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

Steelcase Inc. (NYSE:SCS) hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $10.30 and last traded at $10.62, with a volume of 1130404 shares trading hands. The stock had previously closed at $10.58.

Steelcase Trading Down 1.6 %

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 firm has a market capitalization of $1.26 billion, a price-to-earnings ratio of 11.58, a P/E/G ratio of 1.25 and a beta of 1.33. The business has a fifty day moving average price of $11.60 and a 200 day moving average price of $12.35.

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

Steelcase Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 21st. Shareholders of record on Monday, April 7th will be paid a dividend of $0.10 per share. The ex-dividend date is Monday, April 7th. This represents a $0.40 annualized dividend and a yield of 3.60%. Steelcase’s dividend payout ratio is currently 41.67%.

Insider Transactions at Steelcase

In other news, VP Robert G. Krestakos sold 5,000 shares of the company’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $11.74, for a total value of $58,700.00. Following the completion of the sale, the vice president now owns 114,481 shares of the company’s stock, valued at $1,344,006.94. This represents a 4.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 12.96% of the company’s stock.

Hedge Funds Weigh In On Steelcase

Several hedge funds and other institutional investors have recently bought and sold shares of SCS. Intech Investment Management LLC acquired a new stake in Steelcase in the third quarter valued at approximately $347,000. Dynamic Technology Lab Private Ltd purchased a new stake in Steelcase during the 3rd quarter worth $602,000. FMR LLC lifted its holdings in Steelcase by 3,862.6% in the 3rd quarter. FMR LLC now owns 101,523 shares of the business services provider’s stock worth $1,370,000 after buying an additional 98,961 shares in the last quarter. BNP Paribas Financial Markets boosted its position in Steelcase by 322.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 572,269 shares of the business services provider’s stock valued at $7,720,000 after buying an additional 436,754 shares during the last quarter. Finally, Centiva Capital LP acquired a new stake in shares of Steelcase during the third quarter valued at about $181,000. 92.42% of the stock is owned by institutional investors and hedge funds.

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.