I'm out completely Sold all 1373 shares last week at an average price of 30.03. Looks like it was a good call thanks to the nosedive in lumber futures since. Folks are down about 37% from the $38 peak we saw in May. Investors don't care about the present, they look to the future. March 2022 contract we're looking at $800 lumber and dropping.
I still believe in the company, but without anyone sure of a floor on futures prices we can have the lovely low p/e and low ev/ebitda multiple start to increase because of lower lumber prices.
I'm almost certain they didn't proceed with the buyback in May and that was a good call by management because now they can save money buying back shares. Last time they reported on the 8th of April for the March buyback, so they probably would have reported the share repurchases by now for last month.
Dosperros first called this heightened volatility on the CFF board when he first announced he was out. Kudos to him and I should've taken profits along the way but I didn't. (Oh well)