Steelcase Inc. (NYSE:SCS) Short Interest Update

by · The Cerbat Gem

Steelcase Inc. (NYSE:SCS – Get Free Report) saw a large growth in short interest in the month of February. As of February 28th, there was short interest totalling 1,630,000 shares, a growth of 33.6% from the February 13th total of 1,220,000 shares. Based on an average daily volume of 598,800 shares, the days-to-cover ratio is presently 2.7 days. Approximately 1.9% of the shares of the stock are sold short.

Insider Buying and Selling

In other Steelcase news, VP Robert G. Krestakos sold 5,000 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $11.74, for a total transaction of $58,700.00. Following the completion of the transaction, the vice president now owns 114,481 shares of the company’s stock, valued at $1,344,006.94. This represents a 4.18 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 12.96% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Steelcase

A number of institutional investors and hedge funds have recently modified their holdings of SCS. Mackenzie Financial Corp raised its stake in Steelcase by 92.3% during the 4th quarter. Mackenzie Financial Corp now owns 100,432 shares of the business services provider’s stock worth $1,187,000 after acquiring an additional 48,192 shares in the last quarter. PharVision Advisers LLC purchased a new position in shares of Steelcase during the fourth quarter worth about $386,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Steelcase by 8.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 170,830 shares of the business services provider’s stock worth $2,019,000 after purchasing an additional 13,428 shares during the last quarter. Virtus Fund Advisers LLC boosted its holdings in shares of Steelcase by 228.9% in the fourth quarter. Virtus Fund Advisers LLC now owns 7,893 shares of the business services provider’s stock valued at $93,000 after acquiring an additional 5,493 shares in the last quarter. Finally, Virtus Investment Advisers Inc. grew its holdings in Steelcase by 35.2% during the fourth quarter. Virtus Investment Advisers Inc. now owns 100,856 shares of the business services provider’s stock worth $1,192,000 after acquiring an additional 26,256 shares during the period. Institutional investors and hedge funds own 92.42% of the company’s stock.

Steelcase Price Performance

NYSE SCS traded up $0.18 during mid-day trading on Friday, hitting $10.97. The stock had a trading volume of 726,499 shares, compared to its average volume of 618,182. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.57 and a quick ratio of 1.21. The firm’s 50 day moving average is $11.69 and its 200 day moving average is $12.53. Steelcase has a twelve month low of $10.78 and a twelve month high of $14.74. The stock has a market capitalization of $1.25 billion, a price-to-earnings ratio of 11.43, a PEG ratio of 1.25 and a beta of 1.33.

Steelcase (NYSE:SCS – Get Free Report) last announced its quarterly earnings results on Wednesday, December 18th. The business services provider reported $0.30 EPS for the quarter, beating the consensus estimate of $0.23 by $0.07. The business had revenue of $794.90 million for the quarter, compared to analyst estimates of $796.58 million. Steelcase had a return on equity of 14.20% and a net margin of 3.63%. The company’s quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.30 EPS. Equities research analysts forecast that Steelcase will post 1 earnings per share for the current fiscal year.

Steelcase Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, January 13th. Stockholders of record on Monday, December 30th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 3.64%. The ex-dividend date of this dividend was Monday, December 30th. Steelcase’s payout ratio is presently 41.67%.

Steelcase Company Profile

(Get Free Report)

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.

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