Steelcase Inc. (NYSE:SCS) Short Interest Down 19.5% in September

by · The Markets Daily

Steelcase Inc. (NYSE:SCS – Get Free Report) saw a large decrease in short interest during the month of September. As of September 30th, there was short interest totalling 2,070,000 shares, a decrease of 19.5% from the September 15th total of 2,570,000 shares. Based on an average daily trading volume, of 617,700 shares, the short-interest ratio is currently 3.4 days. Currently, 2.4% of the company’s stock are short sold.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on SCS shares. Noble Financial initiated coverage on shares of Steelcase in a report on Wednesday. They issued an “outperform” rating and a $16.00 price objective for the company. Benchmark lifted their price target on shares of Steelcase from $17.00 to $18.00 and gave the company a “buy” rating in a report on Friday, June 21st.

Get Our Latest Stock Report on Steelcase

Insider Buying and Selling at Steelcase

In other Steelcase news, SVP Allan W. Smith, Jr. sold 70,444 shares of the company’s stock in a transaction that occurred 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 transaction, the senior vice president now directly owns 184,743 shares of the company’s stock, valued at $2,556,843.12. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, SVP Allan W. Smith, Jr. sold 70,444 shares of the company’s stock in a transaction dated Monday, July 22nd. The shares were 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 in the company, valued at approximately $2,556,843.12. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO David C. Sylvester sold 73,184 shares of Steelcase stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $13.84, for a total value of $1,012,866.56. Following the completion of the transaction, the chief financial officer now owns 551,592 shares of the company’s stock, valued at $7,634,033.28. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 160,877 shares of company stock valued at $2,228,248 in the last ninety days. Insiders own 12.96% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in SCS. Innealta Capital LLC acquired a new stake in Steelcase in the second quarter worth about $93,000. SpiderRock Advisors LLC acquired a new stake in shares of Steelcase in the 1st quarter worth approximately $135,000. DekaBank Deutsche Girozentrale bought a new position in shares of Steelcase in the first quarter valued at approximately $141,000. Allspring Global Investments Holdings LLC increased its stake in shares of Steelcase by 34,941.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 12,615 shares of the business services provider’s stock valued at $165,000 after acquiring an additional 12,579 shares during the period. Finally, Creative Planning raised its holdings in Steelcase by 8.7% during the third quarter. Creative Planning now owns 13,470 shares of the business services provider’s stock worth $182,000 after purchasing an additional 1,075 shares in the last quarter. Institutional investors and hedge funds own 92.42% of the company’s stock.

Steelcase Stock Performance

SCS traded up $0.31 during trading on Friday, reaching $12.91. 453,686 shares of the company were exchanged, compared to its average volume of 781,190. Steelcase has a 52 week low of $10.29 and a 52 week high of $14.74. The company has a current ratio of 1.62, a quick ratio of 1.23 and a debt-to-equity ratio of 0.48. The firm has a 50 day moving average of $13.25 and a 200 day moving average of $13.06. The stock has a market cap of $1.47 billion, a P/E ratio of 12.18, a PEG ratio of 1.24 and a beta of 1.32.

Steelcase (NYSE:SCS – Get Free Report) last released its quarterly earnings data on Wednesday, September 18th. The business services provider reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.02. The business had revenue of $855.80 million for the quarter, compared to analysts’ expectations of $864.17 million. Steelcase had a net margin of 4.02% and a return on equity of 14.41%. The company’s revenue for the quarter was up .1% compared to the same quarter last year. During the same quarter last year, the company earned $0.31 EPS. On average, sell-side analysts forecast that Steelcase will post 1.02 EPS for the current fiscal year.

Steelcase Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 3.10%. The ex-dividend date of this dividend is Monday, September 30th. Steelcase’s dividend payout ratio is currently 37.74%.

About Steelcase

(Get Free Report)

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.

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