Steelcase Inc. (NYSE:SCS) CEO James P. Keane sold 100,000 shares of the company’s stock in a transaction on Friday, July 12th. The shares were sold at an average price of $17.45, for a total value of $1,745,000.00. Following the sale, the chief executive officer now owns 808,927 shares of the company’s stock, valued at $14,115,776.15. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.
NYSE SCS traded down $0.05 on Tuesday, reaching $16.95. 1,527 shares of the company’s stock traded hands, compared to its average volume of 672,123. The stock has a market cap of $1.99 billion, a price-to-earnings ratio of 14.16 and a beta of 1.33. The business has a 50 day moving average of $16.95. Steelcase Inc. has a fifty-two week low of $13.40 and a fifty-two week high of $19.35. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.13 and a current ratio of 1.57.
Steelcase (NYSE:SCS) last released its quarterly earnings data on Wednesday, June 19th. The business services provider reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.04). The firm had revenue of $824.30 million during the quarter, compared to analysts’ expectations of $839.07 million. Steelcase had a net margin of 3.61% and a return on equity of 16.35%. The firm’s quarterly revenue was up 9.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.14 EPS. On average, analysts expect that Steelcase Inc. will post 1.28 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, July 16th. Stockholders of record on Monday, July 1st were paid a dividend of $0.145 per share. The ex-dividend date was Friday, June 28th. This represents a $0.58 dividend on an annualized basis and a dividend yield of 3.42%. Steelcase’s dividend payout ratio is currently 48.33%.
Several hedge funds have recently added to or reduced their stakes in the company. Advisor Group Inc. boosted its holdings in Steelcase by 33.3% in the 4th quarter. Advisor Group Inc. now owns 4,285 shares of the business services provider’s stock valued at $63,000 after purchasing an additional 1,071 shares during the last quarter. NEXT Financial Group Inc lifted its holdings in shares of Steelcase by 22.2% in the 2nd quarter. NEXT Financial Group Inc now owns 4,400 shares of the business services provider’s stock worth $75,000 after acquiring an additional 800 shares during the last quarter. Macquarie Group Ltd. lifted its holdings in shares of Steelcase by 639.7% in the 4th quarter. Macquarie Group Ltd. now owns 5,304 shares of the business services provider’s stock worth $79,000 after acquiring an additional 4,587 shares during the last quarter. Quantitative Systematic Strategies LLC acquired a new position in shares of Steelcase in the 1st quarter worth approximately $160,000. Finally, Principal Financial Group Inc. acquired a new position in shares of Steelcase in the 4th quarter worth approximately $164,000. 66.15% of the stock is owned by institutional investors and hedge funds.
A number of equities analysts have issued reports on SCS shares. Seaport Global Securities cut Steelcase from a “buy” rating to a “neutral” rating in a report on Wednesday, July 17th. Zacks Investment Research lowered Superior Drilling Products from a “hold” rating to a “sell” rating in a research report on Tuesday. Three analysts have rated the stock with a hold rating and one has given a strong buy rating to the company’s stock. Steelcase has an average rating of “Buy” and an average price target of $19.00.
Steelcase Company Profile
Steelcase Inc manufactures and sells integrated furniture settings, user-centered technologies, and interior architectural products. It operates through Americas, EMEA, and Other Category segments. The company’s furniture portfolio includes panel, fence and beam-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as complementary products, including worktools.