Steelcase Inc. (NYSE:SCS) Sees Large Increase in Short Interest

Steelcase Inc. (NYSE:SCS) saw a large increase in short interest in April. As of April 15th, there was short interest totalling 3,390,000 shares, an increase of 34.0% from the March 31st total of 2,530,000 shares. Approximately 4.0% of the shares of the stock are short sold. Based on an average trading volume of 806,200 shares, the days-to-cover ratio is currently 4.2 days.

Steelcase Price Performance

SCS stock opened at $12.07 on Friday. Steelcase has a 52-week low of $6.39 and a 52-week high of $14.54. The business has a 50-day simple moving average of $12.67 and a two-hundred day simple moving average of $12.44. The company has a market capitalization of $1.38 billion, a P/E ratio of 17.75, a price-to-earnings-growth ratio of 1.31 and a beta of 1.35. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.20 and a current ratio of 1.58.

Steelcase (NYSE:SCS) last announced its earnings results on Wednesday, March 20th. The business services provider reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.02. Steelcase had a return on equity of 12.87% and a net margin of 2.57%. The firm had revenue of $775.20 million for the quarter, compared to the consensus estimate of $780.25 million. During the same quarter in the previous year, the business earned $0.19 EPS. The company’s revenue was down 3.3% compared to the same quarter last year. Research analysts expect that Steelcase will post 0.92 EPS for the current fiscal year.

Steelcase Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Wednesday, April 3rd were paid a $0.10 dividend. The ex-dividend date was Tuesday, April 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.31%. Steelcase’s payout ratio is presently 58.82%.

Insider Activity at Steelcase

In related news, VP Robert G. Krestakos sold 4,000 shares of the firm’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $12.61, for a total transaction of $50,440.00. Following the completion of the transaction, the vice president now directly owns 108,081 shares of the company’s stock, valued at approximately $1,362,901.41. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 12.72% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Steelcase

A number of hedge funds have recently modified their holdings of the stock. QRG Capital Management Inc. raised its holdings in shares of Steelcase by 13.9% in the 4th quarter. QRG Capital Management Inc. now owns 11,548 shares of the business services provider’s stock worth $156,000 after purchasing an additional 1,406 shares during the period. Prime Capital Investment Advisors LLC raised its holdings in shares of Steelcase by 8.6% in the 4th quarter. Prime Capital Investment Advisors LLC now owns 18,680 shares of the business services provider’s stock worth $253,000 after purchasing an additional 1,476 shares during the period. Swiss National Bank raised its holdings in shares of Steelcase by 1.0% in the 3rd quarter. Swiss National Bank now owns 185,200 shares of the business services provider’s stock worth $2,069,000 after purchasing an additional 1,900 shares during the period. USA Financial Formulas bought a new stake in shares of Steelcase in the 4th quarter worth approximately $28,000. Finally, First Hawaiian Bank raised its holdings in shares of Steelcase by 2.8% in the 1st quarter. First Hawaiian Bank now owns 76,004 shares of the business services provider’s stock worth $994,000 after purchasing an additional 2,082 shares during the period. Institutional investors own 92.42% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded Steelcase from a “buy” rating to a “strong-buy” rating in a research note on Friday, March 29th.

Steelcase Company Profile

Steelcase Inc provides a portfolio of furniture and architectural products in the United States and internationally. It operates through Americas, EMEA, and Other segments. The company's furniture portfolio includes furniture systems, seating, storage, fixed and height-adjustable desks, benches, and tables, as well as complementary products, such as work accessories, lighting, and mobile power and screens.