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

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

Analyst Ratings Changes

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

Steelcase Trading Down 0.4 %

The firm has a market capitalization of $1.32 billion, a P/E ratio of 10.95, a price-to-earnings-growth ratio of 1.29 and a beta of 1.36. The stock has a 50-day simple moving average of $12.78 and a two-hundred day simple moving average of $13.09. The company has a current ratio of 1.62, a quick ratio of 1.23 and a debt-to-equity ratio of 0.48.

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, beating 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 firm had revenue of $794.90 million during the quarter, compared to the consensus estimate of $796.58 million. During the same period in the previous year, the company posted $0.30 earnings per share. The firm’s quarterly revenue was up 2.2% on a year-over-year basis. On average, equities research analysts anticipate that Steelcase Inc. will post 1 earnings per share for the current year.

Steelcase Announces Dividend

The firm also recently disclosed 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. The ex-dividend date of this dividend is Monday, December 30th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.45%. Steelcase’s dividend payout ratio is presently 41.67%.

Insider Buying and Selling

In other news, VP Robert G. Krestakos sold 4,000 shares of Steelcase stock in a transaction on 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 directly owns 119,481 shares in the company, valued at approximately $1,566,395.91. This trade represents a 3.24 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 12.96% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Steelcase

A number of hedge funds have recently made changes to their positions in the stock. Hotchkis & Wiley Capital Management LLC bought a new position in Steelcase in the third quarter worth about $6,167,000. BNP Paribas Financial Markets raised its stake in shares of Steelcase by 322.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 572,269 shares of the business services provider’s stock worth $7,720,000 after acquiring an additional 436,754 shares in the last quarter. Victory Capital Management Inc. lifted its position in Steelcase by 129.9% during the second quarter. Victory Capital Management Inc. now owns 522,956 shares of the business services provider’s stock valued at $6,778,000 after acquiring an additional 295,482 shares during the last quarter. American Century Companies Inc. boosted 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 acquiring an additional 291,070 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Steelcase by 4.2% in 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 last quarter. 92.42% of the stock is currently owned by hedge funds and other institutional investors.

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.