Simplot Cuts Stake In Boise Cascade
Potato magnate J.R. Simplot has cut his stake in Boise Cascade Corp. for the second time in less than a month.
Simplot sold 577,800 shares in Boise Cascade between Oct. 18 and Oct. 31, according to Securities and Exchange Commission filings. It lowered his ownership from 6.12 percent earlier in October to 4.92 percent.
But it appears the recent sale lost money for Simplot once again. He sold for between $30.56 and $31.75 a share, stock he bought for between $34.37 and $39.54 in December 1995.
Earlier in October, Simplot sold 850,100 shares in the paper and lumber company at prices ranging from $31.29 to $39.07.
In that sale, the shares sold by Simplot were bought on margin with money borrowed from Merrill Lynch. It is unclear if that is the case in the most recent sale.
“Mr. Simplot hasn’t lost faith in Boise Cascade,” said J.R. Simplot Co. spokesman Fred Zerza. “The sale of stock should be viewed as a simple adjustment of his portfolio.”
Simplot stated last year he wanted to acquire up to 10 percent of Boise Cascade because of its large timber holdings.