Robert G. Krestakos Sells 4,000 Shares of Steelcase Inc. (NYSE:SCS) Stock

Steelcase Inc. (NYSE:SCS) VP Robert G. Krestakos sold 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $13.11, for a total value of $52,440.00. Following the sale, the vice president now directly owns 119,481 shares in the company, valued at $1,566,395.91. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Steelcase Trading Up 0.5 %

SCS opened at $13.21 on Friday. The company has a quick ratio of 1.23, a current ratio of 1.62 and a debt-to-equity ratio of 0.48. The stock’s fifty day moving average is $13.29 and its two-hundred day moving average is $13.07. The company has a market capitalization of $1.51 billion, a P/E ratio of 12.46, a PEG ratio of 1.29 and a beta of 1.32. Steelcase Inc. has a 52 week low of $10.29 and a 52 week high of $14.74.

Steelcase (NYSE:SCS) last announced its quarterly earnings results on Wednesday, September 18th. The business services provider reported $0.39 EPS for the quarter, beating the consensus estimate of $0.37 by $0.02. The firm had revenue of $855.80 million for the quarter, compared to analyst estimates of $864.17 million. Steelcase had a return on equity of 14.41% and a net margin of 4.02%. The business’s revenue for the quarter was up .1% on a year-over-year basis. During the same quarter last year, the firm posted $0.31 earnings per share. Analysts forecast that Steelcase Inc. will post 1 earnings per share for the current year.

Steelcase Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a $0.10 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.40 annualized dividend and a dividend yield of 3.03%. Steelcase’s payout ratio is presently 37.74%.

Wall Street Analyst Weigh In

SCS has been the subject of several recent research reports. Noble Financial initiated coverage on Steelcase in a research report on Wednesday, October 9th. They issued an “outperform” rating and a $16.00 price target for the company. Benchmark lifted their target price on Steelcase from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Friday, June 21st.

Hedge Funds Weigh In On Steelcase

Hedge funds and other institutional investors have recently modified their holdings of the business. Virtu Financial LLC purchased a new stake in Steelcase during the fourth quarter worth $190,000. Vanguard Group Inc. boosted its position in Steelcase by 4.9% during the fourth quarter. Vanguard Group Inc. now owns 9,765,893 shares of the business services provider’s stock valued at $132,035,000 after purchasing an additional 452,494 shares in the last quarter. First Hawaiian Bank boosted its position in Steelcase by 2.8% during the first quarter. First Hawaiian Bank now owns 76,004 shares of the business services provider’s stock valued at $994,000 after purchasing an additional 2,082 shares in the last quarter. Green Alpha Advisors LLC grew its stake in Steelcase by 12.4% in the first quarter. Green Alpha Advisors LLC now owns 161,310 shares of the business services provider’s stock valued at $2,110,000 after purchasing an additional 17,826 shares during the last quarter. Finally, S.A. Mason LLC raised its holdings in Steelcase by 71.3% in the first quarter. S.A. Mason LLC now owns 46,358 shares of the business services provider’s stock worth $606,000 after purchasing an additional 19,288 shares in the last quarter. 92.42% of the stock is currently owned by institutional investors.

Steelcase Company Profile

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