Steelcase Inc. (NYSE:SCS) CFO Sells $1,012,866.56 in Stock

Steelcase Inc. (NYSE:SCS) CFO David C. Sylvester sold 73,184 shares of the stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $13.84, for a total transaction of $1,012,866.56. Following the completion of the transaction, the chief financial officer now owns 551,592 shares in the company, valued at $7,634,033.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Steelcase Trading Up 1.4 %

Shares of NYSE SCS opened at $14.03 on Friday. The company’s 50 day simple moving average is $13.12 and its 200 day simple moving average is $12.87. Steelcase Inc. has a fifty-two week low of $8.20 and a fifty-two week high of $14.54. The firm has a market capitalization of $1.60 billion, a P/E ratio of 18.46, a P/E/G ratio of 1.38 and a beta of 1.34. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.61 and a quick ratio of 1.15.

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

Steelcase Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Wednesday, July 3rd were issued a $0.10 dividend. The ex-dividend date was Wednesday, July 3rd. This represents a $0.40 annualized dividend and a yield of 2.85%. Steelcase’s dividend payout ratio (DPR) is presently 52.63%.

Institutional Investors Weigh In On Steelcase

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Steelcase by 4.0% in the first quarter. Vanguard Group Inc. now owns 10,153,754 shares of the business services provider’s stock worth $132,811,000 after purchasing an additional 387,861 shares during the period. Dimensional Fund Advisors LP raised its holdings in Steelcase by 8.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,752,105 shares of the business services provider’s stock worth $64,249,000 after purchasing an additional 352,078 shares during the period. Bank of New York Mellon Corp raised its holdings in Steelcase by 6.5% in the second quarter. Bank of New York Mellon Corp now owns 995,083 shares of the business services provider’s stock worth $12,896,000 after purchasing an additional 60,951 shares during the period. Norges Bank acquired a new stake in Steelcase in the fourth quarter worth $8,215,000. Finally, Empowered Funds LLC raised its holdings in Steelcase by 8.2% in the first quarter. Empowered Funds LLC now owns 387,572 shares of the business services provider’s stock worth $5,069,000 after purchasing an additional 29,334 shares during the period. 92.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Benchmark increased their price objective on shares of 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.