Steelcase (NYSE:SCS) Reaches New 1-Year Low – Should You Sell?

Steelcase Inc. (NYSE:SCS) hit a new 52-week low during mid-day trading 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.

Analyst Ratings Changes

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

Steelcase Price Performance

The business has a 50-day moving average price of $12.71 and a two-hundred day moving average price of $13.05. The company has a quick ratio of 1.23, a current ratio of 1.62 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $1.25 billion, a price-to-earnings ratio of 10.36, a price-to-earnings-growth ratio of 1.29 and a beta of 1.36.

Steelcase (NYSE:SCS) last posted its earnings results on Wednesday, December 18th. The business services provider reported $0.30 EPS for the quarter, topping the consensus estimate of $0.23 by $0.07. The company had revenue of $794.90 million during the quarter, compared to the consensus estimate of $796.58 million. Steelcase had a net margin of 4.02% and a return on equity of 14.41%. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.30 earnings per share. As a group, research analysts anticipate that Steelcase Inc. will post 1 EPS for the current year.

Steelcase Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, January 13th. Investors of record on Monday, December 30th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, December 30th. This represents a $0.40 annualized dividend and a yield of 3.64%. Steelcase’s dividend payout ratio (DPR) is currently 41.67%.

Insider Buying and Selling at Steelcase

In other Steelcase news, VP Robert G. Krestakos sold 4,000 shares of the 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 completion of the sale, the vice president now owns 119,481 shares in the company, valued at approximately $1,566,395.91. This trade represents a 3.24 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 12.96% of the company’s stock.

Hedge Funds Weigh In On Steelcase

A number of hedge funds and other institutional investors have recently made changes to their positions in SCS. DekaBank Deutsche Girozentrale raised its stake in shares of Steelcase by 8.1% in the second quarter. DekaBank Deutsche Girozentrale now owns 12,017 shares of the business services provider’s stock valued at $153,000 after buying an additional 897 shares during the period. Centiva Capital LP purchased a new position in Steelcase during the 3rd quarter valued at about $181,000. Creative Planning boosted its position in shares of Steelcase by 8.7% in the third quarter. Creative Planning now owns 13,470 shares of the business services provider’s stock valued at $182,000 after acquiring an additional 1,075 shares during the period. Intech Investment Management LLC bought a new position in Steelcase in the 3rd quarter valued at $347,000. Finally, CWM LLC raised its position in shares of Steelcase by 24.5% in the third quarter. CWM LLC now owns 27,055 shares of the business services provider’s stock worth $365,000 after buying an additional 5,324 shares in the last quarter. 92.42% of the stock is owned by hedge funds and other institutional investors.

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.