Steelcase (NYSE:SCS) Sets New 52-Week Low – Here’s Why

Steelcase Inc. (NYSE:SCS) reached a new 52-week low during trading on Monday . The stock traded as low as $11.47 and last traded at $11.67, with a volume of 96542 shares trading hands. The stock had previously closed at $11.74.

Analyst Ratings Changes

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

Steelcase Stock Up 0.7 %

The company has a debt-to-equity ratio of 0.48, a current ratio of 1.62 and a quick ratio of 1.23. The firm’s 50 day moving average is $12.95 and its two-hundred day moving average is $13.14. The firm has a market capitalization of $1.34 billion, a P/E ratio of 11.07, a PEG ratio of 1.29 and a beta of 1.35.

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

Steelcase Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, January 13th. Stockholders of record on Monday, December 30th will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.41%. The ex-dividend date of this dividend is Monday, December 30th. Steelcase’s dividend payout ratio is presently 41.67%.

Insiders Place Their Bets

In related news, VP Robert G. Krestakos sold 4,000 shares of the company’s stock in a transaction that occurred 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 in the company, valued at $1,566,395.91. This represents a 3.24 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 12.96% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SCS. Pzena Investment Management LLC grew its holdings in shares of Steelcase by 0.5% during the second quarter. Pzena Investment Management LLC now owns 7,092,675 shares of the business services provider’s stock worth $91,921,000 after purchasing an additional 33,024 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Steelcase by 4.2% during the second quarter. Dimensional Fund Advisors LP now owns 5,297,183 shares of the business services provider’s stock worth $68,652,000 after purchasing an additional 215,729 shares during the period. Cooke & Bieler LP grew its stake in shares of Steelcase by 4.9% in the second quarter. Cooke & Bieler LP now owns 4,002,442 shares of the business services provider’s stock worth $51,872,000 after purchasing an additional 186,596 shares during the last quarter. American Century Companies Inc. lifted its holdings in Steelcase by 13.5% during the 2nd quarter. American Century Companies Inc. now owns 2,450,799 shares of the business services provider’s stock worth $31,762,000 after buying an additional 291,070 shares during the period. Finally, State Street Corp increased its stake in shares of Steelcase by 1.0% in the third quarter. State Street Corp now owns 2,260,310 shares of the business services provider’s stock valued at $30,714,000 after buying an additional 22,226 shares during the period. 92.42% of the stock is currently owned by institutional investors and hedge funds.

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.