Steelcase Inc. (NYSE:SCS) SVP Sells $974,944.96 in Stock

Steelcase Inc. (NYSE:SCS) SVP Allan W. Smith, Jr. sold 70,444 shares of the firm’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $13.84, for a total value of $974,944.96. Following the sale, the senior vice president now directly owns 184,743 shares in the company, valued at $2,556,843.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Steelcase Trading Up 1.8 %

Shares of SCS stock opened at $13.82 on Friday. Steelcase Inc. has a 1-year low of $8.20 and a 1-year high of $14.54. The company has a market cap of $1.58 billion, a price-to-earnings ratio of 18.18, a PEG ratio of 1.41 and a beta of 1.34. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.61 and a quick ratio of 1.15. The stock has a 50 day simple moving average of $13.11 and a 200-day simple moving average of $12.86.

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

Steelcase Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Wednesday, July 3rd were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.89%. The ex-dividend date was Wednesday, July 3rd. Steelcase’s payout ratio is 52.63%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. StockNews.com raised shares of Steelcase from a “buy” rating to a “strong-buy” rating in a report on Friday, March 29th. Benchmark raised their target price on Steelcase from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Friday, June 21st.

Hedge Funds Weigh In On Steelcase

A number of hedge funds have recently made changes to their positions in SCS. USA Financial Formulas acquired a new stake in shares of Steelcase in the fourth quarter worth approximately $28,000. FinTrust Capital Advisors LLC acquired a new stake in Steelcase during the 4th quarter worth $44,000. Quest Partners LLC purchased a new stake in shares of Steelcase during the fourth quarter worth $71,000. SpiderRock Advisors LLC acquired a new stake in shares of Steelcase in the first quarter valued at about $135,000. Finally, DekaBank Deutsche Girozentrale purchased a new position in shares of Steelcase in the first quarter worth about $141,000. Institutional investors and hedge funds own 92.42% of the company’s stock.

About Steelcase

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.