Insider Selling: Steelcase Inc. (NYSE:SCS) CAO Sells 1,500 Shares of Stock

Steelcase Inc. (NYSE:SCS) CAO Nicole Cherie Mcgrath sold 1,500 shares of Steelcase stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $13.93, for a total transaction of $20,895.00. Following the transaction, the chief accounting officer now directly owns 34,202 shares in the company, valued at approximately $476,433.86. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Steelcase Stock Up 2.3 %

SCS traded up $0.31 during trading on Monday, reaching $13.85. The company had a trading volume of 570,349 shares, compared to its average volume of 746,341. The company has a market cap of $1.58 billion, a P/E ratio of 17.84, a PEG ratio of 1.35 and a beta of 1.34. Steelcase Inc. has a 12 month low of $8.01 and a 12 month high of $14.54. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.61 and a quick ratio of 1.15. The business’s fifty day moving average price is $13.08 and its 200 day moving average price is $12.84.

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

Steelcase Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Wednesday, July 3rd were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.89%. The ex-dividend date was Wednesday, July 3rd. Steelcase’s dividend payout ratio is presently 52.63%.

Hedge Funds Weigh In On Steelcase

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of Steelcase by 1.7% in the 3rd quarter. Vanguard Group Inc. now owns 9,313,399 shares of the business services provider’s stock valued at $104,031,000 after acquiring an additional 159,813 shares in the last quarter. Public Employees Retirement System of Ohio grew its stake in Steelcase by 8.5% in the third quarter. Public Employees Retirement System of Ohio now owns 95,543 shares of the business services provider’s stock valued at $1,067,000 after purchasing an additional 7,450 shares in the last quarter. Raymond James & Associates acquired a new position in shares of Steelcase during the 4th quarter worth approximately $168,000. Ritholtz Wealth Management bought a new stake in shares of Steelcase during the 4th quarter worth approximately $373,000. Finally, Prime Capital Investment Advisors LLC boosted its holdings in shares of Steelcase by 8.6% in the 4th quarter. Prime Capital Investment Advisors LLC now owns 18,680 shares of the business services provider’s stock valued at $253,000 after buying an additional 1,476 shares during the last quarter. Institutional investors and hedge funds own 92.42% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Benchmark lifted their price target on shares of Steelcase from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Friday, June 21st. StockNews.com raised Steelcase from a “buy” rating to a “strong-buy” rating in a research note on Friday, March 29th.

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.