Steelcase Inc. (NYSE:SCS) Short Interest Up 33.6% in February

Steelcase Inc. (NYSE:SCS) saw a large growth in short interest in the month of February. As of February 28th, there was short interest totalling 1,630,000 shares, a growth of 33.6% from the February 13th total of 1,220,000 shares. Approximately 1.9% of the shares of the company are sold short. Based on an average trading volume of 598,800 shares, the short-interest ratio is currently 2.7 days.

Steelcase Price Performance

Shares of SCS traded up $0.03 during trading hours on Monday, reaching $11.02. The company had a trading volume of 581,523 shares, compared to its average volume of 615,709. The firm has a 50 day simple moving average of $11.68 and a 200-day simple moving average of $12.51. The company has a current ratio of 1.57, a quick ratio of 1.21 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $1.25 billion, a price-to-earnings ratio of 11.47, a PEG ratio of 1.25 and a beta of 1.33. Steelcase has a 12-month low of $10.78 and a 12-month high of $14.74.

Steelcase (NYSE:SCS) last announced its quarterly earnings results on Wednesday, December 18th. The business services provider reported $0.30 earnings per share (EPS) for the quarter, beating 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 business’s revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.30 EPS. Research analysts expect that Steelcase will post 1 earnings per share for the current year.

Steelcase Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, January 13th. Shareholders of record on Monday, December 30th were issued a dividend of $0.10 per share. The ex-dividend date was Monday, December 30th. This represents a $0.40 annualized dividend and a yield of 3.63%. Steelcase’s dividend payout ratio (DPR) is currently 41.67%.

Insider Transactions at Steelcase

In other news, VP Robert G. Krestakos sold 5,000 shares of the firm’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $11.74, for a total value of $58,700.00. Following the completion of the sale, the vice president now owns 114,481 shares in the company, valued at approximately $1,344,006.94. This trade represents a 4.18 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 12.96% of the company’s stock.

Hedge Funds Weigh In On Steelcase

Several hedge funds have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP increased its holdings in Steelcase by 0.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,425,529 shares of the business services provider’s stock valued at $64,129,000 after acquiring an additional 47,748 shares in the last quarter. Pzena Investment Management LLC increased its holdings in Steelcase by 2.6% during the 4th quarter. Pzena Investment Management LLC now owns 5,373,342 shares of the business services provider’s stock valued at $63,513,000 after acquiring an additional 133,893 shares in the last quarter. Fifth Third Bancorp increased its holdings in Steelcase by 7.4% during the 4th quarter. Fifth Third Bancorp now owns 3,579,117 shares of the business services provider’s stock valued at $42,305,000 after acquiring an additional 245,981 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of Steelcase by 10.0% during the fourth quarter. American Century Companies Inc. now owns 3,024,828 shares of the business services provider’s stock worth $35,753,000 after buying an additional 275,369 shares in the last quarter. Finally, State Street Corp lifted its stake in shares of Steelcase by 1.0% during 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 buying an additional 22,226 shares during the period. 92.42% of the stock is currently owned by hedge funds and other 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.