Steelcase Inc. (NYSE:SCS) VP Sells $86,500.00 in Stock

Steelcase Inc. (NYSE:SCS) VP Sara E. Armbruster sold 5,000 shares of the firm’s stock in a transaction on Wednesday, July 10th. The shares were sold at an average price of $17.30, for a total transaction of $86,500.00. Following the completion of the transaction, the vice president now directly owns 54,538 shares in the company, valued at $943,507.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Steelcase stock opened at $17.53 on Friday. Steelcase Inc. has a 1-year low of $13.40 and a 1-year high of $19.35. The company has a market capitalization of $2.01 billion, a price-to-earnings ratio of 14.61 and a beta of 1.32. The firm has a fifty day simple moving average of $16.81. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.57 and a quick ratio of 1.13.

Steelcase (NYSE:SCS) last released its quarterly earnings data on Wednesday, June 19th. The business services provider reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.04). Steelcase had a net margin of 3.61% and a return on equity of 16.35%. The business had revenue of $824.30 million during the quarter, compared to the consensus estimate of $839.07 million. During the same period last year, the business posted $0.14 earnings per share. The firm’s quarterly revenue was up 9.3% on a year-over-year basis. As a group, sell-side analysts forecast that Steelcase Inc. will post 1.28 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 16th. Shareholders of record on Monday, July 1st will be paid a $0.145 dividend. This represents a $0.58 dividend on an annualized basis and a dividend yield of 3.31%. The ex-dividend date is Friday, June 28th. Steelcase’s dividend payout ratio (DPR) is 48.33%.

SCS has been the topic of a number of recent research reports. Raymond James set a $28.00 price objective on shares of Wheaton Precious Metals and gave the company a “buy” rating in a research note on Thursday, March 21st. Zacks Investment Research lowered shares of EXACT Sciences from a “hold” rating to a “sell” rating in a research note on Tuesday, July 2nd. Two research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $19.00.

Institutional investors have recently added to or reduced their stakes in the business. Advisor Group Inc. lifted its stake in shares of Steelcase by 33.3% in the fourth quarter. Advisor Group Inc. now owns 4,285 shares of the business services provider’s stock valued at $63,000 after buying an additional 1,071 shares in the last quarter. Macquarie Group Ltd. raised its holdings in shares of Steelcase by 639.7% in the fourth quarter. Macquarie Group Ltd. now owns 5,304 shares of the business services provider’s stock valued at $79,000 after purchasing an additional 4,587 shares during the last quarter. Quantitative Systematic Strategies LLC purchased a new stake in shares of Steelcase in the first quarter valued at about $160,000. Principal Financial Group Inc. purchased a new stake in shares of Steelcase in the fourth quarter valued at about $164,000. Finally, O Shaughnessy Asset Management LLC purchased a new stake in shares of Steelcase in the first quarter valued at about $169,000. 66.17% of the stock is currently owned by hedge funds and other institutional investors.

Steelcase Company Profile

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

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