Steelcase (NYSE:SCS) Reaches New 52-Week Low – Here’s What Happened

Steelcase Inc. (NYSE:SCS)’s share price hit a new 52-week low during mid-day trading on Monday . The company traded as low as $11.47 and last traded at $11.67, with a volume of 96542 shares traded. The stock had previously closed at $11.74.

Wall Street Analysts Forecast Growth

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

Steelcase Trading 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 has a market cap of $1.34 billion, a P/E ratio of 11.07, a PEG ratio of 1.29 and a beta of 1.35. The company’s 50 day moving average is $12.95 and its two-hundred day moving average is $13.14.

Steelcase (NYSE:SCS) last announced 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. The company had revenue of $794.90 million for the quarter, compared to analyst estimates of $796.58 million. Steelcase had a return on equity of 14.41% and a net margin of 4.02%. Steelcase’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.30 EPS. On average, sell-side analysts predict that Steelcase Inc. will post 1 earnings per share for the current year.

Steelcase Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, January 13th. Investors of record on Monday, December 30th will be issued a $0.10 dividend. The ex-dividend date is Monday, December 30th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.41%. Steelcase’s dividend payout ratio is 41.67%.

Insider Transactions at Steelcase

In related news, VP Robert G. Krestakos sold 4,000 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $13.11, for a total value of $52,440.00. Following the transaction, the vice president now owns 119,481 shares in the company, valued at $1,566,395.91. This trade represents a 3.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 12.96% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of SCS. American Century Companies Inc. increased its stake in Steelcase by 13.5% in the second quarter. American Century Companies Inc. now owns 2,450,799 shares of the business services provider’s stock valued at $31,762,000 after purchasing an additional 291,070 shares in the last quarter. Renaissance Technologies LLC raised its holdings in Steelcase by 380.2% during the 2nd quarter. Renaissance Technologies LLC now owns 133,500 shares of the business services provider’s stock worth $1,730,000 after buying an additional 105,700 shares during the period. State Street Corp lifted its stake in 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 in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Steelcase by 6.5% in the second quarter. Bank of New York Mellon Corp now owns 995,083 shares of the business services provider’s stock valued at $12,896,000 after buying an additional 60,951 shares during the period. Finally, Victory Capital Management Inc. increased its position in shares of Steelcase by 129.9% during the second quarter. Victory Capital Management Inc. now owns 522,956 shares of the business services provider’s stock worth $6,778,000 after acquiring an additional 295,482 shares in the last quarter. 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.