Steelcase (NYSE:SCS) Hits New 1-Year Low – Time to Sell?

Shares of Steelcase Inc. (NYSE:SCS) hit a new 52-week low on Thursday . The stock traded as low as $11.00 and last traded at $11.30, with a volume of 618054 shares. The stock had previously closed at $11.20.

Wall Street Analysts Forecast Growth

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

Steelcase Stock Up 0.9 %

The firm has a 50-day moving average of $12.72 and a two-hundred day moving average of $13.06. The firm has a market capitalization of $1.29 billion, a PE ratio of 10.66, a price-to-earnings-growth ratio of 1.29 and a beta of 1.36. The company has a current ratio of 1.62, a quick ratio of 1.23 and a debt-to-equity ratio of 0.48.

Steelcase (NYSE:SCS) last released its quarterly earnings data on Wednesday, December 18th. The business services provider reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.07. Steelcase had a net margin of 4.02% and a return on equity of 14.41%. The company had revenue of $794.90 million during the quarter, compared to analyst estimates of $796.58 million. During the same quarter in the prior year, the business earned $0.30 earnings per share. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. On average, equities research analysts forecast that Steelcase Inc. will post 1 EPS for the current year.

Steelcase Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 13th. Shareholders of record on Monday, December 30th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 3.54%. The ex-dividend date is Monday, December 30th. Steelcase’s dividend payout ratio (DPR) is 41.67%.

Insider Transactions at Steelcase

In other Steelcase news, VP Robert G. Krestakos sold 4,000 shares of the firm’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 sale, the vice president now owns 119,481 shares in the company, valued at $1,566,395.91. This trade represents a 3.24 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 12.96% of the company’s stock.

Hedge Funds Weigh In On Steelcase

Several institutional investors and hedge funds have recently made changes to their positions in the business. Diversified Trust Co raised its holdings in Steelcase by 2.9% in the fourth quarter. Diversified Trust Co now owns 31,801 shares of the business services provider’s stock valued at $376,000 after acquiring an additional 886 shares in the last quarter. Franklin Resources Inc. grew its position in shares of Steelcase by 2.9% in the 3rd quarter. Franklin Resources Inc. now owns 99,574 shares of the business services provider’s stock worth $1,292,000 after acquiring an additional 2,791 shares in the last quarter. Sanctuary Advisors LLC grew its position in shares of Steelcase by 32.9% in the 3rd quarter. Sanctuary Advisors LLC now owns 74,605 shares of the business services provider’s stock worth $990,000 after acquiring an additional 18,459 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Steelcase by 1.0% in the 3rd quarter. Geode Capital Management LLC now owns 2,180,428 shares of the business services provider’s stock valued at $29,420,000 after acquiring an additional 22,507 shares during the last quarter. Finally, Vestcor Inc raised its position in shares of Steelcase by 128.8% during the 3rd quarter. Vestcor Inc now owns 70,347 shares of the business services provider’s stock valued at $949,000 after acquiring an additional 39,600 shares in the last quarter. 92.42% of the stock is currently owned by hedge funds and other institutional investors.

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.