Steelcase Inc. (NYSE:SCS) VP Robert G. Krestakos Sells 5,000 Shares

Steelcase Inc. (NYSE:SCS) VP Robert G. Krestakos sold 5,000 shares of the stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $11.74, for a total value of $58,700.00. Following the completion of the sale, the vice president now directly owns 114,481 shares of the company’s stock, valued at approximately $1,344,006.94. This represents a 4.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Steelcase Trading Down 0.0 %

Steelcase stock opened at $11.58 on Friday. Steelcase Inc. has a 12 month low of $10.90 and a 12 month high of $14.74. The company has a quick ratio of 1.21, a current ratio of 1.57 and a debt-to-equity ratio of 0.48. The stock has a market cap of $1.32 billion, a P/E ratio of 12.06, a P/E/G ratio of 1.16 and a beta of 1.36. The company’s fifty day simple moving average is $12.41 and its 200-day simple moving average is $12.94.

Steelcase (NYSE:SCS) last issued its earnings results on Wednesday, December 18th. The business services provider reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.07. The company had revenue of $794.90 million for the quarter, compared to analyst estimates of $796.58 million. Steelcase had a return on equity of 14.20% and a net margin of 3.63%. The business’s revenue was up 2.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.30 EPS. As a group, sell-side analysts forecast that Steelcase Inc. will post 1 EPS for the current fiscal year.

Steelcase Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, January 13th. Stockholders of record on Monday, December 30th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, December 30th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.46%. Steelcase’s dividend payout ratio is currently 41.67%.

Hedge Funds Weigh In On Steelcase

Hedge funds have recently bought and sold shares of the business. Barclays PLC boosted its stake in shares of Steelcase by 203.1% during the 3rd quarter. Barclays PLC now owns 178,002 shares of the business services provider’s stock worth $2,402,000 after acquiring an additional 119,268 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Steelcase by 1.0% in the 3rd quarter. Geode Capital Management LLC now owns 2,180,428 shares of the business services provider’s stock worth $29,420,000 after purchasing an additional 22,507 shares during the last quarter. Renaissance Technologies LLC boosted its position in Steelcase by 380.2% during the second quarter. Renaissance Technologies LLC now owns 133,500 shares of the business services provider’s stock worth $1,730,000 after purchasing an additional 105,700 shares during the period. State Street Corp grew its holdings in Steelcase by 1.0% during the third quarter. State Street Corp now owns 2,260,310 shares of the business services provider’s stock valued at $30,714,000 after purchasing an additional 22,226 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its position in shares of Steelcase by 322.3% in the third quarter. BNP Paribas Financial Markets now owns 572,269 shares of the business services provider’s stock valued at $7,720,000 after purchasing an additional 436,754 shares during the period. 92.42% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Noble Financial began coverage on shares of Steelcase in a research report on Wednesday, October 9th. They issued an “outperform” rating and a $16.00 price target for the company.

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.