Boise Cascade Co (NYSE:BCC) saw a significant decline in short interest in May. As of May 31st, there was short interest totalling 538,600 shares, a decline of 31.8% from the April 30th total of 789,700 shares. Based on an average daily trading volume, of 264,700 shares, the short-interest ratio is currently 2.0 days. Currently, 1.4% of the shares of the stock are short sold.
In other Boise Cascade news, Director Kristopher J. Matula purchased 3,500 shares of the company’s stock in a transaction dated Thursday, May 30th. The stock was bought at an average cost of $23.12 per share, for a total transaction of $80,920.00. Following the completion of the transaction, the director now owns 14,049 shares in the company, valued at $324,812.88. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.50% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Victory Capital Management Inc. raised its position in Boise Cascade by 4.1% during the fourth quarter. Victory Capital Management Inc. now owns 12,547 shares of the construction company’s stock valued at $299,000 after purchasing an additional 489 shares in the last quarter. Piedmont Investment Advisors Inc. raised its position in Boise Cascade by 5.4% during the first quarter. Piedmont Investment Advisors Inc. now owns 9,803 shares of the construction company’s stock valued at $262,000 after purchasing an additional 506 shares in the last quarter. Royce & Associates LP increased its holdings in shares of Boise Cascade by 56.3% during the fourth quarter. Royce & Associates LP now owns 1,455 shares of the construction company’s stock worth $35,000 after buying an additional 524 shares in the last quarter. Thrivent Financial for Lutherans increased its holdings in shares of Boise Cascade by 2.2% during the fourth quarter. Thrivent Financial for Lutherans now owns 27,660 shares of the construction company’s stock worth $660,000 after buying an additional 608 shares in the last quarter. Finally, Texas Permanent School Fund increased its holdings in shares of Boise Cascade by 3.2% during the first quarter. Texas Permanent School Fund now owns 26,283 shares of the construction company’s stock worth $703,000 after buying an additional 821 shares in the last quarter. Institutional investors and hedge funds own 90.82% of the company’s stock.
Boise Cascade (NYSE:BCC) last announced its quarterly earnings data on Tuesday, May 7th. The construction company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.28 by $0.01. Boise Cascade had a negative net margin of 0.11% and a positive return on equity of 11.49%. The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same period in the previous year, the business earned $0.94 earnings per share. The company’s revenue was down 11.9% on a year-over-year basis. On average, analysts forecast that Boise Cascade will post 1.82 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be given a dividend of $0.09 per share. The ex-dividend date of this dividend is Friday, May 31st. This represents a $0.36 annualized dividend and a yield of 1.44%. Boise Cascade’s dividend payout ratio is currently 15.72%.
A number of research firms have recently weighed in on BCC. Zacks Investment Research upgraded shares of Boise Cascade from a “sell” rating to a “hold” rating in a research report on Tuesday, April 30th. ValuEngine upgraded shares of Boise Cascade from a “strong sell” rating to a “sell” rating in a research report on Tuesday, March 5th. Finally, DA Davidson upgraded shares of Boise Cascade from a “neutral” rating to a “buy” rating and lifted their price target for the company from $35.00 to $37.00 in a research report on Wednesday, February 27th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. Boise Cascade currently has an average rating of “Hold” and an average price target of $41.75.
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About Boise Cascade
Boise Cascade Company manufactures wood products and distributes building materials in the United States and Canada. It operates in 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; and structural, appearance, and industrial plywood panels.
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