Steelcase Inc. (NYSE:SCS) VP Sells $127,560.00 in Stock

Steelcase Inc. (NYSE:SCS - Get Free Report) VP Robert G. Krestakos sold 12,000 shares of the firm's stock in a transaction dated 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 owned 127,912 shares of the company's stock, valued at $1,359,704.56. This trade represents a 8.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Steelcase Stock Down 2.7%

Shares of SCS traded down $0.30 on Friday, hitting $10.61. 835,064 shares of the stock traded hands, compared to its average volume of 677,875. The company has a market capitalization of $1.22 billion, a PE ratio of 10.30, a P/E/G ratio of 1.02 and a beta of 1.13. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.15 and a current ratio of 1.65. The business has a 50 day simple moving average of $10.49 and a 200 day simple moving average of $10.95. Steelcase Inc. has a one year low of $9.32 and a one year high of $14.74.

Steelcase (NYSE:SCS - Get Free Report) last posted its earnings results on Wednesday, June 25th. The business services provider reported $0.20 EPS for the quarter, topping analysts' consensus estimates of $0.12 by $0.08. Steelcase had a net margin of 3.84% and a return on equity of 14.49%. The business had revenue of $779.00 million during the quarter, compared to the consensus estimate of $759.90 million. During the same quarter in the previous year, the firm posted $0.16 EPS. The firm's revenue was up 7.1% on a year-over-year basis. As a group, equities analysts forecast that Steelcase Inc. will post 1 earnings per share for the current fiscal year.

Steelcase Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 21st. Shareholders of record on Monday, July 7th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 3.77%. The ex-dividend date is Monday, July 7th. Steelcase's dividend payout ratio (DPR) is presently 38.83%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on SCS. Sidoti upgraded shares of Steelcase to a "hold" rating in a report on Friday, March 28th. Wall Street Zen downgraded shares of Steelcase from a "strong-buy" rating to a "buy" rating in a research note on Friday, June 27th.

Institutional Investors Weigh In On Steelcase

Large investors have recently added to or reduced their stakes in the stock. Northern Trust Corp grew its position in Steelcase by 6.1% in the 4th quarter. Northern Trust Corp now owns 1,011,144 shares of the business services provider's stock worth $11,952,000 after purchasing an additional 58,079 shares during the period. Millennium Management LLC boosted its stake in shares of Steelcase by 93.6% during the 4th quarter. Millennium Management LLC now owns 694,625 shares of the business services provider's stock worth $8,210,000 after acquiring an additional 335,889 shares during the last quarter. Deutsche Bank AG boosted its stake in shares of Steelcase by 57.0% during the 4th quarter. Deutsche Bank AG now owns 80,787 shares of the business services provider's stock worth $955,000 after acquiring an additional 29,325 shares during the last quarter. SG Americas Securities LLC boosted its stake in shares of Steelcase by 42.0% during the 1st quarter. SG Americas Securities LLC now owns 45,528 shares of the business services provider's stock worth $499,000 after acquiring an additional 13,476 shares during the last quarter. Finally, MetLife Investment Management LLC boosted its stake in shares of Steelcase by 2.0% during the 4th quarter. MetLife Investment Management LLC now owns 54,643 shares of the business services provider's stock worth $646,000 after acquiring an additional 1,079 shares during the last quarter. Institutional investors own 92.42% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.