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

Steelcase Inc. (NYSE:SCS) was the recipient of a large growth in short interest in the month of February. As of February 15th, there was short interest totalling 1,220,000 shares, a growth of 28.0% from the January 31st total of 953,400 shares. Currently, 1.4% of the shares of the company are short sold. Based on an average daily volume of 594,900 shares, the short-interest ratio is presently 2.1 days.

Insider Buying and Selling at Steelcase

In other news, VP Robert G. Krestakos sold 5,000 shares of the company’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $11.74, for a total transaction of $58,700.00. Following the completion of the sale, the vice president now directly owns 114,481 shares in the company, valued at approximately $1,344,006.94. This represents a 4.18 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 12.96% of the company’s stock.

Institutional Trading of Steelcase

Several large investors have recently bought and sold shares of SCS. Hotchkis & Wiley Capital Management LLC bought a new position in shares of Steelcase in the third quarter worth about $6,167,000. BNP Paribas Financial Markets increased its position in Steelcase by 322.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 572,269 shares of the business services provider’s stock worth $7,720,000 after purchasing an additional 436,754 shares in the last quarter. Teacher Retirement System of Texas lifted its stake in Steelcase by 109.8% in the 4th quarter. Teacher Retirement System of Texas now owns 775,177 shares of the business services provider’s stock valued at $9,163,000 after purchasing an additional 405,614 shares during the last quarter. Millennium Management LLC boosted its position in Steelcase by 93.6% in the fourth quarter. Millennium Management LLC now owns 694,625 shares of the business services provider’s stock valued at $8,210,000 after buying an additional 335,889 shares in the last quarter. Finally, Brandywine Global Investment Management LLC bought a new stake in shares of Steelcase during the fourth quarter worth $3,769,000. 92.42% of the stock is owned by institutional investors and hedge funds.

Steelcase Price Performance

SCS traded up $0.12 on Thursday, hitting $11.55. 487,895 shares of the stock were exchanged, compared to its average volume of 581,314. The firm has a market capitalization of $1.31 billion, a price-to-earnings ratio of 12.03, a PEG ratio of 1.25 and a beta of 1.35. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.57 and a quick ratio of 1.21. Steelcase has a 12 month low of $10.90 and a 12 month high of $14.74. The business has a 50-day moving average of $11.76 and a two-hundred day moving average of $12.66.

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

Steelcase Dividend Announcement

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

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.