Insider Selling: Steelcase Director Sells 3,000 Shares of Stock (SCS)
Steelcase (NYSE:SCS) Director James P. Hackett sold 3,000 shares of the company’s stock on the open market in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $15.29, for a total transaction of $45,870.00. Following the transaction, the director now directly owns 452,842 shares of the company’s stock, valued at approximately $6,923,954. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.
A number of analysts have recently weighed in on SCS shares. Analysts at Zacks downgraded shares of Steelcase from a “neutral” rating to an “underperform” rating in a research note on Tuesday, July 1st. They now have a $14.40 price target on the stock.
Shares of Steelcase (NYSE:SCS) traded up 0.26% on Wednesday, hitting $15.53. 895,783 shares of the company’s stock traded hands. Steelcase has a 52-week low of $13.60 and a 52-week high of $17.94. The stock’s 50-day moving average is $16.19 and its 200-day moving average is $15.66. The company has a market cap of $1.911 billion and a P/E ratio of 20.44.
Steelcase (NYSE:SCS) last announced its earnings results on Thursday, June 26th. The company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by $0.04. The company had revenue of $723.10 million for the quarter, compared to the consensus estimate of $728.73 million. During the same quarter in the previous year, the company posted $0.13 earnings per share. The company’s revenue for the quarter was up 8.4% on a year-over-year basis. Analysts expect that Steelcase will post $0.83 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Wednesday, July 16th. Shareholders of record on Monday, July 7th will be given a dividend of $0.105 per share. This represents a $0.42 dividend on an annualized basis and a yield of 2.71%. The ex-dividend date of this dividend is Wednesday, July 2nd.
Steelcase Inc (NYSE:SCS) is engaged in furnishing the work experience in office environments.
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