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

Steelcase Inc. (NYSE:SCS) hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $9.48 and last traded at $9.48, with a volume of 54903 shares changing hands. The stock had previously closed at $9.76.

Wall Street Analysts Forecast Growth

Separately, Sidoti raised Steelcase to a “hold” rating in a research report on Friday, March 28th.

Steelcase Stock Performance

The firm’s 50 day moving average is $11.07 and its 200 day moving average is $11.95. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.21 and a current ratio of 1.57. The stock has a market cap of $1.10 billion, a P/E ratio of 10.05, a price-to-earnings-growth ratio of 1.25 and a beta of 1.12.

Steelcase (NYSE:SCS) last posted its quarterly earnings data on Wednesday, March 26th. The business services provider reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. Steelcase had a return on equity of 14.20% and a net margin of 3.63%. The firm had revenue of $788.00 million during the quarter, compared to analysts’ expectations of $790.90 million. During the same quarter last year, the firm earned $0.23 EPS. The business’s quarterly revenue was up 1.7% on a year-over-year basis. Analysts anticipate that Steelcase Inc. will post 1 EPS for the current year.

Steelcase Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 21st. Shareholders of record on Monday, April 7th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, April 7th. This represents a $0.40 dividend on an annualized basis and a yield of 4.15%. Steelcase’s payout ratio is 39.60%.

Insiders Place Their Bets

In other news, VP Robert G. Krestakos sold 6,000 shares of the firm’s stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $10.13, for a total value of $60,780.00. Following the completion of the transaction, the vice president now directly owns 139,912 shares in the company, valued at $1,417,308.56. This trade represents a 4.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 12.96% of the company’s stock.

Institutional Trading of Steelcase

Hedge funds and other institutional investors have recently made changes to their positions in the business. Diversified Trust Co increased its holdings in shares of Steelcase by 2.9% during the 4th quarter. Diversified Trust Co now owns 31,801 shares of the business services provider’s stock valued at $376,000 after purchasing an additional 886 shares in the last quarter. Rhumbline Advisers raised its position in shares of Steelcase by 0.6% in the fourth quarter. Rhumbline Advisers now owns 155,013 shares of the business services provider’s stock worth $1,832,000 after acquiring an additional 932 shares during the period. MetLife Investment Management LLC grew its position in shares of Steelcase by 2.0% during the 4th quarter. MetLife Investment Management LLC now owns 54,643 shares of the business services provider’s stock valued at $646,000 after acquiring an additional 1,079 shares during the period. Hillsdale Investment Management Inc. increased its stake in shares of Steelcase by 0.5% in the 4th quarter. Hillsdale Investment Management Inc. now owns 284,800 shares of the business services provider’s stock valued at $3,366,000 after purchasing an additional 1,500 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Steelcase by 3.4% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 52,596 shares of the business services provider’s stock worth $622,000 after purchasing an additional 1,741 shares during the period. Institutional investors and hedge funds 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.