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

Steelcase Inc. (NYSE:SCS) was the target of a significant growth in short interest in the month of February. As of February 28th, there was short interest totalling 1,630,000 shares, a growth of 33.6% from the February 13th total of 1,220,000 shares. Based on an average daily trading volume, of 598,800 shares, the short-interest ratio is presently 2.7 days. Approximately 1.9% of the company’s shares are sold short.

Steelcase Trading Up 0.2 %

SCS stock traded up $0.03 on Monday, hitting $11.02. 581,523 shares of the company were exchanged, compared to its average volume of 615,709. Steelcase has a twelve month low of $10.78 and a twelve month high of $14.74. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.57 and a quick ratio of 1.21. The business’s fifty day moving average is $11.68 and its two-hundred day moving average is $12.51. The stock has a market capitalization of $1.25 billion, a price-to-earnings ratio of 11.47, a price-to-earnings-growth ratio of 1.25 and a beta of 1.33.

Steelcase (NYSE:SCS) last released its quarterly earnings data on Wednesday, December 18th. The business services provider reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.07. Steelcase had a net margin of 3.63% and a return on equity of 14.20%. The company had revenue of $794.90 million during the quarter, compared to analyst estimates of $796.58 million. During the same quarter in the prior year, the business earned $0.30 earnings per share. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. As a group, research analysts forecast that Steelcase will post 1 earnings per share for the current year.

Steelcase Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, January 13th. Stockholders of record on Monday, December 30th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 3.63%. The ex-dividend date of this dividend was Monday, December 30th. Steelcase’s payout ratio is currently 41.67%.

Insider Activity at Steelcase

In related news, VP Robert G. Krestakos sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $11.74, for a total transaction of $58,700.00. Following the completion of the transaction, the vice president now owns 114,481 shares of the company’s stock, valued at approximately $1,344,006.94. This represents a 4.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 12.96% of the company’s stock.

Institutional Investors Weigh In On Steelcase

Several large investors have recently made changes to their positions in SCS. Barclays PLC grew its holdings in Steelcase by 203.1% during the 3rd quarter. Barclays PLC now owns 178,002 shares of the business services provider’s stock valued at $2,402,000 after purchasing an additional 119,268 shares in the last quarter. Geode Capital Management LLC grew its holdings in Steelcase by 1.0% during the 3rd quarter. Geode Capital Management LLC now owns 2,180,428 shares of the business services provider’s stock valued at $29,420,000 after purchasing an additional 22,507 shares in the last quarter. State Street Corp grew its holdings in Steelcase by 1.0% during the 3rd quarter. State Street Corp now owns 2,260,310 shares of the business services provider’s stock valued at $30,714,000 after purchasing an additional 22,226 shares in the last quarter. SG Americas Securities LLC acquired a new stake in Steelcase during the 4th quarter valued at $379,000. Finally, BNP Paribas Financial Markets grew its holdings in Steelcase by 322.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 572,269 shares of the business services provider’s stock valued at $7,720,000 after purchasing an additional 436,754 shares in the last quarter. Institutional investors and hedge funds own 92.42% of the company’s stock.

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.