Steelcase (NYSE:SCS) Shares Gap Up – What’s Next?

Steelcase Inc. (NYSE:SCS)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $12.78, but opened at $13.23. Steelcase shares last traded at $13.05, with a volume of 74,614 shares.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on SCS shares. Benchmark boosted their target price on shares of Steelcase from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Friday, June 21st. Noble Financial began coverage on Steelcase in a report on Wednesday. They issued an “outperform” rating and a $16.00 price objective for the company.

Steelcase Trading Up 2.6 %

The company has a quick ratio of 1.23, a current ratio of 1.62 and a debt-to-equity ratio of 0.48. The company’s 50-day moving average is $13.32 and its 200 day moving average is $13.06. The company has a market cap of $1.50 billion, a price-to-earnings ratio of 16.82, a price-to-earnings-growth ratio of 1.26 and a beta of 1.32.

Steelcase (NYSE:SCS) last posted its earnings results on Wednesday, September 18th. The business services provider reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.02. The firm had revenue of $855.80 million for the quarter, compared to analysts’ expectations of $864.17 million. Steelcase had a return on equity of 14.41% and a net margin of 4.02%. The company’s quarterly revenue was up .1% on a year-over-year basis. During the same period last year, the firm earned $0.31 EPS. Research analysts predict that Steelcase Inc. will post 1.02 EPS for the current year.

Steelcase Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a dividend of $0.10 per share. The ex-dividend date is Monday, September 30th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.05%. Steelcase’s dividend payout ratio (DPR) is 52.63%.

Insider Buying and Selling

In other Steelcase news, SVP Allan W. Smith, Jr. sold 70,444 shares of the stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $13.84, for a total transaction of $974,944.96. Following the transaction, the senior vice president now directly owns 184,743 shares of the company’s stock, valued at $2,556,843.12. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CFO David C. Sylvester sold 73,184 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $13.84, for a total transaction of $1,012,866.56. Following the completion of the sale, the chief financial officer now directly owns 551,592 shares in the company, valued at approximately $7,634,033.28. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Allan W. Smith, Jr. sold 70,444 shares of the firm’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $13.84, for a total value of $974,944.96. Following the completion of the transaction, the senior vice president now owns 184,743 shares in the company, valued at $2,556,843.12. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 160,877 shares of company stock valued at $2,228,248. 12.96% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Steelcase

A number of large investors have recently modified their holdings of SCS. Jupiter Asset Management Ltd. increased its holdings in shares of Steelcase by 370.7% in the first quarter. Jupiter Asset Management Ltd. now owns 337,839 shares of the business services provider’s stock valued at $4,419,000 after purchasing an additional 266,070 shares during the last quarter. O Shaughnessy Asset Management LLC raised its holdings in shares of Steelcase by 177.4% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 234,202 shares of the business services provider’s stock worth $3,063,000 after acquiring an additional 149,776 shares during the period. Caxton Associates LP boosted its position in shares of Steelcase by 273.3% during the 1st quarter. Caxton Associates LP now owns 74,266 shares of the business services provider’s stock valued at $971,000 after acquiring an additional 54,369 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Steelcase by 4.0% in the first quarter. Vanguard Group Inc. now owns 10,153,754 shares of the business services provider’s stock valued at $132,811,000 after purchasing an additional 387,861 shares during the period. Finally, Kingsview Wealth Management LLC acquired a new stake in Steelcase during the first quarter worth about $2,427,000. Hedge funds and other 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.