Steelcase (NYSE:SCS) Reaches New 1-Year Low – Here’s Why

Steelcase Inc. (NYSE:SCS)’s share price reached a new 52-week low during mid-day trading on Friday . The stock traded as low as $11.44 and last traded at $11.56, with a volume of 44915 shares changing hands. The stock had previously closed at $11.66.

Wall Street Analyst Weigh In

Separately, Noble Financial started coverage on shares of Steelcase in a report on Wednesday, October 9th. They issued an “outperform” rating and a $16.00 target price on the stock.

Steelcase Stock Down 0.4 %

The business has a 50-day moving average of $12.78 and a 200 day moving average of $13.09. The company has a market capitalization of $1.32 billion, a PE ratio of 10.95, a P/E/G ratio of 1.29 and a beta of 1.36. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.62 and a quick ratio of 1.23.

Steelcase (NYSE:SCS) last issued its quarterly earnings data on Wednesday, December 18th. The business services provider reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.07. Steelcase had a return on equity of 14.41% and a net margin of 4.02%. The business had revenue of $794.90 million for the quarter, compared to analysts’ expectations of $796.58 million. During the same period in the prior year, the firm earned $0.30 EPS. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. Equities research analysts predict that Steelcase Inc. will post 1 earnings per share for the current year.

Steelcase Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, January 13th. Investors of record on Monday, December 30th will be given a $0.10 dividend. The ex-dividend date of this dividend is Monday, December 30th. This represents a $0.40 annualized dividend and a yield of 3.45%. Steelcase’s dividend payout ratio is currently 41.67%.

Insider Buying and Selling at Steelcase

In other Steelcase news, VP Robert G. Krestakos sold 4,000 shares of Steelcase stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $13.11, for a total transaction of $52,440.00. Following the completion of the transaction, the vice president now directly owns 119,481 shares of the company’s stock, valued at $1,566,395.91. The trade was a 3.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 12.96% of the company’s stock.

Institutional Investors Weigh In On Steelcase

Several hedge funds and other institutional investors have recently made changes to their positions in the company. DekaBank Deutsche Girozentrale raised its position in Steelcase by 8.1% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 12,017 shares of the business services provider’s stock worth $153,000 after purchasing an additional 897 shares during the period. Centiva Capital LP bought a new position in shares of Steelcase during the third quarter valued at approximately $181,000. Creative Planning raised its holdings in shares of Steelcase by 8.7% in the third quarter. Creative Planning now owns 13,470 shares of the business services provider’s stock worth $182,000 after buying an additional 1,075 shares during the period. Intech Investment Management LLC bought a new stake in shares of Steelcase during the 3rd quarter worth approximately $347,000. Finally, CWM LLC boosted its holdings in Steelcase by 24.5% during the 3rd quarter. CWM LLC now owns 27,055 shares of the business services provider’s stock valued at $365,000 after acquiring an additional 5,324 shares during the period. Hedge funds and other institutional investors own 92.42% of the company’s stock.

About Steelcase

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.