Steelcase (NYSE:SCS) Shares Up 5.6% on Insider Buying Activity

Steelcase Inc. (NYSE:SCS)’s stock price traded up 5.6% on Thursday following insider buying activity. The company traded as high as $11.09 and last traded at $10.68. 1,283,590 shares changed hands during trading, an increase of 37% from the average session volume of 933,806 shares. The stock had previously closed at $10.11.

Specifically, VP Eddy F. Schmitt acquired 30,000 shares of the firm’s stock in a transaction on Monday, September 28th. The shares were purchased at an average cost of $10.04 per share, for a total transaction of $301,200.00. Following the transaction, the vice president now owns 89,161 shares of the company’s stock, valued at $895,176.44. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 12.97% of the stock is currently owned by corporate insiders.

SCS has been the topic of several recent research reports. Sidoti raised shares of Steelcase from a “neutral” rating to a “buy” rating in a research note on Tuesday, September 15th. Benchmark cut shares of Steelcase from a “buy” rating to a “hold” rating in a research note on Monday, August 24th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $12.00.

The company has a debt-to-equity ratio of 0.55, a current ratio of 1.56 and a quick ratio of 1.24. The stock has a market cap of $1.16 billion, a price-to-earnings ratio of 9.11 and a beta of 1.58. The firm has a 50 day simple moving average of $10.65 and a two-hundred day simple moving average of $10.77.

Steelcase (NYSE:SCS) last announced its quarterly earnings results on Tuesday, September 22nd. The business services provider reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.18. The business had revenue of $818.80 million for the quarter, compared to the consensus estimate of $782.67 million. Steelcase had a net margin of 4.25% and a return on equity of 15.48%. Steelcase’s revenue for the quarter was down 18.0% on a year-over-year basis. During the same period last year, the company posted $0.50 EPS.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Friday, October 2nd will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.75%. The ex-dividend date is Thursday, October 1st.

Hedge funds have recently bought and sold shares of the business. First Bank & Trust increased its holdings in shares of Steelcase by 48.7% in the second quarter. First Bank & Trust now owns 7,917 shares of the business services provider’s stock worth $95,000 after acquiring an additional 2,594 shares in the last quarter. Point72 Hong Kong Ltd increased its stake in Steelcase by 128.9% during the 2nd quarter. Point72 Hong Kong Ltd now owns 8,093 shares of the business services provider’s stock worth $98,000 after purchasing an additional 4,558 shares in the last quarter. Euclidean Technologies Management LLC acquired a new stake in Steelcase during the 2nd quarter worth approximately $126,000. Advisor Group Holdings Inc. acquired a new stake in Steelcase during the 1st quarter worth approximately $136,000. Finally, ProShare Advisors LLC bought a new position in Steelcase in the second quarter valued at approximately $141,000. Hedge funds and other institutional investors own 68.65% of the company’s stock.

Steelcase Company Profile (NYSE:SCS)

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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