Jennifer C. Niemann Sells 3,900 Shares of Steelcase Inc. (NYSE:SCS) Stock

Steelcase Inc. (NYSE:SCS – Get Rating) Director Jennifer C. Niemann sold 3,900 shares of the stock in a transaction dated Wednesday, April 27th. The shares were sold at an average price of $11.98, for a total transaction of $46,722.00. Following the completion of the transaction, the director now owns 19,346 shares of the company’s stock, valued at approximately $231,765.08. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Shares of NYSE SCS opened at $12.14 on Friday. Steelcase Inc. has a twelve month low of $10.66 and a twelve month high of $15.84. The company has a current ratio of 1.69, a quick ratio of 1.21 and a debt-to-equity ratio of 0.56. The company has a market capitalization of $1.37 billion, a price-to-earnings ratio of 404.80 and a beta of 1.27. The firm has a 50-day moving average of $11.80 and a two-hundred day moving average of $11.99.

Steelcase (NYSE:SCS – Get Rating) last issued its quarterly earnings results on Wednesday, March 23rd. The business services provider reported ($0.02) earnings per share for the quarter. Steelcase had a net margin of 0.14% and a return on equity of 0.45%. The business had revenue of $753.10 million during the quarter, compared to analyst estimates of $751.68 million. During the same period in the previous year, the company posted $0.06 earnings per share. Steelcase’s revenue was up 11.2% compared to the same quarter last year. As a group, research analysts predict that Steelcase Inc. will post 0.6 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 14th. Shareholders of record on Monday, April 4th were paid a dividend of $0.145 per share. This represents a $0.58 dividend on an annualized basis and a yield of 4.78%. The ex-dividend date was Friday, April 1st. Steelcase’s dividend payout ratio is presently 1,933.98%.

Hedge funds have recently bought and sold shares of the business. Millennium Management LLC lifted its stake in Steelcase by 93.9% during the third quarter. Millennium Management LLC now owns 724,877 shares of the business services provider’s stock valued at $9,191,000 after buying an additional 351,041 shares in the last quarter. Hsbc Holdings PLC lifted its stake in Steelcase by 50.9% during the third quarter. Hsbc Holdings PLC now owns 27,906 shares of the business services provider’s stock valued at $357,000 after buying an additional 9,407 shares in the last quarter. Pzena Investment Management LLC lifted its stake in Steelcase by 2.3% during the third quarter. Pzena Investment Management LLC now owns 6,000,369 shares of the business services provider’s stock valued at $76,085,000 after buying an additional 137,326 shares in the last quarter. Point72 Hong Kong Ltd purchased a new stake in Steelcase during the third quarter valued at about $99,000. Finally, BlackRock Inc. lifted its stake in Steelcase by 3.3% during the third quarter. BlackRock Inc. now owns 8,371,826 shares of the business services provider’s stock valued at $106,156,000 after buying an additional 265,327 shares in the last quarter. 79.17% of the stock is owned by institutional investors.

Separately, StockNews.com initiated coverage on shares of Steelcase in a research report on Thursday, March 31st. They issued a “hold” rating for the company.

About Steelcase (Get Rating)

Steelcase Inc manufactures and sells integrated furniture settings, user-centered technologies, and interior architectural products in the United States and internationally. It operates through Americas, EMEA, and Other segments. The company's furniture portfolio includes panels, fence and beam-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as complementary products, including worktools and screens.

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