Steelcase (NYSE:SCS) Sets New 1-Year Low – What’s Next?

Shares of Steelcase Inc. (NYSE:SCS) reached a new 52-week low during mid-day trading on Friday . The company 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 Analysts Forecast Growth

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

Steelcase Stock Down 0.5 %

The firm has a market capitalization of $1.32 billion, a PE ratio of 10.94, a price-to-earnings-growth ratio of 1.29 and a beta of 1.36. The firm’s 50-day moving average is $12.80 and its 200 day moving average is $13.10. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.23 and a current ratio of 1.62.

Steelcase (NYSE:SCS) last announced its quarterly earnings results on Wednesday, December 18th. The business services provider reported $0.30 earnings per share (EPS) for the quarter, beating 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 the consensus estimate of $796.58 million. During the same quarter in the prior year, the firm earned $0.30 earnings per share. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. As a group, research analysts forecast that Steelcase Inc. will post 1 earnings per share for the current fiscal year.

Steelcase Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 13th. Investors 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 3.45%. The ex-dividend date of this dividend is Monday, December 30th. Steelcase’s payout ratio is currently 41.67%.

Insider Buying and Selling

In other news, VP Robert G. Krestakos sold 4,000 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $13.11, for a total transaction of $52,440.00. Following the sale, 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 document filed with the Securities & Exchange Commission, which is available through this link. 12.96% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Steelcase

Institutional investors have recently added to or reduced their stakes in the business. DekaBank Deutsche Girozentrale raised its stake in Steelcase by 8.1% during the second 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 purchased a new position in shares of Steelcase in the 3rd quarter worth $181,000. Creative Planning boosted its holdings in Steelcase by 8.7% in the third quarter. Creative Planning now owns 13,470 shares of the business services provider’s stock valued at $182,000 after acquiring an additional 1,075 shares during the last quarter. Intech Investment Management LLC purchased a new stake in Steelcase during the third quarter valued at about $347,000. Finally, CWM LLC increased its stake in Steelcase by 24.5% during the third quarter. CWM LLC now owns 27,055 shares of the business services provider’s stock worth $365,000 after acquiring an additional 5,324 shares during the last quarter. 92.42% of the stock is currently owned by institutional investors and hedge funds.

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.