Steelcase Inc. (NYSE:SCS) VP Sells $58,700.00 in Stock

Steelcase Inc. (NYSE:SCS) VP Robert G. Krestakos sold 5,000 shares of the business’s stock in a transaction dated 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 owns 114,481 shares in the company, valued at $1,344,006.94. This represents a 4.18 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Steelcase Stock Down 0.5 %

Shares of NYSE:SCS opened at $11.55 on Friday. 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 company has a market capitalization of $1.31 billion, a P/E ratio of 12.03, a P/E/G ratio of 1.16 and a beta of 1.36. Steelcase Inc. has a 52-week low of $10.90 and a 52-week high of $14.74. The stock’s fifty day simple moving average is $12.37 and its 200-day simple moving average is $12.94.

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

Steelcase Announces Dividend

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

Institutional Investors Weigh In On Steelcase

Several hedge funds have recently made changes to their positions in the business. Barclays PLC lifted its position in Steelcase by 203.1% during the third quarter. Barclays PLC now owns 178,002 shares of the business services provider’s stock worth $2,402,000 after buying an additional 119,268 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Steelcase by 1.0% during 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 acquiring an additional 22,507 shares during the period. Renaissance Technologies LLC boosted its position in shares of Steelcase by 380.2% in the second quarter. Renaissance Technologies LLC now owns 133,500 shares of the business services provider’s stock worth $1,730,000 after acquiring an additional 105,700 shares during the last quarter. State Street Corp grew its holdings in Steelcase by 1.0% in 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 period. Finally, BNP Paribas Financial Markets grew its holdings in 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. Institutional investors and hedge funds own 92.42% of the company’s stock.

Wall Street Analyst Weigh In

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