short-interest ratio is presently 2.5 days. Currently, 3.5% of the company's stock are sold short.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. The Goldman Sachs Group boosted their price objective on shares of Boise Cascade from $85.00 to $94.00 and gave the company a "neutral" rating in a research report on Wednesday, February 25th. BMO Capital Markets reissued an "outperform" rating on shares of Boise Cascade in a research note on Thursday, January 8th. Truist Financial boosted their price target on Boise Cascade from $92.00 to $103.00 and gave the company a "buy" rating in a report on Wednesday, February 25th. Wall Street Zen raised Boise Cascade from a "sell" rating to a "hold" rating in a research report on Saturday, February 28th. Finally, Weiss Ratings downgraded Boise Cascade from a "hold (c-)" rating to a "sell (d+)" rating in a report on Friday, March 13th. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $105.67.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada increased its holdings in shares of Boise Cascade by 4.0% during the 1st quarter. Royal Bank of Canada now owns 34,704 shares of the construction company's stock worth $3,404,000 after acquiring an additional 1,332 shares during the last quarter. AQR Capital Management LLC lifted its holdings in Boise Cascade by 8.8% during the 1st quarter. AQR Capital Management LLC now owns 36,639 shares of the construction company's stock valued at $3,594,000 after purchasing an additional 2,966 shares during the last quarter. Jones Financial Companies Lllp boosted its position in Boise Cascade by 1,638.4% during the first quarter. Jones Financial Companies Lllp now owns 4,120 shares of the construction company's stock worth $404,000 after purchasing an additional 3,883 shares during the period. United Services Automobile Association bought a new position in Boise Cascade during the first quarter worth $258,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Boise Cascade by 2.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 203,631 shares of the construction company's stock valued at $19,974,000 after purchasing an additional 3,978 shares during the last quarter. Institutional investors and hedge funds own 96.18% of the company's stock.

Boise Cascade Stock Up 0.2%

Boise Cascade stock traded up $0.18 during mid-day trading on Monday, reaching $74.61. The company's stock had a trading volume of 131,590 shares, compared to its average volume of 440,358. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.74 and a current ratio of 3.36. Boise Cascade has a 12 month low of $65.14 and a 12 month high of $102.09. The business's 50 day simple moving average is $80.51 and its 200 day simple moving average is $76.96. The company has a market capitalization of $2.68 billion, a price-to-earnings ratio of 21.27, a price-to-earnings-growth ratio of 1.06 and a beta of 1.26.

Boise Cascade Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 18th. Investors of record on Monday, February 23rd were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Monday, February 23rd. This represents a $0.88 annualized dividend and a yield of 1.2%. Boise Cascade's dividend payout ratio is 25.00%.

About Boise Cascade

Boise Cascade Company operates as a leading manufacturer and distributor of wood products and building materials in North America. The company's operations are organized into two primary segments: wood products manufacturing and building materials distribution. In its manufacturing segment, Boise Cascade produces a wide array of engineered wood products, including plywood, oriented strand board (OSB), lumber, particleboard and laminated veneer lumber (LVL), serving residential, commercial and industrial customers.

In its distribution segment, Boise Cascade sources and delivers building materials through an extensive network of distribution centers, servicing professional builders, remodelers, contractors and industrial customers.

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