Steelcase Inc. (NYSE:SCS) CFO Sells $366,326.31 in Stock

Steelcase Inc. (NYSE:SCS) CFO David C. Sylvester sold 21,017 shares of the company’s stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $17.43, for a total value of $366,326.31. Following the completion of the transaction, the chief financial officer now directly owns 412,816 shares in the company, valued at $7,195,382.88. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

SCS opened at $16.62 on Thursday. The company has a market cap of $2.07 billion, a P/E ratio of 13.85 and a beta of 1.32. The business’s 50-day moving average is $16.87. Steelcase Inc. has a 52-week low of $13.40 and a 52-week high of $19.35. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.13 and a current ratio of 1.57.

Steelcase (NYSE:SCS) last released its quarterly earnings results on Wednesday, June 19th. The business services provider reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.04). The company had revenue of $824.30 million for the quarter, compared to the consensus estimate of $839.07 million. Steelcase had a return on equity of 16.35% and a net margin of 3.61%. The business’s revenue was up 9.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.14 EPS. On average, research analysts predict that Steelcase Inc. will post 1.28 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 16th. Stockholders of record on Monday, July 1st were paid a dividend of $0.145 per share. The ex-dividend date was Friday, June 28th. This represents a $0.58 annualized dividend and a dividend yield of 3.49%. Steelcase’s dividend payout ratio (DPR) is presently 48.33%.

SCS has been the topic of several research reports. Zacks Investment Research lowered EXACT Sciences from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. Seaport Global Securities lowered Steelcase from a “buy” rating to a “neutral” rating in a research report on Wednesday. Finally, Raymond James set a $28.00 price target on Wheaton Precious Metals and gave the stock a “buy” rating in a research note on Thursday, March 21st. Three equities research analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $19.00.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Advisor Group Inc. boosted its stake in shares of Steelcase by 33.3% during the 4th quarter. Advisor Group Inc. now owns 4,285 shares of the business services provider’s stock worth $63,000 after acquiring an additional 1,071 shares in the last quarter. NEXT Financial Group Inc boosted its stake in shares of Steelcase by 22.2% during the 2nd quarter. NEXT Financial Group Inc now owns 4,400 shares of the business services provider’s stock worth $75,000 after acquiring an additional 800 shares in the last quarter. Macquarie Group Ltd. boosted its stake in shares of Steelcase by 639.7% during the 4th quarter. Macquarie Group Ltd. now owns 5,304 shares of the business services provider’s stock worth $79,000 after acquiring an additional 4,587 shares in the last quarter. Quantitative Systematic Strategies LLC bought a new stake in shares of Steelcase during the 1st quarter worth about $160,000. Finally, Principal Financial Group Inc. bought a new stake in shares of Steelcase during the 4th quarter worth about $164,000. Institutional investors own 66.17% of the company’s stock.

About Steelcase

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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