Short Interest in Steelcase Inc. (NYSE:SCS) Increases By 22.9%

Key Points

• Steelcase Inc. experienced a 22.9% increase in short interest in August, bringing the total to 2,150,000 shares, which represents 2.0% of the company's total shares sold short.
• The company's most recent quarterly earnings showed an EPS of $0.20, surpassing the expected $0.12, with revenue of $779 million, indicating a 7.1% year-over-year growth.
• Steelcase's average stock rating is currently a "Hold", following downgrades from brokerages, while the consensus price target remains at $16.00.

Steelcase Inc. (NYSE:SCS - Get Free Report) was the recipient of a large growth in short interest in August. As of August 31st, there was short interest totaling 2,150,000 shares, a growth of 22.9% from the August 15th total of 1,750,000 shares. Currently, 2.0% of the company's stock are sold short. Based on an average daily volume of 1,890,000 shares, the short-interest ratio is currently 1.1 days. Based on an average daily volume of 1,890,000 shares, the short-interest ratio is currently 1.1 days. Currently, 2.0% of the company's stock are sold short.

Insider Buying and Selling

In other Steelcase news, VP Robert G. Krestakos sold 12,000 shares of the business's stock in a transaction that occurred on Friday, July 11th. The stock was sold at an average price of $10.63, for a total transaction of $127,560.00. Following the completion of the sale, the vice president directly owned 127,912 shares of the company's stock, valued at approximately $1,359,704.56. The trade was a 8.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 6.75% of the company's stock.

Institutional Trading of Steelcase

Several large investors have recently modified their holdings of the business. Osaic Holdings Inc. lifted its holdings in Steelcase by 918.8% in the second quarter. Osaic Holdings Inc. now owns 10,789 shares of the business services provider's stock worth $113,000 after buying an additional 9,730 shares during the period. Tower Research Capital LLC TRC lifted its stake in shares of Steelcase by 744.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 16,704 shares of the business services provider's stock valued at $174,000 after buying an additional 14,727 shares in the last quarter. Vident Advisory LLC purchased a new stake in Steelcase in the 2nd quarter worth $452,000. Lazard Asset Management LLC raised its position in shares of Steelcase by 11.4% during the 2nd quarter. Lazard Asset Management LLC now owns 297,044 shares of the business services provider's stock valued at $3,097,000 after buying an additional 30,404 shares in the last quarter. Finally, Bridgeway Capital Management LLC raised its position in shares of Steelcase by 1.0% during the 2nd quarter. Bridgeway Capital Management LLC now owns 1,129,575 shares of the business services provider's stock valued at $11,781,000 after buying an additional 11,434 shares in the last quarter. 92.42% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Noble Financial downgraded Steelcase from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 5th. Wall Street Zen downgraded Steelcase from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $16.00.

Steelcase Price Performance

SCS traded down $0.08 during trading on Friday, reaching $16.90. The stock had a trading volume of 3,188,630 shares, compared to its average volume of 1,569,725. The stock has a market cap of $1.94 billion, a PE ratio of 16.41, a PEG ratio of 1.61 and a beta of 1.26. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.15 and a current ratio of 1.65. Steelcase has a one year low of $9.31 and a one year high of $17.25. The business has a 50-day moving average of $14.70 and a 200-day moving average of $11.96.

Steelcase (NYSE:SCS - Get Free Report) last released its earnings results on Wednesday, June 25th. The business services provider reported $0.20 EPS for the quarter, beating analysts' consensus estimates of $0.12 by $0.08. The business had revenue of $779.00 million for the quarter, compared to analysts' expectations of $759.90 million. Steelcase had a return on equity of 14.49% and a net margin of 3.84%.The firm's revenue was up 7.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.16 earnings per share. Steelcase has set its Q2 2026 guidance at 0.360-0.400 EPS. As a group, equities research analysts anticipate that Steelcase will post 1 EPS for the current fiscal year.

Steelcase Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 21st. Stockholders of record on Monday, July 7th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Monday, July 7th. Steelcase's dividend payout ratio (DPR) is 38.83%.

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.