Steelcase Inc. (NYSE:SCS) saw a large growth in short interest in the month of June. As of June 30th, there was short interest totalling 1,978,500 shares, a growth of 18.1% from the May 30th total of 1,675,600 shares. Based on an average trading volume of 581,500 shares, the days-to-cover ratio is presently 3.4 days. Currently, 2.4% of the company’s shares are short sold.
Several research firms have weighed in on SCS. Raymond James set a $28.00 price objective on Wheaton Precious Metals and gave the stock a “buy” rating in a report on Thursday, March 21st. Zacks Investment Research cut EXACT Sciences from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd. Two analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $19.00.
NYSE SCS traded up $0.36 on Friday, hitting $17.53. The company’s stock had a trading volume of 878,832 shares, compared to its average volume of 809,250. Steelcase has a 52-week low of $13.40 and a 52-week high of $19.35. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.13 and a current ratio of 1.57. The firm’s 50-day simple moving average is $16.81. The firm has a market capitalization of $2.06 billion, a price-to-earnings ratio of 14.61 and a beta of 1.32.
Steelcase (NYSE:SCS) last released its quarterly earnings data on Wednesday, June 19th. The business services provider reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.04). Steelcase had a return on equity of 16.35% and a net margin of 3.61%. The business had revenue of $824.30 million during the quarter, compared to analysts’ expectations of $839.07 million. During the same quarter last year, the business posted $0.14 EPS. The company’s quarterly revenue was up 9.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Steelcase will post 1.28 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 16th. Stockholders of record on Monday, July 1st will be given a $0.145 dividend. This represents a $0.58 annualized dividend and a dividend yield of 3.31%. The ex-dividend date of this dividend is Friday, June 28th. Steelcase’s dividend payout ratio is currently 48.33%.
In other Steelcase news, CAO Lizbeth S. O’shaughnessy sold 20,000 shares of the stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $17.11, for a total value of $342,200.00. Following the completion of the sale, the chief accounting officer now owns 209,840 shares in the company, valued at approximately $3,590,362.40. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Allan W. Smith, Jr. sold 12,233 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $17.15, for a total value of $209,795.95. Following the completion of the sale, the vice president now owns 29,600 shares of the company’s stock, valued at approximately $507,640. The disclosure for this sale can be found here. Insiders have sold a total of 238,253 shares of company stock valued at $4,073,989 over the last 90 days. 17.58% of the stock is currently owned by company insiders.
Large investors have recently made changes to their positions in the company. Quantitative Systematic Strategies LLC bought a new position in shares of Steelcase in the 1st quarter worth approximately $160,000. Stone Ridge Asset Management LLC raised its position in shares of Steelcase by 31.0% in the 4th quarter. Stone Ridge Asset Management LLC now owns 84,877 shares of the business services provider’s stock worth $1,259,000 after acquiring an additional 20,092 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Steelcase by 2.5% in the 4th quarter. Geode Capital Management LLC now owns 1,236,936 shares of the business services provider’s stock worth $18,343,000 after acquiring an additional 30,369 shares in the last quarter. Hsbc Holdings PLC raised its position in shares of Steelcase by 918.1% in the 4th quarter. Hsbc Holdings PLC now owns 295,271 shares of the business services provider’s stock worth $4,379,000 after acquiring an additional 266,270 shares in the last quarter. Finally, American Century Companies Inc. bought a new position in shares of Steelcase in the 4th quarter worth approximately $6,215,000. 66.17% of the stock is owned by hedge funds and other institutional investors.
Steelcase Company Profile
Steelcase Inc manufactures and sells integrated furniture settings, user-centered technologies, and interior architectural products. It operates through Americas, EMEA, and Other Category segments. The company's furniture portfolio includes panel, fence and beam-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as complementary products, including worktools.
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