Steelcase Inc. (NYSE:SCS) CFO Sells $1,012,866.56 in Stock

Steelcase Inc. (NYSE:SCS) CFO David C. Sylvester sold 73,184 shares of the company’s stock in a transaction dated 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 completion of the transaction, the chief financial officer now owns 551,592 shares in the company, valued at $7,634,033.28. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Steelcase Price Performance

Shares of Steelcase stock traded up $0.24 during trading on Thursday, hitting $13.82. 1,132,064 shares of the stock traded hands, compared to its average volume of 751,379. The company has a quick ratio of 1.15, a current ratio of 1.61 and a debt-to-equity ratio of 0.51. The stock 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 firm’s fifty day moving average is $13.10 and its 200-day moving average is $12.86. Steelcase Inc. has a 52 week low of $8.20 and a 52 week high of $14.54.

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

Steelcase Announces Dividend

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

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On Steelcase

Several institutional investors have recently modified their holdings of SCS. Norges Bank purchased a new stake in Steelcase during the 4th quarter valued at about $8,215,000. Vanguard Group Inc. boosted its holdings in Steelcase by 4.9% during the 4th quarter. Vanguard Group Inc. now owns 9,765,893 shares of the business services provider’s stock valued at $132,035,000 after acquiring an additional 452,494 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Steelcase by 8.0% during the 4th 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 period. Jupiter Asset Management Ltd. boosted its holdings in Steelcase by 370.7% during the 1st 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 period. Finally, Kingsview Wealth Management LLC purchased a new stake in Steelcase during the 1st quarter valued at about $2,427,000. 92.42% of the stock is currently owned by institutional investors.

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.