Steelcase Inc. (NYSE:SCS) Short Interest Update

Steelcase Inc. (NYSE:SCS - Get Free Report) saw a large drop in short interest during the month of March. As of March 31st, there was short interest totalling 2,530,000 shares, a drop of 19.9% from the March 15th total of 3,160,000 shares. Approximately 3.0% of the shares of the company are short sold. Based on an average trading volume of 809,600 shares, the days-to-cover ratio is currently 3.1 days.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded Steelcase from a "buy" rating to a "strong-buy" rating in a research report on Friday, March 29th.

Insider Buying and Selling

In related news, VP Robert G. Krestakos sold 4,000 shares of Steelcase 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 sale, the vice president now owns 108,081 shares of the company's stock, valued at approximately $1,362,901.41. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 12.72% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Steelcase

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. USA Financial Formulas purchased a new stake in shares of Steelcase in the fourth quarter worth $28,000. Point72 Hong Kong Ltd purchased a new stake in shares of Steelcase in the first quarter worth $33,000. FinTrust Capital Advisors LLC purchased a new stake in shares of Steelcase in the fourth quarter worth $44,000. Captrust Financial Advisors grew its stake in shares of Steelcase by 179.6% in the first quarter. Captrust Financial Advisors now owns 4,141 shares of the business services provider's stock worth $49,000 after acquiring an additional 2,660 shares during the last quarter. Finally, Quest Partners LLC purchased a new stake in shares of Steelcase in the fourth quarter worth $71,000. 92.42% of the stock is owned by hedge funds and other institutional investors.

Steelcase Trading Down 0.5 %

SCS stock traded down $0.06 during midday trading on Friday, hitting $12.18. The company had a trading volume of 606,514 shares, compared to its average volume of 1,096,603. The company has a current ratio of 1.54, a quick ratio of 1.12 and a debt-to-equity ratio of 0.51. Steelcase has a 52 week low of $6.39 and a 52 week high of $14.54. The stock's 50 day moving average price is $12.84 and its 200 day moving average price is $12.38. The stock has a market cap of $1.39 billion, a price-to-earnings ratio of 17.91, a PEG ratio of 1.33 and a beta of 1.35.

Steelcase (NYSE:SCS - Get Free Report) last announced its quarterly earnings data on Wednesday, March 20th. The business services provider reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.02. Steelcase had a return on equity of 13.00% and a net margin of 2.57%. The firm had revenue of $775.20 million during the quarter, compared to the consensus estimate of $780.25 million. During the same quarter in the previous year, the company posted $0.19 earnings per share. The business's revenue was down 3.3% on a year-over-year basis. As a group, equities research analysts expect that Steelcase will post 0.92 earnings per share for the current fiscal year.

Steelcase Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Wednesday, April 3rd will be paid a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, April 2nd. This represents a $0.40 annualized dividend and a yield of 3.28%. Steelcase's payout ratio is 58.82%.

About Steelcase

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.