Steelcase (NYSE:SCS) Hits New 52-Week Low – Here’s Why

Steelcase Inc. (NYSE:SCS) reached a new 52-week low during mid-day trading on Friday . The company traded as low as $10.25 and last traded at $10.49, with a volume of 37766 shares traded. The stock had previously closed at $10.74.

Wall Street Analysts Forecast Growth

Separately, Sidoti upgraded Steelcase to a “hold” rating in a research report on Friday, March 28th.

Steelcase Price Performance

The firm’s fifty day moving average price is $11.54 and its 200-day moving average price is $12.25. The stock has a market cap of $1.22 billion, a P/E ratio of 11.14, a PEG ratio of 1.25 and a beta of 1.12. The company has a quick ratio of 1.21, a current ratio of 1.57 and a debt-to-equity ratio of 0.48.

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

Steelcase Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 21st. Investors of record on Monday, April 7th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, April 7th. This represents a $0.40 dividend on an annualized basis and a yield of 3.74%. Steelcase’s dividend payout ratio (DPR) is currently 39.60%.

Insider Transactions at Steelcase

In other Steelcase news, VP Robert G. Krestakos sold 5,000 shares of the stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $11.74, for a total transaction of $58,700.00. Following the sale, the vice president now directly owns 114,481 shares in the company, valued at approximately $1,344,006.94. This trade represents a 4.18 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 12.96% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Mackenzie Financial Corp lifted its stake in Steelcase by 92.3% during the 4th quarter. Mackenzie Financial Corp now owns 100,432 shares of the business services provider’s stock valued at $1,187,000 after acquiring an additional 48,192 shares during the period. PharVision Advisers LLC bought a new position in Steelcase during the fourth quarter valued at approximately $386,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Steelcase by 8.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 170,830 shares of the business services provider’s stock worth $2,019,000 after purchasing an additional 13,428 shares during the last quarter. Virtus Fund Advisers LLC grew its position in Steelcase by 228.9% in the 4th quarter. Virtus Fund Advisers LLC now owns 7,893 shares of the business services provider’s stock worth $93,000 after purchasing an additional 5,493 shares during the period. Finally, Virtus Investment Advisers Inc. raised its stake in Steelcase by 35.2% during the 4th quarter. Virtus Investment Advisers Inc. now owns 100,856 shares of the business services provider’s stock valued at $1,192,000 after buying an additional 26,256 shares during the last quarter. 92.42% of the stock is owned by 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.