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

Steelcase Inc. (NYSE:SCS) was the target of a large increase in short interest during the month of February. As of February 15th, there was short interest totalling 1,220,000 shares, an increase of 28.0% from the January 31st total of 953,400 shares. Currently, 1.4% of the company’s shares are short sold. Based on an average daily volume of 594,900 shares, the short-interest ratio is presently 2.1 days.

Steelcase Trading Up 1.0 %

Shares of Steelcase stock traded up $0.12 during midday trading on Thursday, reaching $11.55. The company had a trading volume of 487,895 shares, compared to its average volume of 581,314. The firm has a market cap of $1.31 billion, a PE ratio of 12.03, a P/E/G ratio of 1.25 and a beta of 1.35. The stock has a fifty day moving average price of $11.76 and a 200 day moving average price of $12.66. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.57 and a quick ratio of 1.21. Steelcase has a fifty-two week low of $10.90 and a fifty-two week high of $14.74.

Steelcase (NYSE:SCS) last announced its earnings results on Wednesday, December 18th. The business services provider reported $0.30 earnings per share for the quarter, topping 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%. Steelcase’s quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.30 earnings per share. On average, equities analysts anticipate that Steelcase will post 1 earnings per share for the current year.

Steelcase Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, January 13th. Stockholders of record on Monday, December 30th were paid a $0.10 dividend. The ex-dividend date was Monday, December 30th. This represents a $0.40 annualized dividend and a dividend yield of 3.46%. Steelcase’s dividend payout ratio is currently 41.67%.

Insider Buying and Selling

In other Steelcase news, VP Robert G. Krestakos sold 5,000 shares of the company’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $11.74, for a total value of $58,700.00. Following the sale, the vice president now owns 114,481 shares in the company, valued at approximately $1,344,006.94. The trade was a 4.18 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 12.96% of the stock is owned by corporate insiders.

Institutional Trading of Steelcase

Large investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its position in shares of Steelcase by 0.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,425,529 shares of the business services provider’s stock valued at $64,129,000 after buying an additional 47,748 shares during the last quarter. Pzena Investment Management LLC raised its holdings in shares of Steelcase by 2.6% in the fourth quarter. Pzena Investment Management LLC now owns 5,373,342 shares of the business services provider’s stock valued at $63,513,000 after purchasing an additional 133,893 shares during the last quarter. Fifth Third Bancorp lifted its position in shares of Steelcase by 7.4% during the fourth quarter. Fifth Third Bancorp now owns 3,579,117 shares of the business services provider’s stock valued at $42,305,000 after purchasing an additional 245,981 shares in the last quarter. American Century Companies Inc. boosted its holdings in 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 purchasing an additional 275,369 shares during the last quarter. Finally, State Street Corp grew its position in Steelcase by 1.0% in the 3rd quarter. State Street Corp now owns 2,260,310 shares of the business services provider’s stock worth $30,714,000 after purchasing an additional 22,226 shares in the last quarter. 92.42% of the stock is currently owned by institutional investors and hedge funds.

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.