Steelcase Inc. (NYSE:SCS) Short Interest Update

Steelcase Inc. (NYSE:SCS) saw a large decline in short interest in the month of September. As of September 30th, there was short interest totalling 2,070,000 shares, a decline of 19.5% from the September 15th total of 2,570,000 shares. Currently, 2.4% of the company’s shares are short sold. Based on an average daily trading volume, of 617,700 shares, the days-to-cover ratio is currently 3.4 days.

Insider Transactions at Steelcase

In other Steelcase news, SVP Allan W. Smith, Jr. sold 70,444 shares of Steelcase stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $13.84, for a total transaction of $974,944.96. Following the completion of the sale, the senior vice president now owns 184,743 shares of the company’s stock, valued at approximately $2,556,843.12. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, SVP Allan W. Smith, Jr. sold 70,444 shares of the stock in a transaction that occurred on Monday, July 22nd. The shares were 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. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Nicole Cherie Mcgrath sold 15,749 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $13.94, for a total transaction of $219,541.06. Following the transaction, the chief accounting officer now owns 18,453 shares of the company’s stock, valued at approximately $257,234.82. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 160,877 shares of company stock worth $2,228,248 in the last quarter. 12.96% of the stock is owned by company insiders.

Institutional Investors Weigh In On Steelcase

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Jupiter Asset Management Ltd. increased its position in shares of 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. O Shaughnessy Asset Management LLC raised its stake in shares of Steelcase by 177.4% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 234,202 shares of the business services provider’s stock worth $3,063,000 after purchasing an additional 149,776 shares in the last quarter. Caxton Associates LP boosted its holdings in shares of Steelcase by 273.3% in the 1st quarter. Caxton Associates LP now owns 74,266 shares of the business services provider’s stock valued at $971,000 after buying an additional 54,369 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of 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 buying an additional 387,861 shares in the last quarter. Finally, Kingsview Wealth Management LLC bought a new stake in Steelcase during the first quarter worth $2,427,000. 92.42% of the stock is currently owned by institutional investors and hedge funds.

Steelcase Stock Down 0.2 %

Shares of SCS traded down $0.03 during midday trading on Tuesday, hitting $12.95. The stock had a trading volume of 489,032 shares, compared to its average volume of 703,967. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.62 and a quick ratio of 1.23. The firm has a market cap of $1.48 billion, a price-to-earnings ratio of 17.04, a price-to-earnings-growth ratio of 1.24 and a beta of 1.32. The company has a 50 day simple moving average of $13.26 and a two-hundred day simple moving average of $13.06. Steelcase has a twelve month low of $10.29 and a twelve month high of $14.74.

Steelcase (NYSE:SCS) last released its earnings results on Wednesday, September 18th. The business services provider reported $0.39 EPS for the quarter, beating the consensus estimate of $0.37 by $0.02. Steelcase had a return on equity of 14.41% and a net margin of 4.02%. The firm had revenue of $855.80 million for the quarter, compared to analysts’ expectations of $864.17 million. During the same quarter in the previous year, the business posted $0.31 EPS. The business’s quarterly revenue was up .1% compared to the same quarter last year. On average, analysts anticipate that Steelcase will post 1.02 EPS for the current year.

Steelcase Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 3.09%. The ex-dividend date of this dividend is Monday, September 30th. Steelcase’s dividend payout ratio (DPR) is currently 52.63%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on SCS. Benchmark lifted their target price on Steelcase from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Friday, June 21st. Noble Financial started coverage on Steelcase in a research report on Wednesday, October 9th. They issued an “outperform” rating and a $16.00 price objective 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.