Steelcase (NYSE:SCS) Hits New 12-Month Low – Here’s What Happened

Steelcase Inc. (NYSE:SCSGet Free Report)’s stock price reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $11.00 and last traded at $11.30, with a volume of 618054 shares traded. The stock had previously closed at $11.20.

Analysts Set New Price Targets

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

Check Out Our Latest Stock Report on Steelcase

Steelcase Price Performance

The company has a 50-day moving average of $12.72 and a 200-day moving average of $13.06. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.23 and a current ratio of 1.62. The stock has a market cap of $1.29 billion, a price-to-earnings ratio of 10.66, a PEG ratio of 1.29 and a beta of 1.36.

Steelcase (NYSE:SCSGet Free Report) last posted its quarterly earnings data on Wednesday, December 18th. The business services provider reported $0.30 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.07. The firm had revenue of $794.90 million for the quarter, compared to analyst estimates of $796.58 million. Steelcase had a net margin of 4.02% and a return on equity of 14.41%. Steelcase’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period last year, the firm posted $0.30 EPS. As a group, equities research analysts predict 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. Investors of record on Monday, December 30th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 3.54%. The ex-dividend date is Monday, December 30th. Steelcase’s dividend payout ratio is presently 41.67%.

Insider Buying and Selling at Steelcase

In other news, VP Robert G. Krestakos sold 4,000 shares of the business’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 sale, the vice president now owns 119,481 shares of the company’s stock, valued at $1,566,395.91. The trade was a 3.24 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 12.96% of the stock is owned by corporate insiders.

Institutional Trading of Steelcase

Large investors have recently bought and sold shares of the company. Rhumbline Advisers increased its holdings in Steelcase by 2.3% during the 2nd quarter. Rhumbline Advisers now owns 169,562 shares of the business services provider’s stock valued at $2,198,000 after acquiring an additional 3,734 shares in the last quarter. Victory Capital Management Inc. boosted its stake 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 valued at $6,778,000 after acquiring an additional 295,482 shares during the last quarter. American Century Companies Inc. increased its position 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 purchasing an additional 291,070 shares in the last quarter. Jupiter Asset Management Ltd. increased its position in Steelcase by 10.2% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 372,350 shares of the business services provider’s stock worth $4,826,000 after purchasing an additional 34,511 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale raised its position in shares of 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 buying an additional 897 shares during the last quarter. Institutional investors and hedge funds own 92.42% of the company’s stock.

About Steelcase

(Get Free Report)

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.

Recommended Stories

Receive News & Ratings for Steelcase Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Steelcase and related companies with MarketBeat.com's FREE daily email newsletter.