Steelcase Inc. (NYSE:SCS) Short Interest Up 34.0% in April

Steelcase Inc. (NYSE:SCS) saw a significant growth in short interest in April. As of April 15th, there was short interest totalling 3,390,000 shares, a growth of 34.0% from the March 31st total of 2,530,000 shares. Based on an average daily trading volume, of 806,200 shares, the days-to-cover ratio is currently 4.2 days. Approximately 4.0% of the shares of the company are sold short.

Insider Transactions at Steelcase

In related news, VP Robert G. Krestakos sold 4,000 shares of the business’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $12.61, for a total value of $50,440.00. Following the completion of the transaction, the vice president now owns 108,081 shares of the company’s stock, valued at $1,362,901.41. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 12.72% of the company’s stock.

Institutional Trading of Steelcase

Several institutional investors and hedge funds have recently modified their holdings of the business. QRG Capital Management Inc. raised its holdings in shares of Steelcase by 13.9% in the 4th quarter. QRG Capital Management Inc. now owns 11,548 shares of the business services provider’s stock valued at $156,000 after acquiring an additional 1,406 shares in the last quarter. Prime Capital Investment Advisors LLC raised its holdings in shares of Steelcase by 8.6% in the 4th quarter. Prime Capital Investment Advisors LLC now owns 18,680 shares of the business services provider’s stock valued at $253,000 after acquiring an additional 1,476 shares in the last quarter. Swiss National Bank raised its holdings in shares of Steelcase by 1.0% in the 3rd quarter. Swiss National Bank now owns 185,200 shares of the business services provider’s stock valued at $2,069,000 after acquiring an additional 1,900 shares in the last quarter. USA Financial Formulas purchased a new position in shares of Steelcase during the 4th quarter valued at about $28,000. Finally, First Hawaiian Bank raised its holdings in shares of Steelcase by 2.8% during the 1st quarter. First Hawaiian Bank now owns 76,004 shares of the business services provider’s stock valued at $994,000 after buying an additional 2,082 shares in the last quarter. Hedge funds and other institutional investors own 92.42% of the company’s stock.

Steelcase Stock Down 2.1 %

NYSE SCS traded down $0.26 on Tuesday, reaching $12.03. The company had a trading volume of 437,710 shares, compared to its average volume of 789,270. The stock has a market capitalization of $1.38 billion, a P/E ratio of 17.69, a P/E/G ratio of 1.31 and a beta of 1.35. The company’s fifty day moving average is $12.64 and its 200 day moving average is $12.45. Steelcase has a 52-week low of $6.39 and a 52-week high of $14.54. The company has a quick ratio of 1.20, a current ratio of 1.58 and a debt-to-equity ratio of 0.50.

Steelcase (NYSE:SCS) last announced its quarterly earnings data on Wednesday, March 20th. The business services provider reported $0.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.21 by $0.02. The firm had revenue of $775.20 million during the quarter, compared to the consensus estimate of $780.25 million. Steelcase had a return on equity of 12.87% and a net margin of 2.57%. The business’s revenue for the quarter was down 3.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.19 EPS. Sell-side analysts anticipate that Steelcase will post 0.92 earnings per share for the current fiscal year.

Steelcase Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Wednesday, April 3rd were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Tuesday, April 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 3.33%. Steelcase’s dividend payout ratio (DPR) is 58.82%.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised Steelcase from a “buy” rating to a “strong-buy” rating in a research note on Friday, March 29th.

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.