Insider Selling: Steelcase Inc. (NYSE:SCS) VP Sells 13,310 Shares of Stock

Steelcase Inc. (NYSE:SCS) VP Donna K. Flynn sold 13,310 shares of the company’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $13.72, for a total transaction of $182,613.20. Following the completion of the sale, the vice president now owns 78,733 shares in the company, valued at approximately $1,080,216.76. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Steelcase Stock Performance

NYSE SCS traded down $0.57 during trading hours on Tuesday, reaching $13.13. The company’s stock had a trading volume of 822,942 shares, compared to its average volume of 750,050. The stock has a market cap of $1.51 billion, a PE ratio of 18.02, a PEG ratio of 1.33 and a beta of 1.35. Steelcase Inc. has a 52 week low of $7.10 and a 52 week high of $14.54. The company has a current ratio of 1.58, a quick ratio of 1.20 and a debt-to-equity ratio of 0.50. The business has a 50-day simple moving average of $12.74 and a 200 day simple moving average of $12.84.

Steelcase (NYSE:SCS) last posted its earnings results on Thursday, June 20th. The business services provider reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.06. The company had revenue of $727.30 million for the quarter, compared to analysts’ expectations of $729.05 million. Steelcase had a return on equity of 13.66% and a net margin of 2.89%. The firm’s quarterly revenue was down 3.3% compared to the same quarter last year. During the same period last year, the business posted $0.09 earnings per share. Equities research analysts predict that Steelcase Inc. will post 1 earnings per share for the current fiscal year.

Steelcase Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Wednesday, July 3rd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 3.05%. The ex-dividend date of this dividend is Wednesday, July 3rd. Steelcase’s dividend payout ratio is currently 52.63%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. USA Financial Formulas acquired a new position in shares of Steelcase during the fourth quarter valued at $28,000. FinTrust Capital Advisors LLC acquired a new position in Steelcase during the 4th quarter valued at about $44,000. Quest Partners LLC bought a new stake in shares of Steelcase during the 4th quarter worth about $71,000. QRG Capital Management Inc. acquired a new stake in shares of Steelcase in the 3rd quarter worth approximately $113,000. Finally, Scotia Capital Inc. bought a new position in shares of Steelcase in the third quarter valued at approximately $114,000. Institutional investors and hedge funds own 92.42% of the company’s stock.

Analysts Set New Price Targets

SCS has been the subject of several research analyst reports. Benchmark boosted their price objective on Steelcase from $17.00 to $18.00 and gave the company a “buy” rating in a report on Friday. StockNews.com raised Steelcase from a “buy” rating to a “strong-buy” rating in a research report on Friday, March 29th.

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.