Steelcase (NYSE:SCS) Sees Large Volume Increase

Steelcase Inc. (NYSE:SCSGet Rating) shares saw unusually-strong trading volume on Friday . Approximately 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 Analyst Weigh In

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

Steelcase Trading Down 3.4 %

The company has a market cap of $1.05 billion, a PE ratio of 54.53 and a beta of 1.14. The company has a quick ratio of 0.93, a current ratio of 1.56 and a debt-to-equity ratio of 0.55. The business has a 50-day simple moving average of $11.26 and a 200-day simple moving average of $11.46.

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

Steelcase Dividend Announcement

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

Insider Transactions at Steelcase

In other news, CAO Lizbeth S. O’shaughnessy sold 30,000 shares of the company’s stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $11.26, for a total transaction of $337,800.00. Following the sale, the chief accounting officer now owns 288,388 shares of the company’s stock, valued at $3,247,248.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 12.77% of the company’s stock.

Institutional Trading of Steelcase

Large investors have recently modified their holdings of the stock. ETF Managers Group LLC increased its position in shares of Steelcase by 5.0% during the fourth quarter. ETF Managers Group LLC now owns 47,803 shares of the business services provider’s stock worth $555,000 after acquiring an additional 2,274 shares during the period. Douglas Lane & Associates LLC acquired a new position in Steelcase in the first quarter valued at $2,274,000. Advisors Asset Management Inc. boosted its stake in Steelcase by 14.6% in the fourth quarter. Advisors Asset Management Inc. now owns 347,023 shares of the business services provider’s stock valued at $4,067,000 after acquiring an additional 44,146 shares in the last quarter. Veritable L.P. boosted its stake in Steelcase by 10.8% in the first quarter. Veritable L.P. now owns 19,212 shares of the business services provider’s stock valued at $230,000 after acquiring an additional 1,868 shares in the last quarter. Finally, CPR Investments Inc. boosted its stake in Steelcase by 105.6% in the first quarter. CPR Investments Inc. now owns 23,645 shares of the business services provider’s stock valued at $283,000 after acquiring an additional 12,147 shares in the last quarter. Hedge funds and other institutional investors own 76.11% of the company’s stock.

Steelcase Company Profile

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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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