Allan W. Smith, Jr. Sells 70,444 Shares of Steelcase Inc. (NYSE:SCS) Stock

Steelcase Inc. (NYSE:SCS) SVP Allan W. Smith, Jr. sold 70,444 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $13.84, for a total value of $974,944.96. Following the sale, the senior vice president now owns 184,743 shares of the company’s stock, valued at $2,556,843.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Steelcase Stock Performance

Shares of NYSE:SCS traded up $0.33 during midday trading on Tuesday, hitting $14.19. The company’s stock had a trading volume of 504,850 shares, compared to its average volume of 746,197. The stock has a market capitalization of $1.62 billion, a price-to-earnings ratio of 18.33, a PEG ratio of 1.35 and a beta of 1.34. The stock’s 50 day simple moving average is $13.09 and its 200 day simple moving average is $12.84. Steelcase Inc. has a fifty-two week low of $8.01 and a fifty-two week high of $14.54. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.15 and a current ratio of 1.61.

Steelcase (NYSE:SCS) last issued its quarterly earnings results on Thursday, June 20th. The business services provider reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.06. The company had revenue of $727.30 million for the quarter, compared to the consensus estimate of $729.05 million. Steelcase had a return on equity of 13.66% and a net margin of 2.89%. The firm’s 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. As a group, research analysts anticipate that Steelcase Inc. will post 1 earnings per share for the current year.

Steelcase Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Wednesday, July 3rd were given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.82%. The ex-dividend date was Wednesday, July 3rd. Steelcase’s dividend payout ratio is currently 52.63%.

Institutional Investors Weigh In On Steelcase

A number of institutional investors have recently added to or reduced their stakes in the company. Summit Global Investments acquired a new stake in Steelcase during the second quarter worth about $1,218,000. Hennion & Walsh Asset Management Inc. grew its position in Steelcase by 45.5% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 22,350 shares of the business services provider’s stock worth $290,000 after buying an additional 6,984 shares in the last quarter. Diversified Trust Co grew its position in Steelcase by 7.2% during the second quarter. Diversified Trust Co now owns 29,078 shares of the business services provider’s stock worth $377,000 after buying an additional 1,957 shares in the last quarter. Alhambra Investment Management LLC grew its position in Steelcase by 5.5% during the second quarter. Alhambra Investment Management LLC now owns 24,226 shares of the business services provider’s stock worth $314,000 after buying an additional 1,257 shares in the last quarter. Finally, First Hawaiian Bank grew its position in Steelcase by 5.5% during the second quarter. First Hawaiian Bank now owns 80,206 shares of the business services provider’s stock worth $1,039,000 after buying an additional 4,202 shares in the last quarter. 92.42% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on SCS shares. StockNews.com upgraded Steelcase from a “buy” rating to a “strong-buy” rating in a report on Friday, March 29th. Benchmark raised their target price on Steelcase from $17.00 to $18.00 and gave the company a “buy” rating in a report on Friday, June 21st.

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.