Steelcase (NYSE:SCS) Sees Large Volume Increase

Steelcase Inc. (NYSE:SCSGet Rating) saw strong trading volume on Friday . 62,580 shares traded hands during mid-day trading, a decline of 85% from the previous session’s volume of 429,560 shares.The stock last traded at $9.28 and had previously closed at $9.60.

Wall Street Analysts Forecast Growth

Separately, Sidoti lowered Steelcase from a “buy” rating to a “neutral” rating and set a $12.00 price target for the company. in a research note on Thursday.

Steelcase Trading Down 3.4 %

The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.93 and a current ratio of 1.56. The company has a 50 day moving average of $11.26 and a two-hundred day moving average of $11.46. The stock has a market cap of $1.05 billion, a PE ratio of 54.53 and a beta of 1.14.

Steelcase (NYSE:SCSGet Rating) last posted its quarterly earnings data on Wednesday, June 22nd. The business services provider reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.18) by $0.13. Steelcase had a return on equity of 3.10% and a net margin of 0.70%. The company had revenue of $740.70 million for the quarter.

Steelcase Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 18th. Investors of record on Thursday, July 7th were issued a $0.145 dividend. This represents a $0.58 annualized dividend and a yield of 6.26%. The ex-dividend date of this dividend was Wednesday, July 6th. Steelcase’s payout ratio is 341.20%.

Insider Buying and Selling

In related news, CAO Lizbeth S. O’shaughnessy sold 30,000 shares of Steelcase stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $11.26, for a total value of $337,800.00. Following the sale, the chief accounting officer now directly owns 288,388 shares in the company, valued at approximately $3,247,248.88. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 12.77% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Point72 Hong Kong Ltd acquired a new position in shares of Steelcase during the 1st quarter worth approximately $33,000. Captrust Financial Advisors boosted its holdings in shares of Steelcase by 179.6% during the 1st quarter. Captrust Financial Advisors now owns 4,141 shares of the business services provider’s stock worth $49,000 after purchasing an additional 2,660 shares during the last quarter. First Horizon Advisors Inc. acquired a new position in shares of Steelcase during the 2nd quarter worth approximately $82,000. Lazard Asset Management LLC acquired a new position in shares of Steelcase during the 2nd quarter worth approximately $105,000. Finally, Virtu Financial LLC acquired a new position in shares of Steelcase during the 2nd quarter worth approximately $126,000. 76.11% of the stock is currently owned by institutional investors and hedge funds.

About Steelcase

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Steelcase Inc provides a portfolio of furniture and architectural products in the United States and internationally. It operates through Americas, EMEA, and Other 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, and mobile power and screens.

Further Reading

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