Steelcase (SCS) Shares Down 13.6%

Steelcase Inc. (NYSE:SCS)’s share price dropped 13.6% on Wednesday . The company traded as low as $15.01 and last traded at $15.11. Approximately 4,368,981 shares traded hands during trading, an increase of 641% from the average daily volume of 589,746 shares. The stock had previously closed at $17.48.

Separately, Zacks Investment Research downgraded shares of Steelcase from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 27th. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $18.67.

The company has a market cap of $2.06 billion, a price-to-earnings ratio of 16.60 and a beta of 1.29. The company has a current ratio of 1.25, a quick ratio of 0.86 and a debt-to-equity ratio of 0.34.



Steelcase (NYSE:SCS) last announced its earnings results on Tuesday, March 19th. The business services provider reported $0.29 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.03. Steelcase had a net margin of 3.13% and a return on equity of 15.91%. The business had revenue of $912.00 million during the quarter, compared to the consensus estimate of $870.60 million. During the same quarter last year, the firm earned $0.24 earnings per share. The business’s revenue for the quarter was up 18.0% on a year-over-year basis. Equities analysts predict that Steelcase Inc. will post 1.12 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 12th. Shareholders of record on Friday, March 29th will be paid a dividend of $0.145 per share. This is an increase from Steelcase’s previous quarterly dividend of $0.14. The ex-dividend date is Thursday, March 28th. This represents a $0.58 dividend on an annualized basis and a dividend yield of 3.84%. Steelcase’s dividend payout ratio (DPR) is currently 59.34%.

In related news, Director Robert C. Pew III sold 68,134 shares of the firm’s stock in a transaction that occurred on Thursday, February 21st. The shares were sold at an average price of $17.52, for a total transaction of $1,193,707.68. Following the completion of the sale, the director now owns 91,711 shares of the company’s stock, valued at $1,606,776.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Peter M. Wege II sold 13,741 shares of the firm’s stock in a transaction that occurred on Friday, January 4th. The shares were sold at an average price of $15.53, for a total transaction of $213,397.73. Following the sale, the director now directly owns 238,656 shares of the company’s stock, valued at approximately $3,706,327.68. The disclosure for this sale can be found here. Insiders have sold 122,105 shares of company stock valued at $2,111,935 in the last ninety days. Insiders own 17.58% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the stock. State of Alaska Department of Revenue increased its position in shares of Steelcase by 5.6% during the fourth quarter. State of Alaska Department of Revenue now owns 11,537 shares of the business services provider’s stock valued at $171,000 after acquiring an additional 607 shares in the last quarter. Advisor Group Inc. increased its position in shares of Steelcase by 33.3% during the fourth quarter. Advisor Group Inc. now owns 4,285 shares of the business services provider’s stock valued at $63,000 after acquiring an additional 1,071 shares in the last quarter. Amundi Pioneer Asset Management Inc. increased its position in shares of Steelcase by 1.4% during the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 108,854 shares of the business services provider’s stock valued at $1,615,000 after acquiring an additional 1,492 shares in the last quarter. Strs Ohio increased its position in shares of Steelcase by 2.7% during the fourth quarter. Strs Ohio now owns 57,900 shares of the business services provider’s stock valued at $858,000 after acquiring an additional 1,500 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Steelcase during the fourth quarter valued at approximately $25,000. 67.46% of the stock is owned by institutional investors.

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Steelcase Company Profile (NYSE:SCS)

Steelcase Inc manufactures and sells integrated furniture settings, user-centered technologies, and interior architectural products. It operates through Americas, EMEA, and Other Category segments. The company's furniture portfolio includes panel-based furniture systems, storage products, fixed and height-adjustable desks, benches, and tables, as well as other products, including worktools.

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