Steelcase Inc. (NYSE:SCS) Sees Large Decline in Short Interest

Steelcase Inc. (NYSE:SCS - Get Free Report) was the recipient of a significant drop in short interest in September. As of September 30th, there was short interest totalling 2,070,000 shares, a drop of 19.5% from the September 15th total of 2,570,000 shares. Approximately 2.4% of the company's stock are short sold. Based on an average daily volume of 617,700 shares, the short-interest ratio is currently 3.4 days.

Steelcase Price Performance

Shares of NYSE:SCS traded up $0.31 on Friday, hitting $12.91. The company had a trading volume of 453,686 shares, compared to its average volume of 781,190. The company has a market cap of $1.47 billion, a PE ratio of 12.18, a PEG ratio of 1.24 and a beta of 1.32. The business has a 50 day moving average of $13.25 and a 200 day moving average of $13.07. 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.

Steelcase (NYSE:SCS - Get Free Report) last released its earnings results on Wednesday, September 18th. The business services provider reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.02. Steelcase had a return on equity of 14.41% and a net margin of 4.02%. The firm had revenue of $855.80 million for the quarter, compared to the consensus estimate of $864.17 million. During the same period in the prior year, the business posted $0.31 earnings per share. The firm's revenue for the quarter was up .1% compared to the same quarter last year. As a group, equities analysts anticipate that Steelcase will post 1.02 earnings per share for the current fiscal year.

Steelcase Dividend Announcement

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

Wall Street Analyst Weigh In

SCS has been the topic of several recent analyst reports. Benchmark increased their target price on Steelcase from $17.00 to $18.00 and gave the company a "buy" rating in a report on Friday, June 21st. Noble Financial assumed coverage on shares of Steelcase in a research report on Wednesday. They issued an "outperform" rating and a $16.00 price target for the company.

Insider Activity

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 transaction of $974,944.96. Following the transaction, the senior vice president now owns 184,743 shares in the company, valued at $2,556,843.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CAO Nicole Cherie Mcgrath sold 15,749 shares of the company's stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $13.94, for a total value of $219,541.06. Following the transaction, the chief accounting officer now directly owns 18,453 shares in the company, valued at approximately $257,234.82. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Allan W. Smith, Jr. sold 70,444 shares of the stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $13.84, for a total transaction 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. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 160,877 shares of company stock worth $2,228,248. Corporate insiders own 12.96% of the company's stock.

Hedge Funds Weigh In On Steelcase

Hedge funds and other institutional investors have recently bought and sold shares of the stock. DekaBank Deutsche Girozentrale raised its position in shares of Steelcase by 8.1% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 12,017 shares of the business services provider's stock valued at $153,000 after purchasing an additional 897 shares in the last quarter. Creative Planning boosted its stake in Steelcase by 8.7% during the 3rd quarter. Creative Planning now owns 13,470 shares of the business services provider's stock valued at $182,000 after acquiring an additional 1,075 shares during the last quarter. Alhambra Investment Management LLC grew its holdings in Steelcase by 5.5% during the 2nd quarter. Alhambra Investment Management LLC now owns 24,226 shares of the business services provider's stock worth $314,000 after acquiring an additional 1,257 shares in the last quarter. ProShare Advisors LLC increased its position in shares of Steelcase by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 16,656 shares of the business services provider's stock worth $218,000 after purchasing an additional 1,311 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Steelcase by 3.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 48,292 shares of the business services provider's stock valued at $626,000 after purchasing an additional 1,426 shares in the last quarter. 92.42% of the stock is owned by institutional investors and hedge funds.

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.