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

Steelcase Inc. (NYSE:SCS) saw a large growth in short interest during 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. Currently, 1.9% of the shares of the company are sold short. Based on an average daily volume of 598,800 shares, the short-interest ratio is presently 2.7 days.

Steelcase Stock Performance

Shares of SCS stock traded down $0.02 during midday trading on Tuesday, hitting $10.99. 169,286 shares of the company were exchanged, compared to its average volume of 616,216. Steelcase has a 52 week low of $10.78 and a 52 week high of $14.74. The firm has a market capitalization of $1.25 billion, a P/E ratio of 11.45, a PEG ratio of 1.25 and a beta of 1.33. The firm’s 50 day moving average price is $11.68 and its two-hundred day moving average price is $12.51. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.21 and a current ratio of 1.57.

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

Steelcase Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, January 13th. Shareholders of record on Monday, December 30th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 3.64%. The ex-dividend date of this dividend was Monday, December 30th. Steelcase’s payout ratio is 41.67%.

Insider Transactions at Steelcase

In related news, VP Robert G. Krestakos sold 5,000 shares of the stock in a transaction on 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. This represents a 4.18 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 12.96% of the stock is owned by company insiders.

Institutional Investors Weigh In On Steelcase

A number of hedge funds and other institutional investors have recently modified their holdings of SCS. Empowered Funds LLC raised its stake in Steelcase by 5.4% in the 3rd quarter. Empowered Funds LLC now owns 557,744 shares of the business services provider’s stock worth $7,524,000 after purchasing an additional 28,408 shares in the last quarter. Quest Partners LLC raised its position in shares of Steelcase by 399.0% in the third quarter. Quest Partners LLC now owns 30,247 shares of the business services provider’s stock valued at $408,000 after buying an additional 24,186 shares in the last quarter. Segall Bryant & Hamill LLC bought a new stake in shares of Steelcase in the third quarter valued at approximately $2,273,000. Intech Investment Management LLC acquired a new stake in Steelcase during the third quarter worth approximately $347,000. Finally, Dynamic Technology Lab Private Ltd bought a new position in Steelcase during the 3rd quarter worth $602,000. Institutional investors and hedge funds own 92.42% of the company’s stock.

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.