Insider Selling: Steelcase Inc. (NYSE:SCS) CFO Sells 73,184 Shares of Stock

Steelcase Inc. (NYSE:SCS) CFO David C. Sylvester sold 73,184 shares of the stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $13.84, for a total value of $1,012,866.56. Following the transaction, the chief financial officer now owns 551,592 shares in the company, valued at approximately $7,634,033.28. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Steelcase Price Performance

Shares of NYSE SCS traded up $0.24 during mid-day trading on Thursday, reaching $13.82. The company had a trading volume of 1,132,064 shares, compared to its average volume of 751,379. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.15 and a current ratio of 1.61. Steelcase Inc. has a one year low of $8.20 and a one year high of $14.54. The firm has a market cap of $1.58 billion, a price-to-earnings ratio of 17.87, a PEG ratio of 1.41 and a beta of 1.34. The business’s 50-day simple moving average is $13.10 and its 200 day simple moving average is $12.86.

Steelcase (NYSE:SCS) last issued its quarterly earnings results on Thursday, June 20th. The business services provider reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.06. Steelcase had a return on equity of 13.66% and a net margin of 2.89%. The company had revenue of $727.30 million for the quarter, compared to analysts’ expectations of $729.05 million. During the same quarter last year, the business earned $0.09 earnings per share. Steelcase’s revenue was down 3.3% on a year-over-year basis. On average, research analysts predict that Steelcase Inc. will post 1 earnings per share for the current fiscal year.

Steelcase Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Wednesday, July 3rd were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.89%. The ex-dividend date of this dividend was Wednesday, July 3rd. Steelcase’s dividend payout ratio is presently 52.63%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in Steelcase by 4.0% in the first quarter. Vanguard Group Inc. now owns 10,153,754 shares of the business services provider’s stock valued at $132,811,000 after acquiring an additional 387,861 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Steelcase by 8.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,752,105 shares of the business services provider’s stock valued at $64,249,000 after acquiring an additional 352,078 shares during the last quarter. Norges Bank bought a new position in Steelcase in the fourth quarter valued at about $8,215,000. Empowered Funds LLC grew its position in Steelcase by 8.2% in the first quarter. Empowered Funds LLC now owns 387,572 shares of the business services provider’s stock valued at $5,069,000 after acquiring an additional 29,334 shares during the last quarter. Finally, Jupiter Asset Management Ltd. grew its position in Steelcase by 370.7% in the first quarter. Jupiter Asset Management Ltd. now owns 337,839 shares of the business services provider’s stock valued at $4,419,000 after acquiring an additional 266,070 shares during the last quarter. Institutional investors own 92.42% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on SCS shares. Benchmark increased their price objective on Steelcase from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Friday, June 21st. StockNews.com upgraded Steelcase from a “buy” rating to a “strong-buy” rating in a research report on Friday, March 29th.

Steelcase Company Profile

Steelcase Inc provides a portfolio of furniture and architectural products and services in the United States and internationally. It operates through Americas and International 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, mobile power, and screens.