Steelcase (NYSE:SCS) Shares Down 3.7% – What’s Next?

Steelcase Inc. (NYSE:SCS)’s share price dropped 3.7% during mid-day trading on Friday . The stock traded as low as $11.81 and last traded at $11.86. Approximately 172,255 shares were traded during trading, a decline of 74% from the average daily volume of 666,675 shares. The stock had previously closed at $12.32.

Wall Street Analysts Forecast Growth

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

Steelcase Stock Down 4.0 %

The company has a quick ratio of 1.23, a current ratio of 1.62 and a debt-to-equity ratio of 0.48. The stock has a 50-day simple moving average of $13.03 and a two-hundred day simple moving average of $13.16. The firm has a market cap of $1.35 billion, a PE ratio of 11.16, a P/E/G ratio of 1.29 and a beta of 1.35.

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

Steelcase Dividend Announcement

The business 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. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.38%. The ex-dividend date is Monday, December 30th. Steelcase’s dividend payout ratio (DPR) is presently 37.74%.

Insider Buying and Selling

In other Steelcase news, VP Robert G. Krestakos sold 4,000 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the vice president now owns 119,481 shares of the company’s stock, 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 SEC, which is available at the SEC website. 12.96% of the stock is owned by insiders.

Hedge Funds Weigh In On Steelcase

Several hedge funds have recently made changes to their positions in SCS. DekaBank Deutsche Girozentrale boosted its holdings in Steelcase by 8.1% in the second quarter. DekaBank Deutsche Girozentrale now owns 12,017 shares of the business services provider’s stock valued at $153,000 after acquiring an additional 897 shares in the last quarter. Creative Planning boosted its position in shares of Steelcase by 8.7% during the third quarter. Creative Planning now owns 13,470 shares of the business services provider’s stock valued at $182,000 after purchasing an additional 1,075 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in Steelcase by 3.0% in the second quarter. The Manufacturers Life Insurance Company now owns 48,292 shares of the business services provider’s stock worth $626,000 after purchasing an additional 1,426 shares during the period. Harbor Capital Advisors Inc. raised its holdings in Steelcase by 4.0% in the third quarter. Harbor Capital Advisors Inc. now owns 40,938 shares of the business services provider’s stock worth $552,000 after purchasing an additional 1,561 shares in the last quarter. Finally, Arjuna Capital lifted its position in Steelcase by 1.1% during the third quarter. Arjuna Capital now owns 152,400 shares of the business services provider’s stock valued at $2,056,000 after buying an additional 1,674 shares during the period. 92.42% of the stock is owned by hedge funds and other institutional investors.

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.