Steelcase (NYSE:SCS) Hits New 12-Month Low – Time to Sell?

Steelcase Inc. (NYSE:SCS)’s stock price hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $11.47 and last traded at $11.67, with a volume of 96542 shares trading hands. The stock had previously closed at $11.74.

Analysts Set New Price Targets

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

Steelcase Price Performance

The firm has a market cap of $1.33 billion, a P/E ratio of 11.03, a price-to-earnings-growth ratio of 1.29 and a beta of 1.35. The stock’s 50-day moving average is $13.00 and its 200-day moving average is $13.15. The company has a quick ratio of 1.23, a current ratio of 1.62 and a debt-to-equity ratio of 0.48.

Steelcase (NYSE:SCS) last posted its quarterly earnings results 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 for the quarter, compared to analyst estimates of $796.58 million. During the same period last year, the business posted $0.30 EPS. The business’s quarterly revenue was up 2.2% on a year-over-year basis. As a group, equities analysts anticipate that Steelcase Inc. will post 1 EPS for the current fiscal year.

Steelcase Dividend Announcement

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. The ex-dividend date of this dividend is Monday, December 30th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.42%. Steelcase’s dividend payout ratio is currently 41.67%.

Insider Transactions at Steelcase

In related news, VP Robert G. Krestakos sold 4,000 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $13.11, for a total value 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 12.96% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of SCS. American Century Companies Inc. grew 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 acquiring an additional 291,070 shares during the last quarter. Renaissance Technologies LLC grew its holdings in shares of Steelcase by 380.2% during the second quarter. Renaissance Technologies LLC now owns 133,500 shares of the business services provider’s stock worth $1,730,000 after purchasing an additional 105,700 shares during the last quarter. State Street Corp increased its stake in shares of Steelcase by 1.0% in the third quarter. State Street Corp now owns 2,260,310 shares of the business services provider’s stock valued at $30,714,000 after buying an additional 22,226 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Steelcase by 6.5% in the second quarter. Bank of New York Mellon Corp now owns 995,083 shares of the business services provider’s stock valued at $12,896,000 after buying an additional 60,951 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its position in Steelcase by 129.9% during the 2nd quarter. Victory Capital Management Inc. now owns 522,956 shares of the business services provider’s stock worth $6,778,000 after buying an additional 295,482 shares in the last quarter. 92.42% of the stock is currently 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.